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  <ix:nonFraction name="ifrs-full:RestrictedCashAndCashEquivalents" contextRef="AsOf2022-12-31_country_PE_custom_BBVAPeruMember" id="xdx2ixbrl2557" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="LPA:RemainingBorrowingCapacity" contextRef="AsOf2023-12-31_country_PE_custom_BBVAPeruMember" id="xdx2ixbrl2559" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2022-12-31_country_PE_custom_BBVAPeruMember" id="xdx2ixbrl2563" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:RestrictedCashAndCashEquivalents" contextRef="AsOf2023-12-31_country_CO_custom_BancolombiaSAMember" id="xdx2ixbrl2577" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:RestrictedCashAndCashEquivalents" contextRef="AsOf2022-12-31_country_CO_custom_BancolombiaSAMember" id="xdx2ixbrl2579" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="LPA:RemainingBorrowingCapacity" contextRef="AsOf2023-12-31_country_CO_custom_BancolombiaSAMember" id="xdx2ixbrl2581" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:RestrictedCashAndCashEquivalents" contextRef="AsOf2023-12-31_country_CO_custom_BancolombiaSAOneMember" id="xdx2ixbrl2591" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:RestrictedCashAndCashEquivalents" contextRef="AsOf2022-12-31_country_CO_custom_BancolombiaSAOneMember" id="xdx2ixbrl2593" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="LPA:RemainingBorrowingCapacity" contextRef="AsOf2023-12-31_country_CO_custom_BancolombiaSAOneMember" id="xdx2ixbrl2595" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:RestrictedCashAndCashEquivalents" contextRef="AsOf2023-12-31_country_CO_custom_BTGMember" id="xdx2ixbrl2605" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:RestrictedCashAndCashEquivalents" contextRef="AsOf2022-12-31_country_CO_custom_BTGMember" id="xdx2ixbrl2607" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="LPA:RemainingBorrowingCapacity" contextRef="AsOf2023-12-31_country_CO_custom_BTGMember" id="xdx2ixbrl2609" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2022-12-31_country_CO_custom_BTGMember" id="xdx2ixbrl2613" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:RestrictedCashAndCashEquivalents" contextRef="AsOf2023-12-31_country_CO_custom_ITAUCorpbancaColombiaSAMember" id="xdx2ixbrl2619" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:RestrictedCashAndCashEquivalents" contextRef="AsOf2022-12-31_country_CO_custom_ITAUCorpbancaColombiaSAMember" id="xdx2ixbrl2621" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="LPA:RemainingBorrowingCapacity" contextRef="AsOf2023-12-31_country_CO_custom_ITAUCorpbancaColombiaSAMember" id="xdx2ixbrl2623" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2023-12-31_country_CO_custom_ITAUCorpbancaColombiaSAMember" id="xdx2ixbrl2625" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:RestrictedCashAndCashEquivalents" contextRef="AsOf2023-12-31_country_CO" id="xdx2ixbrl2629" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:RestrictedCashAndCashEquivalents" contextRef="AsOf2022-12-31_country_CO" id="xdx2ixbrl2631" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="LPA:RemainingBorrowingCapacity" contextRef="AsOf2023-12-31_country_CO" id="xdx2ixbrl2633" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:RestrictedCashAndCashEquivalents" contextRef="AsOf2023-12-31_country_PA_custom_BancoBTGPactualSACaymanBranchMember" id="xdx2ixbrl2643" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:RestrictedCashAndCashEquivalents" contextRef="AsOf2022-12-31_country_PA_custom_BancoBTGPactualSACaymanBranchMember" id="xdx2ixbrl2645" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="LPA:RemainingBorrowingCapacity" contextRef="AsOf2023-12-31_country_PA_custom_BancoBTGPactualSACaymanBranchMember" id="xdx2ixbrl2647" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2023-12-31_country_PA_custom_BancoBTGPactualSACaymanBranchMember" id="xdx2ixbrl2649" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:RestrictedCashAndCashEquivalents" contextRef="AsOf2023-12-31_country_PA" id="xdx2ixbrl2653" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:RestrictedCashAndCashEquivalents" contextRef="AsOf2022-12-31_country_PA" id="xdx2ixbrl2655" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="LPA:RemainingBorrowingCapacity" contextRef="AsOf2023-12-31_country_PA" id="xdx2ixbrl2657" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2023-12-31_country_PA" id="xdx2ixbrl2659" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="LPA:ShortTermDebtDueAmount" contextRef="AsOf2023-12-31" id="xdx2ixbrl2688" unitRef="USD" xs:nil="true"/>
  <ix:nonNumeric contextRef="From2022-01-192022-01-19_custom_BancolombiaSAMember" id="xdx2ixbrl2774" name="LPA:DebtTerm">P14Y</ix:nonNumeric>
  <ix:nonNumeric contextRef="From2022-01-302022-01-31_custom_BancoDaviviendaCostaRicaSAMember" id="xdx2ixbrl2820" name="LPA:DebtTerm">P14Y</ix:nonNumeric>
  <ix:nonFraction name="ifrs-full:LongtermBorrowings" contextRef="AsOf2023-12-31_custom_SecuredBridgeLoanMember_ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember" id="xdx2ixbrl2871" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:LongtermBorrowings" contextRef="AsOf2023-12-31_custom_SecuredBridgeLoanMember_ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" id="xdx2ixbrl2875" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:LongtermBorrowings" contextRef="AsOf2023-12-31_custom_SecuredBridgeLoanMember_ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember" id="xdx2ixbrl2879" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:LongtermBorrowings" contextRef="AsOf2023-12-31_custom_SecuredBridgeLoanMember_ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember" id="xdx2ixbrl2883" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:LongtermBorrowings" contextRef="AsOf2023-12-31_custom_SecuredBridgeLoanMember_ifrs-full_LaterThanFiveYearsMember" id="xdx2ixbrl2887" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="LPA:AccruedAndDeferredFinancingCost" contextRef="AsOf2023-12-31_custom_SecuredBridgeLoanMember" id="xdx2ixbrl2891" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="LPA:DebtModificationGain" contextRef="From2021-01-012021-12-31" id="xdx2ixbrl2941" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="LPA:LossOnExtinguishmentOfDebt" contextRef="From2022-01-012022-12-31" id="xdx2ixbrl2944" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="LPA:LossOnExtinguishmentOfDebt" contextRef="From2021-01-012021-12-31" id="xdx2ixbrl2945" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="LPA:BridgeLoanBorrowings" contextRef="From2022-01-012022-12-31" id="xdx2ixbrl2976" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="LPA:RepaymentsOfBridgeLoan" contextRef="From2022-01-012022-12-31" id="xdx2ixbrl2982" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="LPA:LongTermAccruedInterest" contextRef="From2023-01-01to2023-12-31" id="xdx2ixbrl2984" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="LPA:LossOnExtinguishmentOfDebt" contextRef="From2022-01-012022-12-31" id="xdx2ixbrl2994" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:DividendsPaidToNoncontrollingInterests" contextRef="From2023-01-012023-12-31_custom_LatamLagunillaIndustrialParkMember" id="xdx2ixbrl3111" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:DividendsPaidToNoncontrollingInterests" contextRef="From2021-01-012021-12-31_custom_LatamLagunillaIndustrialParkMember" id="xdx2ixbrl3113" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2023-12-31_custom_LatamParqueLogisticoCoyolIIMember" id="xdx2ixbrl3157" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:DeferredTaxAssets" contextRef="AsOf2023-12-31_custom_LatamParqueLogisticoCoyolIIMember" id="xdx2ixbrl3161" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:DeferredTaxAssets" contextRef="AsOf2023-12-31_custom_LatamParqueLogisticoSanJoseVerbenaMember" id="xdx2ixbrl3162" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:NoncurrentRestrictedCashAndCashEquivalents" contextRef="AsOf2023-12-31_custom_LatamParqueLogisticoSanJoseVerbenaMember" id="xdx2ixbrl3166" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:NoncurrentRestrictedCashAndCashEquivalents" contextRef="AsOf2023-12-31_custom_ParqueLogisticoCallaoMember" id="xdx2ixbrl3167" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:TradeAndOtherCurrentPayablesToRelatedParties" contextRef="AsOf2023-12-31_custom_LatamParqueLogisticoCoyolIIMember" id="xdx2ixbrl3193" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:TradeAndOtherCurrentPayablesToRelatedParties" contextRef="AsOf2023-12-31_custom_ParqueLogisticoCallaoMember" id="xdx2ixbrl3195" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:OtherCurrentLiabilities" contextRef="AsOf2023-12-31_custom_LatamParqueLogisticoCoyolIIMember" id="xdx2ixbrl3197" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:OtherCurrentLiabilities" contextRef="AsOf2023-12-31_custom_LatamParqueLogisticoSanJoseVerbenaMember" id="xdx2ixbrl3198" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:NoncurrentPayables" contextRef="AsOf2023-12-31_custom_ParqueLogisticoCallaoMember" id="xdx2ixbrl3207" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:OtherNoncurrentLiabilities" contextRef="AsOf2023-12-31_custom_LatamParqueLogisticoCoyolIIMember" id="xdx2ixbrl3213" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:OtherNoncurrentLiabilities" contextRef="AsOf2023-12-31_custom_LatamParqueLogisticoSanJoseVerbenaMember" id="xdx2ixbrl3214" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:DeferredTaxLiabilities" contextRef="AsOf2023-12-31_custom_ParqueLogisticoCallaoMember" id="xdx2ixbrl3219" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:OtherCurrentAssets" contextRef="AsOf2022-12-31_custom_ParqueLogisticoCallaoMember" id="xdx2ixbrl3255" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:ConstructionInProgress" contextRef="AsOf2022-12-31_custom_LatamParqueLogisticoCoyolIIMember" id="xdx2ixbrl3257" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSale" contextRef="AsOf2022-12-31_custom_LatamParqueLogisticoCoyolIIMember" id="xdx2ixbrl3269" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSale" contextRef="AsOf2022-12-31_custom_ParqueLogisticoCallaoMember" id="xdx2ixbrl3271" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2022-12-31_custom_LatamParqueLogisticoCoyolIIMember" id="xdx2ixbrl3273" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2022-12-31_custom_ParqueLogisticoCallaoMember" id="xdx2ixbrl3275" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:DeferredTaxAssets" contextRef="AsOf2022-12-31_custom_LatamParqueLogisticoCoyolIIMember" id="xdx2ixbrl3277" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:DeferredTaxAssets" contextRef="AsOf2022-12-31_custom_LatamParqueLogisticoSanJoseVerbenaMember" id="xdx2ixbrl3278" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:NoncurrentRestrictedCashAndCashEquivalents" contextRef="AsOf2022-12-31_custom_LatamParqueLogisticoSanJoseVerbenaMember" id="xdx2ixbrl3282" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:NoncurrentRestrictedCashAndCashEquivalents" contextRef="AsOf2022-12-31_custom_ParqueLogisticoCallaoMember" id="xdx2ixbrl3283" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:OtherNoncurrentAssets" contextRef="AsOf2022-12-31_custom_LatamParqueLogisticoCoyolIIMember" id="xdx2ixbrl3285" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:OtherNoncurrentAssets" contextRef="AsOf2022-12-31_custom_ParqueLogisticoCallaoMember" id="xdx2ixbrl3287" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="LPA:DepositsForSaleOfAssetsCurrent" contextRef="AsOf2022-12-31_custom_LatamParqueLogisticoCoyolIIMember" id="xdx2ixbrl3305" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="LPA:DepositsForSaleOfAssetsCurrent" contextRef="AsOf2022-12-31_custom_ParqueLogisticoCallaoMember" id="xdx2ixbrl3307" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:NoncurrentPayables" contextRef="AsOf2022-12-31_custom_ParqueLogisticoCallaoMember" id="xdx2ixbrl3315" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:DeferredTaxLiabilities" contextRef="AsOf2022-12-31_custom_ParqueLogisticoCallaoMember" id="xdx2ixbrl3323" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:ProfitLossAttributableToNoncontrollingInterests" contextRef="From2023-01-012023-12-31_custom_LatamLagunillaIndustrialParkMember" id="xdx2ixbrl3355" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="LPA:TaxEffectOfWithholdingTax" contextRef="From2022-01-012022-12-31" id="xdx2ixbrl3446" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="LPA:TaxEffectOfWithholdingTax" contextRef="From2021-01-012021-12-31" id="xdx2ixbrl3447" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="LPA:TaxEffectOfAlternativeMinimumTax" contextRef="From2022-01-012022-12-31" id="xdx2ixbrl3450" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="LPA:TaxEffectOfAlternativeMinimumTax" contextRef="From2021-01-012021-12-31" id="xdx2ixbrl3451" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="LPA:DeferredTaxAssetsDeferredDebtInterest" contextRef="AsOf2022-12-31" id="xdx2ixbrl3493" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="LPA:CashPerformanceBonus" contextRef="From2022-01-012022-12-31" id="xdx2ixbrl3559" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:PostemploymentBenefitExpenseInProfitOrLoss" contextRef="From2023-01-01to2023-12-31" id="xdx2ixbrl3570" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:PostemploymentBenefitExpenseInProfitOrLoss" contextRef="From2021-01-012021-12-31" id="xdx2ixbrl3572" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:TradeAndOtherCurrentPayablesToRelatedParties" contextRef="AsOf2023-12-31" id="xdx2ixbrl3619" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:TradeAndOtherCurrentPayablesToRelatedParties" contextRef="AsOf2022-12-31" id="xdx2ixbrl3621" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:ReceivablesFromSaleOfProperties" contextRef="AsOf2022-12-31" id="xdx2ixbrl3633" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="LPA:AccountsPayableAndAccruedExpenses" contextRef="AsOf2023-12-31_ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember" id="xdx2ixbrl3652" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="LPA:AccountsPayableAndAccruedExpenses" contextRef="AsOf2023-12-31_ifrs-full_LaterThanFiveYearsMember" id="xdx2ixbrl3653" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="LPA:IncomeTaxPayable" contextRef="AsOf2023-12-31_ifrs-full_NotLaterThanOneMonthMember" id="xdx2ixbrl3663" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="LPA:IncomeTaxPayable" contextRef="AsOf2023-12-31_ifrs-full_LaterThanThreeMonthsAndNotLaterThanOneYearMember" id="xdx2ixbrl3665" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="LPA:IncomeTaxPayable" contextRef="AsOf2023-12-31_ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember" id="xdx2ixbrl3666" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="LPA:IncomeTaxPayable" contextRef="AsOf2023-12-31_ifrs-full_LaterThanFiveYearsMember" id="xdx2ixbrl3667" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="LPA:RetainagePayable" contextRef="AsOf2023-12-31_ifrs-full_NotLaterThanOneMonthMember" id="xdx2ixbrl3670" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="LPA:RetainagePayable" contextRef="AsOf2023-12-31_ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember" id="xdx2ixbrl3673" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="LPA:RetainagePayable" contextRef="AsOf2023-12-31_ifrs-full_LaterThanFiveYearsMember" id="xdx2ixbrl3674" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="LPA:SecurityDepositAssets" contextRef="AsOf2023-12-31_ifrs-full_NotLaterThanOneMonthMember" id="xdx2ixbrl3677" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="LPA:SecurityDepositAssets" contextRef="AsOf2023-12-31_ifrs-full_LaterThanFiveYearsMember" id="xdx2ixbrl3681" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="LPA:LongAndShorttermDebt" contextRef="AsOf2023-12-31_ifrs-full_NotLaterThanOneMonthMember" id="xdx2ixbrl3691" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="LPA:AccountsPayableAndAccruedExpenses" contextRef="AsOf2022-12-31_ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember" id="xdx2ixbrl3708" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="LPA:AccountsPayableAndAccruedExpenses" contextRef="AsOf2022-12-31_ifrs-full_LaterThanFiveYearsMember" id="xdx2ixbrl3709" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:LeaseLiabilities" contextRef="AsOf2022-12-31_ifrs-full_NotLaterThanOneMonthMember" id="xdx2ixbrl3712" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:LeaseLiabilities" contextRef="AsOf2022-12-31_ifrs-full_LaterThanFiveYearsMember" id="xdx2ixbrl3716" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="LPA:IncomeTaxPayable" contextRef="AsOf2022-12-31_ifrs-full_NotLaterThanOneMonthMember" id="xdx2ixbrl3719" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="LPA:IncomeTaxPayable" contextRef="AsOf2022-12-31_ifrs-full_LaterThanThreeMonthsAndNotLaterThanOneYearMember" id="xdx2ixbrl3721" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="LPA:IncomeTaxPayable" contextRef="AsOf2022-12-31_ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember" id="xdx2ixbrl3722" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="LPA:IncomeTaxPayable" contextRef="AsOf2022-12-31_ifrs-full_LaterThanFiveYearsMember" id="xdx2ixbrl3723" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="LPA:RetainagePayable" contextRef="AsOf2022-12-31_ifrs-full_NotLaterThanOneMonthMember" id="xdx2ixbrl3726" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="LPA:RetainagePayable" contextRef="AsOf2022-12-31_ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember" id="xdx2ixbrl3729" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="LPA:RetainagePayable" contextRef="AsOf2022-12-31_ifrs-full_LaterThanFiveYearsMember" id="xdx2ixbrl3730" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="LPA:SecurityDepositAssets" contextRef="AsOf2022-12-31_ifrs-full_NotLaterThanOneMonthMember" id="xdx2ixbrl3733" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="LPA:SecurityDepositAssets" contextRef="AsOf2022-12-31_ifrs-full_LaterThanOneMonthAndNotLaterThanThreeMonthsMember" id="xdx2ixbrl3734" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="LPA:SecurityDepositAssets" contextRef="AsOf2022-12-31_ifrs-full_LaterThanThreeMonthsAndNotLaterThanOneYearMember" id="xdx2ixbrl3735" unitRef="USD" xs:nil="true"/>
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    STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">OR</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_edei--DocumentAnnualReport_c20230101__20231231_zWJQTwNlo7q3"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleantrue" id="Fact000020" name="dei:DocumentAnnualReport">&#9746;</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ANNUAL
    REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the fiscal year ended <span id="xdx_909_edei--DocumentPeriodEndDate_c20230101__20231231_zZdzP10FveTl"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:datemonthdayyearen" id="Fact000021" name="dei:DocumentPeriodEndDate"><span id="xdx_905_edei--CurrentFiscalYearEndDate_c20230101__20231231_ziEgj1JyPlda"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:datemonthdayen" id="Fact000022" name="dei:CurrentFiscalYearEndDate">December 31</ix:nonNumeric></span>, <span id="xdx_902_edei--DocumentFiscalYearFocus_c20230101__20231231_zoswLGCtRGrb"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000023" name="dei:DocumentFiscalYearFocus">2023</ix:nonNumeric></span></ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">OR</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_edei--DocumentTransitionReport_c20230101__20231231_zs3nr2eKMSJ1"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000024" name="dei:DocumentTransitionReport">&#9744;</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TRANSITION
    REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">OR</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_edei--DocumentShellCompanyReport_c20230101__20231231_zStyYhgVtcSf"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000025" name="dei:DocumentShellCompanyReport">&#9744;</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHELL
    COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date
of event requiring this shell company report:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commission
File Number: <span id="xdx_908_edei--EntityFileNumber_c20230101__20231231_z9HTHZ36Xnll"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000026" name="dei:EntityFileNumber">333-275972</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"></p>

<!-- Field: Rule-Page --><div style="margin-left: auto; margin-right: auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b><span id="xdx_906_edei--EntityRegistrantName_c20230101__20231231_zvO3IUzWJ1K7"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000027" name="dei:EntityRegistrantName">Logistic
Properties of the Americas</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Exact
name of Registrant as specified in its charter)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<!-- Field: Rule-Page --><div style="margin-left: auto; margin-right: auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    Applicable</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_edei--EntityIncorporationStateCountryCode_c20230101__20231231_zs1EFzyQI0Q4"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:edgarprovcountryen" id="Fact000028" name="dei:EntityIncorporationStateCountryCode">Cayman
    Islands</ix:nonNumeric></span></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Translation
    of Registrant&#8217;s name into English)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Jurisdiction
    of incorporation or organization)</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90D_edei--EntityAddressAddressLine1_c20230101__20231231_z87RGtANrO1j"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000029" name="dei:EntityAddressAddressLine1">601
Brickell Key Drive</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90C_edei--EntityAddressAddressLine2_c20230101__20231231_zn6cLQ7kLQO3"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000030" name="dei:EntityAddressAddressLine2">Suite
700</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_905_edei--EntityAddressCityOrTown_c20230101__20231231_zQydDaJssul5"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000031" name="dei:EntityAddressCityOrTown">Miami</ix:nonNumeric></span>,
<span id="xdx_90F_edei--EntityAddressStateOrProvince_c20230101__20231231_zEQQ5ZxKpTe"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000032" name="dei:EntityAddressStateOrProvince">FL</ix:nonNumeric></span> <span id="xdx_908_edei--EntityAddressPostalZipCode_c20230101__20231231_zlTEmyW3l4Tb"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000033" name="dei:EntityAddressPostalZipCode">33131</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address
of principal executive offices)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_900_edei--ContactPersonnelName_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zoDmYp2uFmM5"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000034" name="dei:ContactPersonnelName">Esteban
Saldarriaga</ix:nonNumeric></span>, Chief Executive Officer</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_908_edei--EntityAddressAddressLine1_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zmyrbq9hdJxi"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000035" name="dei:EntityAddressAddressLine1">Plaza
Tempo, Edificio B</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_906_edei--EntityAddressAddressLine2_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zDvLYiG8GYl2"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000036" name="dei:EntityAddressAddressLine2">Oficina
B1, Piso 2</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90D_edei--EntityAddressAddressLine3_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zkKny5yhcghh"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000037" name="dei:EntityAddressAddressLine3">San
Rafael de Escaz&#250;</ix:nonNumeric></span>,</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90B_edei--EntityAddressCityOrTown_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zYvnzL8vCUnc"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000038" name="dei:EntityAddressCityOrTown">San
Jos&#233;</ix:nonNumeric></span>, <span id="xdx_90D_edei--EntityAddressCountry_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_ztjuqgzzqbSi"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" format="ixt-sec:countrynameen" id="Fact000039" name="dei:EntityAddressCountry">Costa Rica</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_909_edei--CityAreaCode_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zUQUmRyGQNh7"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000040" name="dei:CityAreaCode">+506</ix:nonNumeric></span>
<span id="xdx_901_edei--LocalPhoneNumber_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zUIqFZcjqrDl"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000041" name="dei:LocalPhoneNumber">2204 7020</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Name,
Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<!-- Field: Rule-Page --><div style="margin-left: auto; margin-right: auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
registered or to be registered pursuant to Section 12(b) of the Act:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 36%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title
    of each class</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 20%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trading
    Symbols</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 40%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name
    of each exchange on which registered</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_edei--Security12bTitle_c20230101__20231231_zqKX6kCnUxG2"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000042" name="dei:Security12bTitle">Ordinary
    Shares, par value $.0001 per share</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_edei--TradingSymbol_c20230101__20231231_zK9UVUlK0hdh"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000043" name="dei:TradingSymbol">LPA</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_edei--SecurityExchangeName_c20230101__20231231_zvW66op3fEZb"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:exchnameen" id="Fact000044" name="dei:SecurityExchangeName">NYSE
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
registered or to be registered pursuant to Section 12(g) of the Act: None</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
for which there is a reporting obligation pursuant to Section 15(d) of the Act: None</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
the number of outstanding shares of each of the issuer&#8217;s classes of capital or common stock as of the close of the period covered
by the shell company report: As of March 28, 2024, the issuer had <span id="xdx_90E_edei--EntityCommonStockSharesOutstanding_iI_pid_c20240328_zg5GXkImkUK9" title="Entity Common Stock, Shares Outstanding"><ix:nonFraction name="dei:EntityCommonStockSharesOutstanding" contextRef="AsOf2024-03-28" id="Fact000046" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">31,709,747</ix:nonFraction></span> Ordinary Shares outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes &#9744; <span id="xdx_90D_edei--EntityWellKnownSeasonedIssuer_c20230101__20231231_zC3sD4Rg3wT5"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000047" name="dei:EntityWellKnownSeasonedIssuer">No</ix:nonNumeric></span> &#9746;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section
13 or 15(d) of the Securities Exchange Act of 1934. Yes &#9744; <span id="xdx_90A_edei--EntityVoluntaryFilers_c20230101__20231231_zs9drZzauko2"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000048" name="dei:EntityVoluntaryFilers">No</ix:nonNumeric></span> &#9746;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
&#8211; Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 from their obligations under those Sections.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes &#9744; <span id="xdx_901_edei--EntityCurrentReportingStatus_c20230101__20231231_z9k2qJZCHjD1"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000049" name="dei:EntityCurrentReportingStatus">No</ix:nonNumeric></span> &#9746;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (&#167;232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). <span id="xdx_90A_edei--EntityInteractiveDataCurrent_c20230101__20231231_zhIU6yEJ2V2c"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000050" name="dei:EntityInteractiveDataCurrent">Yes</ix:nonNumeric></span> &#9746; No &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth
company. See definition of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; and &#8220;emerging growth company&#8221;
in Rule 12b-2 of the Exchange Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large
    accelerated filer</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1.7in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated
    filer</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_edei--EntityFilerCategory_c20230101__20231231_zcH1oqxdUwT1"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:entityfilercategoryen" id="Fact000051" name="dei:EntityFilerCategory">Non-accelerated
    filer</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging
    growth company</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_edei--EntityEmergingGrowthCompany_c20230101__20231231_zgDP7Vc9F8H8"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleantrue" id="Fact000052" name="dei:EntityEmergingGrowthCompany">&#9746;</ix:nonNumeric></span></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards&#8224; provided
pursuant to Section 13(a) of the Exchange Act. <span id="xdx_905_edei--EntityExTransitionPeriod_c20230101__20231231_z90p0instYIb"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000053" name="dei:EntityExTransitionPeriod">&#9744;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8224;
The term &#8220;new or revised financial accounting standard&#8221; refers to any update issued by the Financial Accounting Standards
Board to its Accounting Standards Codification after April 5, 2012.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant has filed a report on and attestation to its management&#8217;s assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered
public accounting firm that prepared or issued its audit report. <span id="xdx_90A_edei--IcfrAuditorAttestationFlag_c20230101__20231231_zoFJEo39c9b5"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000054" name="dei:IcfrAuditorAttestationFlag">&#9744;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements. <span id="xdx_90A_edei--DocumentFinStmtErrorCorrectionFlag_c20230101__20231231_zG1gW5Ni4Bag"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000055" name="dei:DocumentFinStmtErrorCorrectionFlag">&#9744;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation
received by any of the registrant&#8217;s executive officers during the relevant recovery period pursuant to &#167;240.10D-1(b). &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;
U.S. GAAP</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;
<span id="xdx_90D_edei--DocumentAccountingStandard_c20230101__20231231_zcRTyygr0gL3"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000056" name="dei:DocumentAccountingStandard">International Financial Reporting Standards</ix:nonNumeric></span> as issued by the International Accounting Standards Board</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;
Other</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
&#8220;Other&#8221; has been checked in response to the previous question, indicate by check mark which financial statement item the
registrant has elected to follow. Item 17 &#9744; Item 18 &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange
Act). Yes &#9744; <span id="xdx_902_edei--EntityShellCompany_dbF_c20230101__20231231_zH09M58MohWl"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000057" name="dei:EntityShellCompany">No</ix:nonNumeric></span> &#9746;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TABLE
OF CONTENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#amn_001">INTRODUCTION</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 0.5in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#amn_002">EMERGING GROWTH COMPANY, FOREIGN PRIVATE ISSUER AND CONTROLLED COMPANY STATUS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #C1E4F5">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#amn_003">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#amn_004">SUMMARY OF RISK FACTORS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#amn_005">PART I</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#amn_006">Item 1. Identity of Directors, Senior Management and Advisers</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#amn_007">Item 2. Offer Statistics and Expected Timetable</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">10</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#amn_008">Item 3. Key Information</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">10</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ass_001">Item 4. Information on the Company</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ass_002">Item 4A. Unresolved Staff Comments</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ass_003">Item 5. Operating and Financial Review and Prospects</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ass_004">Item 6. Directors, Senior Management and Employees</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">73</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ass_005">Item 7. Major Shareholders and Related Party Transactions</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">79</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ass_006">Item 8. Financial Information</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">82</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ass_007">Item 9. The Offer and Listing</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ass_008">Item 10. Additional Information</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ass_009">Item 11. Quantitative and Qualitative Disclosures About Market Risk</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">103</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ass_010">Item 12. Description of Securities Other Than Equity Securities</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">104</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ass_011">PART II</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">105</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ass_012">Item 13. Defaults, Dividend Arrearages and Delinquencies</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">105</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ass_013">Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">105</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ass_014">Item 15. Controls and Procedures</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">105</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ass_015">Item 16. [Reserved]</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">106</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ass_016">Item 16A. Audit committee financial expert</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>106</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ass_017">Item 16B. Code of Ethics</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">107</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ass_018">Item 16C. Principal Accountant Fees and Services</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">107</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ass_019">Item 16D. Exemption from the Listing Standards for Audit Committees</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">107</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ass_020">Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">107</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ass_021">Item 16F. Change in Registrant&#8217;s Certifying Accountant</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">107</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ass_022">Item 16G. Corporate Governance</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">107</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ass_023">Item 16H. Mine Safety Disclosure</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">108</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ass_024">Item 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">108</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ass_025">Item 16J. Insider trading policies</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">108</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ass_026">Item 16K. Cybersecurity</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">108</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ass_027">PART III</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">110</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ass_028">Item 17. Financial Statements</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">110</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ass_029">Item 18. Financial Statements</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">110</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ass_030">Item 19. Exhibits</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">110</span></td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="amn_001"></span>INTRODUCTION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>About
this Annual Report</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Throughout
this Annual Report on Form 20-F (the &#8220;<span style="text-decoration: underline">Report</span>&#8221;), unless otherwise designated or the context otherwise requires, the
terms &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our,&#8221; &#8220;LPA&#8221; and &#8220;the Company&#8221; refer to Logistic Properties
of the Americas and its subsidiaries, which prior to the Business Combination (defined below) was the business of Latam Logistics Properties,
S.A. and its subsidiaries. References to &#8220;LLP&#8221; mean Latam Logistics Properties, S.A. and its consolidated subsidiaries, and
references to &#8220;the registrant&#8221; mean LPA.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Discrepancies
in any table between totals and sums of the amounts listed are due to rounding. Certain amounts and percentages have been rounded; consequently,
certain figures may add up to be more or less than the total amount and certain percentages may add up to be more or less than 100% due
to rounding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial
Statement Presentation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Logistic Properties of the Americas
was incorporated as an exempted company with limited liability under the laws of the Cayman Islands on October 9, 2023, for the purposes
of effectuating the Business Combination described herein. Prior to the consummation of the Business Combination, LPA had no material
assets and did not operate any businesses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LPA
qualifies as a foreign private issuer as defined under Rule 405 under the Securities Act. The Company&#8217;s audited financial statements for
the year ended December 31, 2023 have been prepared in accordance with IFRS and audited in accordance with the standards of the Public
Company Accounting Oversight Board (United States) (the &#8220;<span style="text-decoration: underline">PCAOB</span>&#8221;) and are reported in U.S. dollars.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 27, 2024, LPA consummated the previously announced business combination (the &#8220;<span style="text-decoration: underline">Business Combination</span>&#8221;) pursuant
to the Business Combination Agreement, dated as of August 15, 2023 (as amended, supplemented, and/or restated from time to time, the
&#8220;<span style="text-decoration: underline">Business Combination Agreement</span>&#8221;), by and among two, a Cayman Islands exempted company (&#8220;<span style="text-decoration: underline">TWOA</span>&#8221;),
LatAm Logistic Properties, S.A., a company incorporated under the laws of Panama (together with its successors, &#8220;<span style="text-decoration: underline">LLP</span>&#8221;),
and, by  joinder agreements, each of LPA, Logistic Properties of the Americas Subco, a Cayman Islands exempted company and a wholly-owned
subsidiary of LPA (&#8220;<span style="text-decoration: underline">SPAC Merger Sub</span>&#8221;), and LPA Panama Group Corp., a company incorporated under the laws of Panama
and a wholly-owned subsidiary of LPA (&#8220;<span style="text-decoration: underline">Company Merger Sub</span>&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of the Business Combination, LLP and TWOA became wholly-owned direct subsidiaries of LPA: (a) SPAC Merger Sub merged with and into TWOA, with TWOA continuing as the surviving company and a wholly-owned
direct subsidiary of LPA; and (b) Company Merger Sub merged with and into LLP, with LLP continuing as the surviving company and a wholly-owned
direct subsidiary of LPA.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
historical operations of LLP prior to the Business Combination are deemed to be those of the Company. Thus, the financial statements
included in this Report reflect the historical operating results of LLP prior to the closing of the Business Combination. The
audited financial statements as of December 31, 2023 and 2022 and for the years ended December 31, 2023, 2022, and 2021, included in
this Report have been prepared in accordance with IFRS, which we refer to as our financial statements. See Item 18
of this Report for our audited consolidated financial statements and other financial information.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Currency
and Exchange Rates</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
this Report, unless otherwise specified, all monetary amounts are in U.S. dollars and all references to &#8220;$&#8221; mean U.S. dollars.
Certain monetary amounts described herein have been expressed in U.S. dollars for convenience only and, when expressed in U.S. dollars
in the future, such amounts may be different from those set forth herein due to intervening exchange rate fluctuations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CERTAIN
DEFINED TERMS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Business
    Combination&#8221; refers to the business combination contemplated by the Business Combination Agreement.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Business
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    Sub.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#8220;BVC&#8221; refers to the Colombian Stock Exchange.</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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    refers to the closing of the transactions contemplated by the Business Combination Agreement.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Closing
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Code&#8221;
    refers to the Internal Revenue Code of 1986, as amended.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Colombia&#8221;
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Companies
    Act&#8221; refers to the Companies Act (As Revised) of the Cayman Islands, as amended from time to time and any regulations, codes
    of practice or orders promulgated pursuant thereto.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Company
    Merger Sub&#8221; refers to LPA Panama Group Corp., a company formed under the laws of Panama and, prior to its merger with LLP upon
    the consummation of the Business Combination, a wholly-owned subsidiary of LPA.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#8220;Company Merger&#8221; refers to the merger of Company Merger Sub with and into LLP, with LLP continuing as
the surviving company.</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Costa
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#8220;CPI&#8221; refers to the consumer price index.</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;DPA&#8221;
    refers to the Data Protection Act (Revised) of the Cayman Islands, as amended from time to time and any regulations, codes of
    practice or orders promulgated pursuant thereto.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#8220;Effective Time&#8221; refers to the effective time of the Mergers.</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Exchange
    Act&#8221; refers to the Securities Exchange Act of 1934, as amended.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Founder
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    by TWOA, the Sponsor, two sponsor and the other parties thereto, as amended.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Founder
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    into by LPA, TWOA, the Sponsor and two sponsor (as well as any other parties necessary to effect such amendment) at or prior to the
    Closing.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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    department or agency or any judge, court, tribunal, administrative hearing body, arbitration panel, commission, independent industry
    regulator or other similar dispute-resolving panel or body.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 97%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Insider
    Letter Agreement&#8221; refers to the letter agreement, dated March 29, 2021, among TWOA, two sponsor, the executive officers and
    directors of TWOA at the time of the IPO, and the Current Insiders, as amended.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;IRS&#8221;
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;JOBS
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;LLP&#8221;
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#8220;LLP Shareholder&#8221; or &#8220;LLP Shareholders&#8221; refer to the shareholders of LLP ordinary shares
prior to the consummation of the Business Combination.</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Logistic
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;LPA
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;LPA
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Lock-Up
    Agreement&#8221; refers to the lock-up agreement, dated as of August 15, 2023, entered into by TWOA, a certain LLP shareholder and,
    by a joinder agreement, LPA in connection with the Business Combination Agreement.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;NYSE
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Occupied
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Operating
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    Stabilization.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Ordinary
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;PCAOB&#8221;
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Peru&#8221;
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;PFIC&#8221;
    refers to a passive foreign investment company.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#8220;PIPE Investment&#8221; refers to the private placement of 1,500,000 TWOA Class A ordinary shares at a price
of $10.00 per share, consummated simultaneously with the Closing.</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#8220;PIPE Shares&#8221; refers to the 1,500,000 TWOA Class A ordinary shares purchased under the PIPE Investment.</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#8220;PIPE Subscriber&#8221; refers to Bonaventure Investments Holding Inc. and its permitted successors and assigns.</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#8220;PIPE Subscription Agreement&#8221; refers to the subscription agreement entered into on February 16, 2024
between TWOA and the PIPE Subscriber, for the purchase of the PIPE Shares.</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Registration
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#8220;RNVE&#8221; refers to the <i>Registro Nacional de Valores y Emisores.</i></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;SEC&#8221;
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Securities
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;SPAC
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#8220;SPAC Merger&#8221; refers to the merger of SPAC Merger Sub with and into TWOA, with TWOA continuing as the
surviving company.</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Sponsor&#8221;
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Trading
    Day&#8221; refers to any day on which Ordinary Shares are tradeable on NYSE American (or the principal securities exchange or securities
    market on which Ordinary Shares are then traded).</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Transfer
    Agent&#8221; or &#8220;Continental&#8221; refers to Continental Stock Transfer &amp; Trust Company, in its capacity as LPA&#8217;s
    transfer agent.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;TWOA,&#8221;
    refers to two, a Cayman Islands exempted company and a wholly-owned subsidiary of LPA.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;two
    Sponsor&#8221; refers to TWOA&#8217;s original sponsor.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="amn_002"></span>EMERGING
GROWTH COMPANY, FOREIGN PRIVATE ISSUER </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AND
CONTROLLED COMPANY STATUS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is an &#8220;emerging growth company&#8221; as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our
Business Startups Act of 2012 (the &#8220;<span style="text-decoration: underline">JOBS Act</span>&#8221;). The Company will remain an &#8220;emerging growth company&#8221; until
the earliest to occur of (i) the last day of the fiscal year (a) following the fifth anniversary of the Closing of the Business Combination,
(b) in which the Company has total annual gross revenue of at least $1.235 billion or (c) in which the Company is deemed to be a large
accelerated filer, which means the market value of Ordinary Shares held by non-affiliates is at least $700 million as of the last business
day of the Company&#8217;s prior second fiscal quarter, and (ii) the date on which the Company issued more than $1.0 billion in non-convertible
debt during the prior three-year period. The Company intends to take advantage of exemptions from various reporting requirements that
are applicable to most other public companies, whether or not they are classified as &#8220;emerging growth companies,&#8221; including,
but not limited to, an exemption from the provisions of Section 404(b) of the Sarbanes-Oxley Act requiring that the Company&#8217;s independent
registered public accounting firm provide an attestation report on the effectiveness of its internal control over financial reporting
and reduced disclosure obligations regarding executive compensation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a &#8220;foreign private issuer,&#8221; the Company will be subject to different U.S. securities laws than domestic U.S. issuers. The
rules governing the information that the Company must disclose differ from those governing U.S. corporations pursuant to the Exchange
Act. The Company will be exempt from the rules under the Exchange Act prescribing the furnishing and content of proxy statements to shareholders.
Those proxy statements are not expected to conform to Schedule 14A of the proxy rules promulgated under the Exchange Act. In addition,
as a &#8220;foreign private issuer,&#8221; the Company&#8217;s officers and directors and holders of more than 10% of the issued and
outstanding Ordinary Shares, will be exempt from the rules under the Exchange Act requiring insiders to report purchases and sales of
ordinary shares as well as from Section 16 short swing profit reporting and liability. In addition, JREP I Logistics Acquisition, LP
currently controls a majority of the voting power of the outstanding Ordinary Shares. As a result, the Company is a &#8220;controlled
company&#8221; as defined under the NYSE American rules. For as long as the Company remains a controlled company under that definition,
the Company is permitted to elect to rely, and may rely, on certain exemptions from corporate governance rules.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of the Company&#8217;s status as a &#8220;foreign private issuer&#8221; and a &#8220;controlled company,&#8221; among other
things, the Company is not required to have (1) a majority of the board of directors consisting of independent directors; (2) a compensation
committee consisting of independent directors; (3) a nominating committee consisting of independent directors; or (4) regularly scheduled
executive sessions with only independent directors each year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accordingly,
the Company&#8217;s shareholders may not receive the same protections afforded to shareholders of companies that are subject to all of
NYSE American&#8217;s corporate governance requirements. The Company would cease to be a foreign private issuer at such time as more
than 50% of its outstanding voting securities are held by U.S. residents and any of the following three circumstances applies: (i) the
majority of the Company&#8217;s executive officers or directors are U.S. citizens or residents, (ii) more than 50% of its assets are
located in the United States or (iii) its business is administered principally in the United States. The Company is an &#8220;emerging
growth company&#8221; as defined in the JOBS Act and has elected to comply with certain reduced public company reporting requirements.
Foreign private issuers, similar to emerging growth companies, are also exempt from certain more stringent executive compensation disclosure
rules. Thus, even if the Company no longer qualifies as an emerging growth company but remains a foreign private issuer, it will continue
to be exempt from the more stringent compensation disclosures required of public companies that are neither an emerging growth company
nor a foreign private issuer. For further details, see &#8220;Risk Factors &#8211; Risks Relating to the Company&#8217;s Business and
Operations &#8211; As a &#8220;foreign private issuer&#8221; under the rules and regulations of the SEC, LPA is permitted to file less
or different information with the SEC than a company incorporated in the United States or otherwise subject to these rules and is permitted
to follow certain home-country corporate governance practices in lieu of certain NYSE American requirements applicable to U.S. issuers.&#8221;
If at any time the Company ceases to be a foreign private issuer, it will take all action necessary to comply with the applicable rules
of the SEC and NYSE American.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="amn_003"></span>CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Report includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E
of the Securities Exchange Act of 1934, as amended (the &#8220;<span style="text-decoration: underline">Exchange Act&#8221;</span>).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forward-looking
statements relate to, among other things, our plans, objectives and expectations for our business, operations and financial performance
and condition, and can be identified by terminology such as &#8220;plan,&#8221; &#8220;believe,&#8221; &#8220;expect,&#8221; &#8220;anticipate,&#8221;
&#8220;intend,&#8221; &#8220;outlook,&#8221; &#8220;estimate,&#8221; &#8220;forecast,&#8221; &#8220;project,&#8221; &#8220;continue,&#8221;
&#8220;could,&#8221; &#8220;may,&#8221; &#8220;might,&#8221; &#8220;possible,&#8221; &#8220;potential,&#8221; &#8220;predict,&#8221;
&#8220;should,&#8221; &#8220;would,&#8221; &#8220;will,&#8221; &#8220;seek,&#8221; and other similar words and expressions, but the absence
of these words does not mean that a statement is not forward-looking. Forward-looking statements are based on management&#8217;s beliefs
and assumptions and on information currently available to management. Although we believe that the expectations reflected in forward-looking
statements are reasonable, such statements involve known and unknown risks, uncertainties and other factors that may cause our actual
results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied
by forward-looking statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
forward-looking statements are based on information available as of the date of this Report and on the current expectations, forecasts
and assumptions of the management of the Company, involve a number of judgments, risks and uncertainties and are inherently subject to
changes in circumstances and their potential effects and speak only as of the date of such statements. There can be no assurance that
future developments will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties
or other assumptions that may cause actual results or performance to be materially different from those expressed, contemplated or implied
by these forward-looking statements. The forward-looking statements contained in this Report include, but are not limited to, statements
about:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">expectations
    regarding (and LPA&#8217;s ability to meet expectations regarding) LPA&#8217;s strategies and future financial performance, including
    LPA&#8217;s future business plans or objectives, operating expenses, market trends, revenues, liquidity, cash flows and uses of cash,
    capital expenditures, and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LPA&#8217;s
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    ability to recognize the benefits of the Business Combination, which may be affected by, among other things, competition, LPA&#8217;s
    ability to grow and manage growth and profitability, maintain relationships with customers and suppliers and retain its management
    team and key employees;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">litigation
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">exchange
    rate instability;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
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    requirements, including tort liability;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LPA&#8217;s
    ability to retain and grow its customer base;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LPA&#8217;s
    success in finding and maintaining future strategic partnerships and inorganic opportunities;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    potential liquidity and trading of public securities of LPA;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    ability of LPA to respond to general economic conditions;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">expansion
    and other plans and opportunities of LPA;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
    downturn in the real estate industry;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    ability of LPA to manage its growth effectively;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    ability of LPA to develop and protect its brand; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    ability of LPA to compete with competitors in existing and new markets and offerings.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forward-looking
statements are provided for illustrative purposes only and are not guarantees of performance. You should understand that the factors
discussed under the heading &#8220;<i>Risk Factors</i>&#8221; and elsewhere in this Report could affect the future results of the Company,
and could cause those results or other outcomes to differ materially from those expressed or implied in the forward-looking statements
in this Report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moreover,
the risks described under the heading &#8220;<i>Risk Factors</i>&#8221; are not exhaustive. Other sections of this Report describe additional
factors that could adversely affect the businesses, financial conditions, or results of operations of the Company. New risk factors emerge
from time to time and it is not possible to predict all such risk factors, nor can the Company assess the impact of all such risk factors
on our businesses, or the extent to which any factor or combination of factors may cause actual results to differ materially from those
contained in any forward-looking statements. The Company undertakes no obligations to update or revise publicly any forward-looking statements,
whether as a result of new information, future events or otherwise, except as required by law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25in; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, this Report contains statements of belief and similar statements that reflect the beliefs and opinions of the Company on the
relevant subject. These statements are based upon information available to the Company as of the date of this Report, and while the Company
believes such information forms a reasonable basis for such statements, such information may be limited or incomplete, and statements
should not be read to indicate that the Company has conducted an exhaustive inquiry into, or review of, all potentially available relevant
information. These statements are inherently uncertain and you are cautioned not to unduly rely upon these statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="amn_004"></span>SUMMARY
OF RISK FACTORS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 27pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s business, results of operations, financial conditions and cash flows are subject to, and could be materially adversely
affected by several risks and uncertainties, including risks relating to the nature of the Company&#8217;s business and its operations
in Costa Rica. The following list summarizes some, but not all, of these risks. Please read the information in the section entitled &#8220;Risk
Factors&#8221; for a more thorough description of these and other risks.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 27pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to Our Business</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    success of our business depends on general economic conditions and prevailing conditions in the industrial and logistics real estate
    industry. Accordingly, any economic slowdown or downturn in real estate asset values or leasing activity may have a material adverse
    effect on our business, financial condition, results of operations and prospects.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    volatility of the financial markets may adversely affect our financial condition and/or results of operations.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Real
    estate investments are not as liquid as certain other types of assets, which may adversely affect our financial conditions and results
    of operations.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investments
    in real estate properties are subject to risks that could adversely affect our business.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    may not be successful in executing on our growth strategy if we are unable to make acquisitions of land or properties.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    are dependent on our tenants for a substantial portion of our revenues and our business may be materially and adversely affected
    if a significant number of our tenants, or any of our major tenants, were to default on their obligations under their leases.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    derive a significant portion of our rental income from a limited number of customers.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
    clients operate in certain specific industrial sectors in Colombia, Costa Rica and Peru, and our business may be adversely affected
    by an economic downturn in any of those sectors.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
    increase in competition could lead to lower occupancy rates and rental income and could result in fewer investment opportunities.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    are dependent on our ability to raise capital through financial markets, divestitures or other sources to meet our future growth
    expectations.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
    levels of indebtedness may affect our cash flows and expose our properties to the risk of foreclosure.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    agreements governing our existing indebtedness include financial and other covenants that impose limitations on our ability to pursue
    certain business opportunities or to take certain actions.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    have previously breached covenants under our loan agreements and obtained waivers for such breaches. If we are unable to comply with
    our debt covenants in the future, we may continue to seek waivers from applicable lenders, which may not be granted.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
    insurance coverage may not cover all the risks to which we may be exposed.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
    tenants may default on their obligation to maintain insurance coverage.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
    leases include certain provisions that may prove unenforceable.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    value of our assets may suffer impairment losses that may adversely affect our results of operations.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    are subject to risks related to the development of new properties, including due to an increase in construction costs and supply
    chain issues.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    may fail to maintain, obtain or renew or may experience material delays in obtaining requisite governmental or other approvals, licenses
    and permits for the conduct of our business.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
    real estate assets may be subject to eminent domain and dispossession by the governments of the countries in which we operate for
    reasons of public interest and other reasons.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    may acquire properties and companies that involve risks that could adversely affect our business and financial condition.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delays
    or an increase in costs in the construction of new buildings or improvements could have an adverse effect on our business, financial
    condition, results of operations and prospects, including due to supply chain issues.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    may be subject to claims for construction defects or other similar actions in connection with our lease management business.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    are dependent on key personnel. The loss of one or more members of our management team, including our Chief Executive Officer, could
    have a material adverse effect on our operations.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    are focused on a single business segment. Any negative impact on the industrial real estate industry could have a material adverse
    effect on our business, financial condition, results of operations and prospects.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Increases
    in the prices of energy, raw materials, equipment or wages, including due to inflation, could increase our development and operating
    costs.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
    business and operations could suffer in the event of system failures or cybersecurity attacks.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    have identified material weaknesses in our internal controls. If we are unable to develop and maintain an effective system of internal
    control over financial reporting, we may not be able to accurately report our financial results in a timely manner, which may adversely
    affect investor confidence in us and materially and adversely affect our business and operating results.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Complications
    in relationships with local communities may adversely affect our business continuity, reputation, liquidity, and results of operations.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
    operations are subject to foreign exchange fluctuations.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
    hedging of foreign currency and interest rate risk may not effectively limit our exposure to these risks.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    are subject to fluctuations in interest rates. </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Relating to LPA Operating as a Public Company</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LPA&#8217;s
    only significant asset is its ownership of LLP, and such ownership may not be sufficient to pay dividends or make distributions or
    obtain loans to enable LPA to pay any dividends on the Ordinary Shares, pay its expenses or satisfy other financial obligations.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LPA
    will incur higher costs as a result of operating as a public company.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    may be required to take write-downs or write-offs, restructuring and impairment or other charges that could have a significant negative
    effect on our financial condition, results of operations and share price, which could cause you to lose some or all of your investment.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    may not be able to timely and effectively implement controls and procedures required by Section 404(a) of the Sarbanes-Oxley Act
    that apply to us following the consummation of the Business Combination.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LPA&#8217;s
    management team has limited experience managing and operating a U.S. public company.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    price of Ordinary Shares may be volatile.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reports
    published by analysts, including projections in those reports that differ from LPA&#8217;s actual results, could adversely affect
    the price and trading volume of its Ordinary Shares.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
    active, liquid trading market for Ordinary Shares may not develop, which may limit your ability to sell Ordinary Shares.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LPA
    may issue additional Ordinary Shares under the Equity Incentive Plan, which would dilute the interest of LPA&#8217;s shareholders.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LPA
    may or may not pay cash dividends in the foreseeable future.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
    LPA is incorporated in the Cayman Islands, you may face difficulties in protecting your interests, and your ability to protect your
    rights through the U.S. federal courts may be limited.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
    may be difficult to enforce a U.S. judgment against LPA or its directors and officers outside the United States, or to assert U.S.
    securities law claims outside of the United States.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provisions
    in the Charter may inhibit a takeover of LPA, which could limit the price investors might be willing to pay in the future for LPA&#8217;s
    securities and could entrench management.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LPA
    is an &#8220;emerging growth company,&#8221; and it cannot be certain if the reduced SEC reporting requirements applicable to emerging
    growth companies will make Ordinary Shares less attractive to investors, which could have a material and adverse effect on LPA, including
    its growth prospects.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    a &#8220;foreign private issuer&#8221; under the rules and regulations of the SEC, LPA is permitted to file less or different information
    with the SEC than a company incorporated in the United States or otherwise subject to these rules and is permitted to follow certain
    home-country corporate governance practices in lieu of certain NYSE American requirements applicable to U.S. issuers.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LPA
    is &#8220;controlled company&#8221; within the meaning of the NYSE American rules and, as a result, may rely on exemptions from certain
    corporate governance requirements that provide protection to shareholders of other companies.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    LPA is characterized as a passive foreign investment company for U.S. federal income tax purposes, its U.S. shareholders may suffer
    adverse tax consequences.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales
    of a substantial number of LPA securities in the public market could adversely affect the market price of Ordinary Shares.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Relating to Regulatory, Legal and Tax Factors Affecting Us</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    are subject to governmental regulations.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    are subject to certain labor, health, construction/building and safety regulations in the various jurisdictions in which we operate,
    and may be exposed to liabilities and potential costs for lack of compliance.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
    operations are subject to a large number of environmental laws and regulations, and our failure to comply with any such laws and
    regulations may give rise to liability and result in significant additional costs and expenses, which may materially and adversely
    affect our financial condition.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    are exposed to the potential impacts of future climate change and could be required to implement new or stricter regulations, which
    may result in unanticipated losses that could affect our business and financial condition.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
    real estate taxes could increase as a result of changes in the real estate tax rate or a revaluation, which could adversely affect
    our cash flows.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes
    in tax laws, incentives, benefits and regulations may adversely affect us.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Labor
    activism and unrest, or failure to maintain satisfactory labor relations, could adversely affect our results of operations.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    are or may become subject to legal and administrative proceedings or government investigations, which could harm our business and
    our reputation.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    are subject to anti-corruption, anti-bribery, anti-money laundering and antitrust laws and regulations in the countries in which
    we operate, and any violation of any such laws or regulations could have a material adverse impact on our reputation, financial condition
    and results of operations.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes
    in government policies and actions, as well as judicial decisions in the countries where we operate, could significantly affect the
    local economy and, as a result, our results of operations and financial condition.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 4.5pt; text-align: justify; text-indent: -13.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 4.5pt; text-align: justify; text-indent: -13.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="amn_005"></span>PART
I</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="amn_006"></span>Item
1. Identity of Directors, Senior Management and Advisers</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Directors
    and Senior Management</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    applicable.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Advisers</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"/>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    applicable.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Auditors</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"/>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    applicable.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="amn_007"></span>Item
2. Offer Statistics and Expected Timetable</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Offer
    Statistics</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"/>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    applicable.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Method
    and Expected Timetable</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"/>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    applicable.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="amn_008"></span>Item
3. Key Information</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Reserved]</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Capitalization
    and Indebtedness </b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"/>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    applicable.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Reasons
    for the Offer and Use of Proceeds</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"/>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    applicable.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risk
    Factors</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
    following risk factors apply to our business and operations. These risk factors are not exhaustive, and investors are encouraged
    to perform their own investigation with respect to our business, financial condition and prospects. You should carefully consider
    all the following risk factors, together with all of the other information included or incorporated by reference in this annual report,
    including the financial information.</i></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Relating to Our Business</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>In
addition to the other information contained in this annual report, including the matters addressed under the heading &#8220;Cautionary
Note Regarding Forward-Looking Statements,&#8221; you should carefully consider the following risk factors presented in this annual report.
The risk factors described below disclose both material and other risks, and are not intended to be exhaustive and are not the only risks
facing us. Additional risks not currently known to us or that we currently deem to be immaterial, or which are not identified because
they are generally common to businesses, also may materially adversely affect our business, financial condition, results of operations
and cash flows in future periods.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
occurrence of one or more of the events or circumstances described in these risk factors, alone or in combination with other events or
circumstances, may have a material adverse effect on the business, financial condition, results of operations, cash flows and future
prospects of LPA, in which event the market price of Ordinary Shares could decline, and you could lose part or all of your investment.
In general, investing in the securities of issuers in emerging market countries, such as Colombia, Costa Rica and Peru, involves risks
that are different from the risks associated with investing in the securities of U.S. companies.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
success of our business depends on general economic conditions and prevailing conditions in the industrial and logistics real estate
industry. Accordingly, any economic slowdown or downturn in real estate asset values or leasing activity may have a material adverse
effect on our business, financial condition, results of operations and prospects.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business is closely tied to general economic conditions and the performance of the industrial and logistics real estate industry. As
a result, our financial and operating performance, the value of our real estate assets, our revenue stream and our ability to implement
our business strategy may be affected by changes in national and regional economic conditions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
performance of the real estate markets in which we operate tends to be cyclical and tied to the condition of the U.S. economy and the
economies in the countries in which we operate, including Colombia, Costa Rica and Peru, as well as to investors&#8217; perceptions regarding
the global economic outlook. Fluctuations in nominal gross domestic product, or GDP, increased inflation, rising interest rates, declining
employment levels, declining levels of investments and economic activity, declining demand for real estate, declining real estate values
and periods of general economic slowdown or recession, or perceptions that any of these events may occur or are occurring, have had a
negative impact on the real estate market in the past and may adversely affect our future performance. In addition, the performance of
the economies of the countries in which we operate may be dependent on or driven by one or more specific industries and by other factors
affecting local economies. Other factors that may affect general economic conditions or local real estate conditions include: population
and demographic trends, employment and personal income trends, income and other tax laws, changes in interest rates and availability
and costs of financing, increased operating costs (including insurance premiums, utilities and real estate taxes, due to inflation and
other factors which may not necessarily be offset by increased rents), changes in the price of oil, construction costs and weather-related
events. Our ability to reconfigure our portfolio rapidly in response to changes in economic conditions is extremely limited.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, some of our principal expenses, including the service of our debt, income and real estate taxes and operating and maintenance
costs, including insurance costs, do not decrease when market conditions are unfavorable. These factors may impair our ability to respond
in a timely manner to downturns in the performance of our industrial properties and may have an adverse effect on business, financial
condition, results of operations and prospects. Any recession and/or downturn in the real estate industry, which may affect us again
in the future, could give rise to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    general decline in the price of rents or less favorable terms for new leases or renewals;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    depreciation of the value of the properties in our portfolio;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">increased
    vacancy rates or our inability to lease our properties on favorable conditions;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    inability to collect rents from our tenants;</span></td></tr>
  </table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reduced
    levels of demand for industrial space and industrial facilities, or changes in consumer preferences vis-&#224;-vis our available
    properties;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    increased supply of industrial facilities or more suitable spaces in the markets in which we operate;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">higher
    interest rates, increased leasing costs, increased construction costs, distressed supply chains for construction materials, increased
    maintenance costs, reduced availability of financing on favorable terms and shortage of mortgage loans, lines of credit and other
    capital resources, all of which could increase our costs and limit our ability to acquire or develop additional real estate assets
    or refinance our debt;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">measures
    that limit our ability to develop acquired land pursuant to existing plans;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">increased
    costs and expenses, including, among other things, for insurance, labor, energy, real estate appraisals, real estate taxes and compliance
    with applicable laws and regulations; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    adoption of restrictive government policies or the imposition of limitations on our ability to pass on costs to our customers.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
we expect that a limited number of financial institutions will hold all or most of our cash, including some institutions located in the
United States. Depending on our cash balance in any of our accounts at any given point in time, our balances may not be covered by government-backed
deposit insurance programs in the event of default or failure of any bank with which we maintain a commercial relationship. While the
U.S. Federal Deposit Insurance Corporation provides deposit insurance of $250,000 per depositor, and the banks outside of the United
States where some or all of our funds are currently held provide deposit insurance of less than US$50,000, per depositor, per insured
bank. The amounts that we have in deposits in U.S. banks and non-U.S. may exceed these insurance amounts. Therefore, if the governments
in the U.S. and other countries where our funds are held do not impose measures to protect depositors in the event a bank in which our
funds are held fails, we may lose all or a substantial portion of our deposits. The occurrence of any default or failure of any of the
banks in which we have deposits could have a material adverse effect on our business, financial condition, results of operations and
cash flows.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
economic and market conditions similar to those experienced between 2008 and 2010 or 2020 and 2021 were to return, our performance and
profitability could deteriorate. In such event, we may not be able to comply with our financial covenants under our loan agreements and
may be forced to seek waivers or amendments from our lenders or to refinance our indebtedness on terms that are consistent with our financial
condition. No assurance can be given that we would be able to secure any such waiver or amendment on favorable terms or at all. In addition,
if our business deteriorates, we may not have a level of liquidity sufficient to repay our debt at its maturity in the coming years,
which would materially and adversely affect our business, financial condition, results of operations and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
volatility of the financial markets may adversely affect our financial condition and/or results of operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
volatility of the financial markets may have a negative impact on the availability of credit generally and may lead to a further weakening
of the Colombian, Costa Rican, Peruvian, U.S., and global economies. Any disruption in the financial markets could materially impair
the value of our real estate assets and our investments, have a negative impact on the availability of credit generally or on the terms
(including as to maturity) on which we and our subsidiaries are or may be able to secure financing (including refinancing our indebtedness),
impair our ability or the ability of our subsidiaries to make payments of principal and/or interest on our outstanding debt when due
or to refinance that debt, or impair our clients&#8217; ability to enter into new leases (including leases indexed to inflation or denominated
in U.S. dollars) or meet their rent payment obligations under their existing leases.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2008 and 2009, the global financial markets experienced a crisis of unprecedented magnitude. This crisis severely affected the availability
of financing. While financial markets have stabilized since then, we cannot predict whether they will destabilize in the future. This
uncertainty may lead market participants to take a more conservative approach, which may in turn lead to decreased demand and price levels
in the markets in which we operate. As a result of the above, we may not be able to recover the current carrying value of our properties,
land or investments as a means to repay or refinance our indebtedness.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, global markets are experiencing volatility and disruption following the escalation of geopolitical tensions and the start of
the war between Russia and Ukraine. In February 2022, Russia launched a full-scale military invasion of Ukraine. Although the length
and impact of the ongoing military conflict is unpredictable, the conflict in Ukraine has created and could lead to further market disruptions,
including significant volatility in commodity prices, credit and capital markets. The war between Russia and Ukraine has led to sanctions
and other penalties being levied by the United States, European Union and other countries mainly against Russia, including agreement
to remove certain Russian financial institutions from the Society for Worldwide Interbank Financial Telecommunication payment system.
Additional potential sanctions and penalties have also been proposed and/or threatened. The war is expected to have further global economic
consequences, including but not limited to the possibility of severely diminished liquidity and credit availability, declines in consumer
confidence, scarcity in certain raw materials and products, declines in economic growth, increases in inflation rates and uncertainty
about economic and political stability. In addition, there is a risk that Russia and other countries supporting Russia in this conflict
may launch cyberattacks against the United States and its allies and other countries, their governments and businesses, including the
infrastructure in those countries. Any of the foregoing consequences, including those we cannot yet predict, may have a material adverse
effect on our business, financial condition, liquidity and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
market volatility experienced over the past several years has made the appraisal of real estate assets more difficult, and may continue
to do so in the future. If we cannot identify suitable financing resources or if we are unable to refinance our existing indebtedness,
we may be forced to sell some of our properties to fund our operations or to engage in forced restructurings with our creditors. The
valuation and stability of the prices of our and our subsidiaries&#8217; properties are subject to some level of uncertainty, which may
result in the values of these properties being lower than expected. In addition, we may not be able to sell our properties in a timely
manner as a result of a lack of a readily available market for our properties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Real
estate investments are not as liquid as certain other types of assets, which may adversely affect our financial conditions, results
of operations and cash flows.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Real
estate investments are not as liquid as certain other types of investments and this lack of liquidity may limit our ability to react
promptly to changes in economic or other conditions. Significant expenditures associated with real estate properties, such as indebtedness
payments, real estate taxes, maintenance costs, and the costs of any required improvements, are generally not reduced when circumstances
cause a reduction in income from the investments. We may dispose of certain properties that have been held for investment to generate
liquidity. If we need to sell any of our properties to obtain liquidity, we may not be able to sell those properties at market prices,
which could have a material adverse effect on our business, financial condition and/or result of operations. If we believe there is too
much of a risk of incurring taxes on any taxable gains from the sale, or if market conditions are not attractive in the relevant regional
market, we may not pursue those sales.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may decide to sell properties to third parties to generate proceeds to fund other real estate projects that we deem as more attractive.
Our ability to sell or contribute properties on advantageous terms is affected by: (i) competition from other owners of properties that
are trying to dispose of their properties; (ii) economic and market conditions, including those affecting the different regions where
we operate; and (iii) other factors beyond our control. We cannot assure you that future market conditions will not affect our real estate
investments or our ability to sell our assets at a profit, in a timely manner or at all. If our competitors sell assets similar to assets
we intend to divest in the same markets or at valuations below our valuations for comparable assets, we may be unable to divest our assets
at favorable pricing or at all. The third parties who might acquire our properties may need to have access to debt and equity capital,
in the private and public markets, in order to acquire properties from us. Should they have limited or no access to capital on favorable
terms, then dispositions and contributions could be delayed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we do not have sufficient cash available to us through our operations, sales or contributions of properties or available credit facilities
to continue operating our business as usual, we may need to find alternative ways to increase our liquidity. Those alternatives may include,
without limitation, divesting properties at less than optimal terms, incurring debt, accessing other capital resources, entering into
leases with new customers at lower rental rates or less than optimal terms or entering into lease renewals with our existing customers
without an increase in rental rates. We may intend to seek financing from financial institutions but cannot assure you that we will be
able to access these or other sources of capital. There can be no assurance that these alternative ways to increase our liquidity will
be available to us. Our inability to raise additional capital on reasonably favorable terms may jeopardize our future growth and affect
our financial condition and/or results of operations. Additionally, taking measures to increase our liquidity may affect our business,
and in particular, our distributable cash flow.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Investments
in real estate properties are subject to risks that could adversely affect our business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investments
in real estate properties are subject to varying degrees of risk. While we seek to minimize these risks through geographic diversification
of our portfolio, diversification among industries, market research and tenant diversification, these risks cannot be eliminated. Factors
that may affect real estate values and cash flows include:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">local
    conditions, such as oversupply or a reduction in demand;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">technological
    changes, such as reconfiguration of supply chains, robotics, 3D printing or other technologies;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    attractiveness and quality of our properties, and related services, to potential tenants and competition from other available properties;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">increasing
    costs of maintaining, insuring, renovating and making improvements to our properties;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    ability to reposition our properties due to changes in the business and logistics needs of our customers;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    ability to lease properties at favorable rates, including periodic increases based on inflation or exchange rates, and control variable
    operating costs;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">social
    problems, including safety, affecting certain regions;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">governmental
    and environmental regulations and the associated potential liability under, and changes in, environmental, community rights, zoning,
    usage, tax, tariffs and other laws; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reduction
    on the supply, price increases and other restrictions affecting the supply of key resources, such as water and electricity, may affect
    the construction industry and the operation of rental facilities in Colombia, Costa Rica, and Peru.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
factors may affect our ability to recover our investment in our properties and result in impairment charges.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may not be successful in executing on our growth strategy if we are unable to make acquisitions of land or properties.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
growth strategy includes the acquisition of individual properties or real estate assets when opportunities arise. Our ability to make
acquisitions on favorable terms and to integrate them successfully into our existing operations is subject to various risks, including
the risk that:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
    may not be able to acquire desired properties particularly in markets in which we do not currently operate;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
    may need additional land bank to accelerate our portfolio growth and execute our growth strategy to meet our goals;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
    may not be able to obtain financing for the relevant acquisition given our existing leverage position and increased interest rates;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    properties we acquire may not prove accretive to our results, or that we may not be able to successfully manage and lease those properties
    to meet our goals;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
    may not be able to generate sufficient operating cash flows to make an acquisition;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
    may need to spend additional amounts than budgeted to develop a property or make necessary improvements or renovations;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">competition
    from other potential acquirors may significantly increase the purchase price of a desired property;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
    may spend significant time and money on potential acquisitions that we are unable to make as a result of the lack of satisfaction
    of customary closing conditions included in the agreements for the acquisition of properties, including the satisfactory completion
    of due diligence investigations;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
    may not be able to obtain any or all regulatory approvals necessary to complete the acquisition, including from regulatory authorities
    in the countries in which we operate;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    process of pursuing and consummating an acquisition may distract the attention of our management team from our existing business
    operations;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
    may experience delays (temporary or permanent) if there is public or government opposition to our activities in any of the markets
    in which we operate; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
    may not be able to rapidly and efficiently integrate new acquisitions, especially acquisitions of real estate portfolios, to our
    existing operations.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
cannot assure you that we will be able to successfully manage all factors necessary to grow our business. If we are unable to find suitable
acquisition targets, or if we find them and are unable to complete the acquisitions on favorable terms or to manage acquired properties
to meet our goals, our business, financial condition, results of operations and prospects could be materially and adversely affected.
In addition, we face risks arising from the acquisition of properties not yet fully developed or in need of substantial renovation or
redevelopment, including, in particular, the risk that we overestimate the value of the property, the risk that the cost or time to complete
the renovation or redevelopment will exceed our budget and the risk that the relevant location is never developed. Those delays or cost
overruns may arise from:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
    shortages of materials or skilled labor;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
    delays in receiving materials, including as a result of global or regional supply chain issues;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    change in the scope of the original project;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    difficulty in obtaining necessary zoning, land-use, environmental, health &amp; safety, building, occupancy, antitrust and other
    governmental permits;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">economic
    or political conditions affecting the relevant location;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    increase in the cost of building materials and equipment;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    discovery of structural or other latent defects in the property once construction has commenced; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">delays
    in securing tenants.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
failure to complete a development project in a timely manner and within budget or to lease the project after completion could have a
material adverse effect on our business, financial condition, results of operations and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where
opportunities arise, we may explore the acquisition of properties or real estate assets in markets in the countries in which we operate.
Our ability to make acquisitions in new markets and to successfully integrate those acquisitions to our existing operations is subject
to the same risks as our ability to do so in the markets in which we currently operate. In addition to these risks, we may not possess
the same level of familiarity with the dynamics and market conditions of any new markets that we may enter, which could adversely affect
our ability to expand into or operate in those markets and, consequently, our business, financial condition, results of operations and
prospects. We may not be able to achieve the desired return on our investments in new markets. If we are unsuccessful at expanding into
new markets, our business, financial condition, results of operations and prospects could adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are dependent on our tenants for a substantial portion of our revenues and our business may be materially and adversely affected if a
significant number of our tenants, or any of our major tenants, were to default on their obligations under their leases. </i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
majority of our revenues consists of rental income received from our tenants at our industrial real estate properties. Accordingly, our
performance depends on our ability to collect rent payments from our tenants and on our tenants&#8217; ability to make those payments.
The revenues and financial resources available to service our debt and make distributions could be materially and adversely affected
if a significant number of our tenants, or any of our major tenants, or tenants affected in certain geographic regions, were to postpone
the commencement of their new leases, decline to extend or renew their existing leases upon expiration, default on their rent and maintenance-related
payment obligations, close down or reduce the level of operations of their businesses, enter reorganization proceedings or similar proceedings,
or file for bankruptcy. Any of these events may be the result of various factors affecting our tenants. Any of these events could result
in the suspension of the effects of each lease, the termination of the relevant lease and the loss of or a decrease in the rental income
attributable to the suspended or terminated lease.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
upon expiration of a lease for any of our properties, a tenant does not renew its lease, we may not be able to re-rent the property to
a new customer, may need to incur substantial capital expenditures to re-lease the relevant properties, or the terms of the renewal or
new lease (including the cost of renovations for the customer) may be less favorable to us than current lease terms. If a significant
number of tenants were to default on their obligations under their leases, we could experience delays and incur substantial expenses
in enforcing our rights as landlord.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
general decline in the economy may result in a decline in demand for space at our properties. As a result, tenants may delay lease commencement,
fail to make rental payments when due or declare bankruptcy. Any such event could result in the termination of that tenant&#8217;s lease
and losses to us, and funds available for distribution to investors may decrease. If tenants were unable to comply with the terms of
their leases for any reason, including because of rising costs or falling sales, we may deem it advisable to modify lease terms to allow
tenants to pay a lower rent or smaller share of taxes, insurance and other operating costs. If a tenant becomes insolvent or bankrupt,
we cannot be sure that we could recover the premises from the tenant promptly or from a bankruptcy trustee or equivalent appointee in
any bankruptcy proceeding relating to the tenant. We also cannot be sure that we would receive rent in the proceeding sufficient to cover
our expenses with respect to the premises. Bankruptcy laws in some instances may restrict the amount and recoverability of our claims
against the tenant. A tenant&#8217;s default on its obligations to us could adversely affect our financial condition and the cash we
have available for distribution.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
historical periods, we have had material amounts of past due rental income under our lease portfolio. We cannot make assurances that
this will not continue to occur in the future. See <i>&#8220;Item 4.D. Information on the Company &#8211; Property, plants, and equipment</i>.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
derive a significant portion of our rental income from a limited number of customers.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of and for the years ended December 31, 2023, 2022, and 2021, our 10 largest tenants accounted for approximately 38.5%, 49.0%, and
59.6% of our total Leased GLA and approximately 47.4%, 55.1%, and 59.6% of our rental income, respectively. Kuehne + Nagel, Pequeno
Mundo, AliCorp, PriceSmart and Natura were our largest customers in terms of Leased GLA for the years ended December 31, 2023, 2022,
and 2021, collectively representing 25.2%, 29.8%, and 31.4% of our Leased GLA for the years ended December 31, 2023, 2022, and 2021, respectively.
Those same customers were our largest customers in terms of rental income, representing 28.8%, 32.6%, and 38.1% of our rental income for the
years ended December 31, 2023, 2022, and 2021, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
any of our principal tenants were to terminate their leases or seek the restructuring of their leases, as applicable, as a result of
any conditions affecting any of them, and we were unable to renew those leases on terms reasonably acceptable to these tenants or at
all upon their expiration, our business, financial condition and results of operation could be materially and adversely affected. In
addition, should any such tenant elect not to renew their leases upon their expiration, depending on the condition of the market at the
time, we may find it difficult and time-consuming to lease these properties to new customers. We cannot assure you that we would be able
to quickly re-lease any of these properties or at all, or that our results of operations would not be affected as a result of our inability
to do so. Any delay in re-leasing a substantial portion of our GLA may affect our business, financial condition and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
while all of our leases are classified as operating leases, as of December 31, 2023, one of our leases included a purchase option at
fair market value at the end of the lease term. As of December 31, 2023, the remaining lease term for this lease is 11.8 years. This
lease accounted for approximately 2.0% of our total GLA. If our tenant was to exercise such purchase options, this could affect our business,
financial condition and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, if any of our principal tenants were to experience a downturn in business or a weakening of its financial condition, that tenant
may not be able to meet its rent payment obligations when due or could default on its other obligations under its lease, either of which
could have a material adverse effect on our business, financial condition and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
clients operate in certain specific industrial sectors in Colombia, Costa Rica and Peru, and our business may be adversely affected by
an economic downturn in any of those sectors.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
clients operate in certain specific industrial sectors in Colombia, Costa Rica and Peru. As of December 31, 2023, our tenant base in
terms of Leased GLA was comprised primarily of companies engaged in the Third Party Logistics (25.0%), Retailer (31.6%), Consumer Goods
Distribution (36.9%) and Others (6.5%). Our exposure to these industries subjects us to the risk of economic downturns or other adverse
events affecting these sectors. If any of these risks were to materialize, our business, financial condition and results of operations
could be materially and adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
instance, in Peru, companies operating in the Third Party Logistics (3PL), Retailer, Consumer Goods Distribution, and related industries
face various risks. Economic volatility in the country can affect consumer spending and overall business activity. Changes in regulations
and policies, such as import/export rules, tax policies, and customs procedures, can create operational challenges. Peru&#8217;s infrastructure
limitations, including inadequate warehousing facilities and challenges in last-mile delivery, can hinder operations and increase costs.
Moreover, the 3PL, Retailer and Consumer Goods Distribution sectors in Peru are highly competitive, requiring constant innovation, cost
management, and differentiation strategies to maintain market share. Supply chain disruptions caused by natural disasters, political
unrest, or global events can also impact the movement of goods and logistics operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>An
increase in competition could lead to lower occupancy rates and rental income and could result in fewer investment opportunities.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
compete with a growing number of investors, developers of real estate projects and operators of industrial properties in Colombia, Costa
Rica and Peru, many of which offer products similar to ours or may be interested in the same assets or properties. Some of our competitors
may have significantly larger financial and other resources than ours and may be able or willing to undertake more risks than those we
can manage.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
principal competitors include Grupo Montecristo and Mobilaire, which operate industrial properties in Costa Rica, and Aldea Logistica
Global S.A.C., which operates industrial properties in Peru. Additional competitors include Megacentro and Bodegas San Francisco Inmobiliaria
Alquife S.A.C., which owns industrial assets in Peru and Chile. We also compete with local REITs, which own a significant number of industrial
properties in Costa Rica. In addition, in the future we may face competition from other regional participants present in one or several
of our markets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
future increase in competition could lead to a decrease in the number of investment opportunities available to us, to an increase in
the bargaining power of prospective sellers of real estate assets or to an increase in the value of real estate assets that may be attractive
to us. Moreover, financially stronger competitors may have more flexibility than we do to offer rent incentives in order to attract tenants.
If our competitors offer space for lease at prices below the prevailing market prices or which are lower than the prices we currently
charge to our tenants, we may lose existing or potential tenants and may be forced to reduce our prices or offer substantial rent abatements,
improvements, early termination options or more favorable renewal terms in order to retain our tenants when their leases expire. In any
such event, our business, financial condition, results of operations and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
example, the real estate projects in Peru are currently facing a significant increase in competition, primarily from the parties mentioned
above, which poses risks for companies operating within these developments. One of the primary risks in the Peruvian market is the potential
impact on occupancy rates. With a larger number of competing businesses offering rentals in a limited market, there is a higher likelihood
of increased vacancy rates. The competition for tenants becomes more intense, making it crucial for businesses to implement effective
strategies to attract and retain tenants for their real estate projects. Another risk associated with increased competition is the potential
downward pressure on rental rates. The Company may find it challenging to maintain or increase rental prices as it strives to remain
competitive and attract tenants amidst the expanding market options. This can negatively impact the Company&#8217;s profitability and
financial performance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are dependent on our ability to raise capital through financial markets, divestitures or other sources to meet our future growth expectations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are dependent on our ability to secure financing, divest assets or access other capital resources to expand our real estate portfolio
and meet our future growth expectations. We may seek financing from financial institutions but cannot assure you that we will be able
to access these or other sources of capital. We also face the risk that the terms of available new financing may not be as favorable
as the terms of our existing indebtedness, particularly if interest rates continue to rise in the future, and we may be forced to allocate
a material portion of our operating cash flow to service our debt, which would reduce the amount of cash available to fund our operations
and capital expenditures or future business opportunities or for other purposes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, our ability to raise capital through the issuance and sale of ordinary shares to finance our future growth will depend in part
on the prevailing market price for our Ordinary Shares, which depends on a number of market conditions and other factors that may vary
from time to time, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    appetite of investors;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    financial performance and that of our tenants;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    ability to meet market expectations and the expectations of our investors with respect to our business;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    reports of financial analysts with respect to our business;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    prevailing economic, political and social environments in Colombia, Costa Rica, and Peru;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    condition of the capital markets, including changes in the prevailing interest rates for fixed-income securities;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    prevailing legal environments in Colombia, Costa Rica, and Peru with respect to the protection of minority shareholder interests;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">distributions
    to our shareholders, which largely depend on our operating cash flows, which in turn are dependent on the increase of revenues from
    our developments and acquisitions, the increase of our rental income, and on committed projects and capital expenditures; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">other
    factors, such as changes in regulation (including, in particular, any changes in tax, labor and environmental regulation) or the
    adoption of other governmental or legislative measures affecting the real estate industry generally or us particularly.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adverse
changes in our credit ratings could impair our ability to obtain additional debt or equity financing on favorable terms, if at all. Our
credit ratings are based on our operating performance, liquidity and leverage ratios, overall financial position and other factors employed
by the credit rating agencies in their rating analysis of us. Our credit ratings can affect the amount and type of capital we can access,
as well as the terms of any financings we may obtain. There can be no assurance that we will be able to maintain our credit ratings.
In the event our credit ratings deteriorate, it may be more difficult or expensive to obtain additional financing or refinance existing
obligations or commitments. Also, a downgrade in our credit would trigger additional costs or other potentially negative consequences
under our current and future credit facilities and debt instruments.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
inability to raise additional capital on reasonably favorable terms may jeopardize our future growth and affect our business, financial
condition, results of operations and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
example, the prevailing economic, political, social, and legal environments in Peru present various risks to consider. These risks can
impact different aspects of operations and overall business performance. Economic risks arise from factors such as economic volatility,
fluctuations in currency exchange rates, and changes in consumer spending patterns. Peru&#8217;s economy is subject to both internal
and external influences, and businesses must carefully monitor economic indicators and adapt their strategies accordingly.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Political
risks stem from uncertainties in Peruvian government policies, changes in regulations, and political instability. Shifts in Peruvian
political landscapes can lead to policy changes that may directly impact businesses, affecting areas such as taxation, trade agreements,
and industry regulations. Social risks in Peru are associated with societal factors, including labor relations, social unrest, and cultural
dynamics. Issues such as labor strikes, protests, or changes in consumer preferences can disrupt business operations and impact market
demand.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal
risks in Peru arise from factors such as changes in laws and regulations, compliance requirements, and legal disputes. The Peruvian legal
system may experience updates or modifications that impact various industries and business practices. Additionally, legal risks can stem
from contract enforcement, intellectual property protection, and labor laws. Contractual disputes or difficulties in enforcing agreements
can disrupt business operations and lead to financial and reputational consequences. Intellectual property infringement or inadequate
protection measures can also pose risks to businesses operating in Peru. Compliance with labor laws and regulations is crucial to maintain
positive employee relations and avoid legal penalties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
levels of indebtedness may affect our cash flows and expose our properties to the risk of foreclosure.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
2016, we have grown our portfolio through the development of new industrial real estate properties. Historically, we have financed
our acquisitions and real estate purchases with equity contributions of our shareholders and cash proceeds from secured loans and
credit facilities that have been typically secured by a mortgage or similar interest on the relevant property. If we were to acquire
stabilized portfolios in the future, we may continue to use this acquisition strategy and enter into similar secured loans. As of
December 31, 2023, our total outstanding debt was $269.9 million. For more information on our existing indebtedness, see
&#8220;<i>Item 5.B. Operating and Financial Review and Prospects&#8212;Liquidity and Capital
Resources&#8212;Debt</i>.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may from time to time incur additional indebtedness to finance strategic acquisitions, investments or joint ventures, or for other purposes.
Although our bylaws do not currently contain any provisions that establish debt ratios or limitations on the incurrence of debt, any
debt issued through bonds requires approval at our general shareholders&#8217; meeting. Additionally, certain agreements we have entered
into or may enter into in the future may establish limitations on our ability to incur debt, including approval from our shareholders.
If we incur additional indebtedness or renegotiate the terms of our existing loans and credit facilities, our financial obligations may
increase significantly and our ability to service our debt may be adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, we may be subject to risks related to our financing in the form of debt instruments, including the risk that our cash flow
may not be sufficient to meet our scheduled payments of principal and interest, the risk that we may be unable to refinance our debt
(particularly as a result of our failure to renegotiate terms with large numbers of investors) and the risk that our level of indebtedness
may increase our vulnerability to economic or industry downturns, placing us at a disadvantage compared to other competitors that are
less leveraged. Our debt service obligations may also limit our flexibility to anticipate or react to changes in the real estate industry
or the business environment generally, including by incurring additional debt to take advantage of attractive opportunities. Our failure
to comply with the financial and other restrictive covenants in the agreements that govern our indebtedness would constitute an event
of default that, unless cured or waived, would result in our failure to service our indebtedness and the foreclosure on the properties
securing our obligations. Moreover, our reputation could be damaged and/or our business harmed if we are viewed as developing underperforming
properties, suffer sustained losses on our investments, default on a significant level of loans or experience significant foreclosure
of our properties. If any of these risks were to materialize, our business, financial condition and results of operations could be materially
and adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
agreements governing our existing indebtedness include financial and other covenants that impose limitations on our ability to pursue
certain business opportunities or to take certain actions.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
agreements governing our existing indebtedness, or any future indebtedness we incur, include or are likely to include financial and other
covenants that impose limitations on our ability to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">incur
    additional indebtedness;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">repay
    our debts prior to their stated maturities;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">make
    acquisitions or investments or take advantage of business opportunities;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">create
    or incur additional liens;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">divest
    assets when they are subject to collateral restrictions;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">transfer
    or sell certain assets or merge or consolidate with other entities;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">implement
    mergers, spin-offs or business reorganizations of our business;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">enter
    into certain transactions with affiliates;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">sell
    shares in our subsidiaries and/or enter into joint ventures; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">take
    certain other corporate actions that would otherwise be desirable.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
limitations may adversely affect our ability to finance our future operations, address our capital requirements or pursue available business
opportunities. Our breach of any of these covenants would constitute an event of default that could give rise to the termination of the
relevant agreement and the acceleration of our payment obligations. In such event, our lenders could declare immediately due and payable
the outstanding principal amount of and accrued interest on our debt obligations and other fees, and could take collateral enforcement
actions (including foreclosing on our assets). Any of these events could force us to enter reorganization proceedings or file for bankruptcy,
which would materially and adversely affect our business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
have previously breached covenants under our loan agreements and obtained waivers for such breaches. If we are unable to comply with
our debt covenants in the future, we may continue to seek waivers from applicable lenders, which may not be granted.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2022, we were not in compliance with certain debt covenants set forth in our loan agreements with Banco Davivienda, Bancolombia
and ITA&#218;. Since the liabilities were payable on demand as of December 31, 2022, and we did not have the right to defer our settlement
for at least twelve months after that date, we reclassified the debt balance with Banco Davivienda, Bancolombia and ITA&#218; totaling
$87,366,478 to be current liabilities as of December 31, 2022. We received the waivers for the requirement to comply with the Banco Davivienda
and Bancolombia financial covenants on February 17, 2023 and September 25, 2023, respectively. In April 2023, we refinanced its Banco
Davivienda debt, thereby relieving any covenant requirement with that lender. The Bancolombia waiver was effective through December 31,
2023 and ratio compliance testing will next be applicable for this loan in June 2024.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
current interest rate environment in Colombia could result in further covenant breaches and require further covenant waivers from financial
institutions. No assurance can be provided that any such waivers will be obtained. Any default by us under our existing credit agreements
that is not waived by the applicable lenders could materially adversely impact our results of operations and financial position, make
it more difficult to obtain future financing and adversely impact our investors and business prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
insurance coverage may not cover all the risks to which we may be exposed.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
carry insurance coverage for our properties against various risks, including general liability, earthquakes, floods and business interruption.
We determine the type of coverage and the policy specifications and limits based on what we deem to be the risks associated with our
ownership of properties and our business operations in specific markets. That coverage typically includes property damage and rental
loss insurance resulting from perils such as fire, windstorm, flood, and commercial general liability insurance. We believe our insurance
coverage contains the policy specifications and insured limits customarily carried by companies owning similar properties, and taking
part in similar business activities in our industry in Costa Rica, Colombia and Peru.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe our properties are adequately insured. Certain losses, however, including losses from floods, earthquakes, acts of war, acts
of terrorism, riots, pandemics, pollution or environmental matters generally are not insured against or not fully insured against because
it is not deemed economically feasible or prudent to do so. If an uninsured loss or a loss in excess of insured limits occurs with respect
to one or more of our properties, we could experience a significant loss of capital invested and future revenues in these properties
and could remain obligated under any recourse debt associated with the property.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
we cannot be sure that the insurance companies will be able to continue to offer products with sufficient coverage at commercially reasonable
rates. If we experience a loss that is uninsured or that exceeds insured limits with respect to one or more of our properties or if the
insurance companies fail to meet their coverage commitments to us in the event of an insured loss, then we could lose the capital invested
in the damaged properties, as well as the anticipated future revenues from those properties and, if there is recourse debt, then we would
remain obligated for any financial obligations related to the properties. Any such losses or higher insurance costs could adversely affect
our business, financial condition, results of operations and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
number of our investments are located in areas in Colombia, Costa Rica and Peru that are known to be subject to natural disasters, such
as earthquakes. We generally carry earthquake insurance on our properties located in areas historically subject to seismic activity,
subject to coverage limitations and deductibles.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
tenants may default on their obligation to maintain insurance coverage.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the terms of our leases, our tenants are required to purchase and maintain general liability, inventory insurance coverage, as well as
insurance coverage for their employees and visitors. If our tenants default on these obligations, we will be forced to purchase insurance
coverage in their stead and to pursue action to obtain reimbursement from those tenants. These unanticipated costs and expenses could
have an adverse impact on our business, financial condition, results of operations and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
Peru, for instance, our lease agreements typically provide that if a tenant does not purchase, acquire, maintain or renew the insurance
policy or level of insurance required by the agreement, the parties must coordinate local and temporal insurance at the levels required.
If local and temporal insurance coverage is not in place within five (5) business days from the date of the request, LPA may terminate
its lease agreement with that tenant, in accordance with the provisions of Article 1430 of the Civil Code of Peru.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, if our tenants fail to maintain sufficient or adequate insurance, we may be held liable for losses otherwise attributable to
those tenants or their businesses, which losses may not be covered by our own insurance policies. However, some of our leases provide
that in the event of any loss attributable to the tenant, the tenant shall be obliged to directly respond for all damages and harm that
LPA or third parties may suffer. In the event of an occurrence at a property whose tenant has failed to purchase or maintain adequate
insurance coverage or in respect of which we ourselves do not maintain insurance coverage, we may lose a significant portion of our capital
investment in or our projected cash flows from that property while remaining obligated to service the debt for which that property served
as collateral, either of which could have a material adverse effect on our business, financial condition, results of operations and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
leases include certain provisions that may prove unenforceable.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
of our leases are governed by Colombian, Costa Rican, and Peruvian law, as applicable. While some of our leases provide that the tenant
will not be entitled to rent withholding in the event of damage to or destruction of all or part of the relevant property (which are
known as &#8220;hell or high water&#8221; provisions), under applicable law, the tenant will not accrue rent until repairs are made or
may request a rent abatement equal to the percentage of the property that became damaged or destroyed. Our leases in Peru and Colombia
do not include hell or high water provisions, and instead provide that in extraordinary situations, tenants may suspend rent payments
for as long as the extraordinary situation results in the inability to use the leased property. Furthermore, if the extraordinary situation
makes the use of the leased property permanently or definitively impossible, the tenant may invoke the termination of the contract. Additionally,
some or all of our leases are subject to arbitration provisions. In those cases, we cannot give you any assurance as to whether an arbitrator
in the applicable country would uphold the relevant provisions of our leases or find them unenforceable. In the latter event, our rental
income would decrease and our business, financial condition, results of operations and prospects could be adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
value of our assets may suffer impairment losses that may adversely affect our results of operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
review the carrying amounts of our real estate assets on a regular basis to determine whether there is any indication that those
assets have suffered an impairment loss. The determination as to the existence of impairment indicators is based on factors such as
market conditions, tenant performance and legal structure. For example, the termination of a lease by a tenant may lead us to
recognize an impairment loss through a third party valuation. We determine the value of our real estate assets based on the net
present value of our future property net operating income and other revenues from or charges against those assets, divided by a
determined discount rate determined by a third party appraiser. That discount rate may vary as a result of changes in interest rates
and other market conditions over which have no control. The higher the discount rate, the lower the value of our assets. In 2023,
2022, and 2021, we recognized a gain on the revaluation of our properties of $20.2 million, $3.5 million, and $13.2 million,
respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we determine that an impairment loss has occurred, we will adjust the net carrying value of the relevant property to account for that
loss, which may materially and adversely affect the collateral provided to creditors (thereby requiring additional collateral to be provided)
or our results of operations for the relevant reporting period and our business, financial condition, results of operations and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are subject to risks related to the development of new properties, including due to an increase in construction costs and supply chain
issues.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to risks related to our development and leasing activities that may adversely affect our results of operations and available
cash flows, including, among others, the risk that:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
    may not be able to lease space in our new properties at profitable prices;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
    may abandon development opportunities and fail to capitalize on our investments in research and valuation in connection with those
    opportunities;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
    may not be able to obtain or may experience delays in obtaining all of the requisite zoning, building, occupancy and other governmental
    permits and authorizations;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    feasibility studies for the development of new properties may prove incorrect once the development has commenced;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    business activities may not be as profitable as expected as a result of increased costs of land reserves;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">actual
    costs of construction of a project may exceed our original estimates or the construction may not be completed on schedule, for example,
    as a result of delays attributable to contractual defaults, local climate conditions, nationwide or local strikes by construction
    workers or shortages of construction materials or electric power or fuel for our equipment, any of which would render the project
    less profitable or unprofitable;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
    may be forced to incur additional costs to correct defects in construction design or that are demanded by our tenants; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
    may be held jointly liable for any underlying soil contamination on any of our properties with the party that caused that contamination,
    even if that contamination was not identifiable by us.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
of these risks could give rise to material unanticipated delays or expenses and could in certain circumstances prevent the completion
of our development or renovation projects once they have commenced, any of which could have a material adverse effect on our business,
financial condition, results of operations and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Construction
materials, labor, and other related expenses can fluctuate, impacting the overall cost of developing new properties. In Peru, for example,
according to the Peruvian Chamber of Construction (CAPECO), construction costs in Peru increased by an average of 3.2% in 2020. Such
cost increases can affect project budgets, profitability, and timelines. Regarding supply chain issues, Peru&#8217;s geography and transportation
infrastructure can present challenges in procuring construction materials and equipment. Delays or disruptions in the supply chain, whether
due to natural disasters, political unrest, or global events, can impact project timelines and increase costs. For instance, the El Ni&#241;o
phenomenon in 2017 caused severe flooding in Peru, leading to supply chain disruptions and construction delays.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may fail to maintain, obtain or renew or may experience material delays in obtaining requisite governmental or other approvals, licenses
and permits for the conduct of our business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to numerous governmental and local regulations and require various approvals, licenses, permits, concessions and certificates
in the conduct of our business. We cannot assure you that we will not encounter significant problems in obtaining new or renewing existing
approvals, licenses, permits, concessions and certificates required in the conduct of our business, or that we will continue to satisfy
the current or new conditions to those approvals, licenses, permits, concessions and certificates that we currently have or may be granted
in the future. There may also be delays on the part of regulatory and administrative bodies in reviewing our applications and granting
approvals, which have become increasingly common since the beginning of the COVID-19 pandemic due to closures and/or reduced operations
of public offices.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
implementation of new laws and regulations on environmental protection, health and safety-related matters in the jurisdictions in which
we operate may create stricter requirements to comply with, including requirements relating to the demands of communities where the real
estate is located. This could delay our ability to obtain the related approvals, licenses, permits, concessions and certificates, or
could result in us not being able to obtain them at all. If previously obtained approvals, licenses, permits and certificates are revoked
and/or if we fail to obtain and/or maintain the necessary approvals, licenses, permits, concessions and certificates required for the
conduct of our business, we may be required to incur substantial costs or temporarily suspend or alter the operation of one or more of
our properties, industrial parks, or projects in construction or any relevant component thereof, which could affect the general operation
of these locations or our compliance with any leases at those locations, which in turn could have a material adverse effect on our business,
financial condition, results of operations and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
we have not been subjected in the past to material civil, regulatory or criminal penalties resulting from untimely compliance or non-compliance
with applicable laws and regulations, we could be subjected to civil, regulatory and criminal penalties that could materially and adversely
affect the continued operation of our businesses, including: loss of required licenses to operate one or more of our locations, potential
breach of our obligations under our lease agreements, significant fines or monetary penalties, or closing of our locations as a preventative
measure. In addition, changes in these laws and regulations may restrict our existing operations, limit the expansion of our business
and require operating changes that may be difficult or costly to implement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to specific legal risks concerning the maintenance, acquisition, renewal, or delays in obtaining necessary governmental approvals,
licenses, and permits for our business operations in the countries in which we operate. These risks are influenced by the legal framework
and regulatory processes in the countries in which we operate. One significant risk is the potential failure to obtain or renew requisite
approvals, licenses, and permits. This can arise due to changes in regulations, administrative processes, or compliance requirements.
Specifically in Peru, businesses may need to obtain permits and licenses from various government entities, such as municipal authorities,
environmental agencies, or specialized regulatory bodies, depending on the nature of their operations. Failure to obtain or renew these
approvals in a timely manner can disrupt business activities and result in financial and legal consequences.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
real estate assets may be subject to eminent domain and dispossession by the governments of the countries in which we operate for reasons
of public interest and other reasons.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
real estate assets may be subject to eminent domain and dispossession by the governments of the countries in which we operate for reasons
of public interest and other reasons.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
example, the Colombian government could seize or expropriate our assets under certain circumstances for fair compensation. Pursuant to
Articles 58 and 59 of the Colombian constitution, the government can exercise its eminent domain powers in respect of private property
assets in the event such action is deemed by the Government to be required in order to protect public interests. According to Law 388
of 1997, eminent domain powers may be exercised through: (i) an ordinary eminent domain proceeding, or (ii) an administrative eminent
domain. In all cases we would be entitled to a fair compensation for the expropriated assets. Also, as a general rule, compensation must
be paid before the asset is effectively expropriated. However, the compensation may be lower than the price for which the expropriated
asset could be sold in a free-market sale or the value of the asset as part of an ongoing business. The aforementioned Article 59 of
the Colombian constitution establishes eminent domain for war reasons, which require that compensation be paid before eminent domain
but can only be executed on a temporary basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Peruvian government could expropriate our assets, provided that the requirements set forth in Article 70 of the Political Constitution
of Peru and Legislative Decree No. 1192, which approves the Framework Law on the Acquisition and Expropriation of Real Property, are
met. These requirements include that the expropriation is based on grounds of national security or public necessity, authorized by express
law of the Congress of the Peru in favor of the State; and carried out after payment of just compensation, which includes compensation
for any potential damages. In some cases, the owner of the real estate asset subject to eminent domain can request a review of the appraisal
value of the asset through arbitration or judicial means if there is a valid claim that the compensation offered does not amount to the
market value of the asset. In the event of irregular eminent domain or confiscation of a company&#8217;s productive assets in Peru, an
arbitration claim can be filed, provided there is an Investment Protection Treaty (which would allow, for example, arbitration claims
before the ICSID or another arbitral institution). Alternatively, in cases of irregular eminent domain, parties whose assets are subject
to eminent domain can file <i>amparo</i> actions for violation of the right to property, and if the judicial system does not provide
a favorable resolution, parties may seek recourse with the Inter-American Human Rights System.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
Costa Rica, real estate assets may be subject to eminent domain by the government for proven and declared public interest. Pursuant to
Costa Rican Expropriation Law, Law number 7495, the government has the authority to encumber an owner of the property&#8217;s constitutional
right to private property through the prior payment of fair compensation. The expropriation procedure in Costa Rica commences with a
declaration of public interest for the eminent domain. Upon notification to the owner, the government prepares an administrative valuation
that the owner must either accept or reject. If the owner accepts, the agreed-upon payment is made, and the property is transferred to
the government. If the owner does not accept the administrative valuation, the government must initiate a judicial eminent domain process,
during which the fair price is examined. To initiate this judicial process, the government must deposit the amount determined in the
administrative valuation, allowing the judge to order the government&#8217;s possession of the property. Simultaneously, a judicial valuation
is conducted to review the price, and either party may request a third valuation. Once all valuations are completed, the judge issues
a decision defining the fair price. Regardless of the outcome of the judicial valuations, the owner is paid the price determined in the
administrative valuation. Consequently, the decision can either confirm the fair price or increase the property&#8217;s value.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the government of any of the countries in which we operate seeks eminent domain of one or more of our properties, we may be subjected
to unexpected legal fees and/or the ultimate loss of one or more of our properties at a price less than we could have obtained for it
in the open market<span style="text-decoration: underline">,</span> which in turn could have a material adverse effect on our business, financial condition, results of operations
and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may acquire properties and companies that involve risks that could adversely affect our business and financial condition.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have acquired properties and will continue to acquire properties through the direct acquisition of real estate or the acquisition of
entities that own real estate. The acquisition of properties involves risks, including the risk that the acquired property will not perform
as anticipated, that any actual costs for rehabilitation, repositioning, renovation and improvements identified in the pre-acquisition
due diligence process will exceed estimates, or that any such contingencies are not indemnifiable. When we acquire properties, we may
face risks associated with a lack of market knowledge or understanding of the local economy, forging new business relationships in the
area and unfamiliarity with local government and permitting procedures. Additionally, there is, and it is expected there will continue
to be, significant competition for properties that meet our investment criteria as well as risks associated with obtaining financing
for acquisition activities. The acquired properties or entities may be subject to liabilities, including tax liabilities, which may be
without any recourse, or with only limited recourse, with respect to unknown liabilities. As a result, if a liability were asserted against
us based on our new ownership of any of these entities or properties, then we may have to pay substantial sums to settle it.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may be unable to integrate the operations of newly acquired companies and realize the anticipated synergies and other benefits or do
so within the anticipated timeframe. Potential difficulties we may encounter in the integration process include: (i) the inability to
dispose of assets or operations that are outside of our area of and unforeseen increased expenses, delays or regulatory conditions associated
with these transactions; and (iii) performance shortfalls as a result of the diversion of management&#8217;s attention caused by completing
these transactions and integrating the companies&#8217; operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Delays
or an increase in costs in the construction of new buildings or improvements could have an adverse effect on our business, financial
condition, results of operations and prospects, including due to supply chain issues.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delays
or an increase in costs in the construction of new buildings or improvements to our existing properties could have an adverse effect
on our business, financial condition, results of operations and prospects. The engineering, design and construction phases of new projects
typically require nine to twelve months, and improvements to existing properties typically require one to three months. If we experience
engineering, design or construction delays as a result of our vendors&#8217; failure to meet their obligations or otherwise, we may not
be able to deliver our new projects or tenant improvements at existing properties on schedule and will not receive rental income from
those properties in the meantime. Accordingly, any such delay could affect our reputation and have a material adverse effect on our business,
financial condition, results of operations and prospects. In addition, some of our leases may provide for penalties for every day that
we fail to deliver the property. If this were to occur, we may be able to pass on these liabilities to our contractors, but we can provide
no assurance that we will be able to do so. If we are unable to pass on to our contractors the costs associated with construction delays,
our business, financial condition, results of operations and prospects may be materially adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
rely on an extensive network of suppliers around the world that produce and deliver the materials we require for construction of new
buildings or improvements. Our results are, therefore, impacted by current global supply constraints that have led to increased lead
times, backordered products and scarcity.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may be subject to claims for construction defects or other similar actions in connection with our lease management business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
our capacity as lease managers, we retain independent contractors to provide engineering, construction and project management services
for our properties, and oversee their performance. We cannot give any assurance that we will not be subject to claims for construction
defects or other similar actions, even if those defects are not attributable to us. An adverse outcome in any claim or litigation arising
from construction defects or property management issues could have a material adverse effect on our business, financial condition, results
of operations and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are dependent on key personnel. The loss of one or more members of our management team, including our Chief Executive Officer, could
have a material adverse effect on our operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
continuing success is attributable to a significant degree to the efforts of our management team, including our Chief Executive Officer,
Esteban Saldarriaga. Our Chief Executive Officer and other members of our management team have favorable reputations in the real estate
industry at both the national and regional level. Our Chief Executive Officer is responsible, to a significant degree, for attracting
new business opportunities and leading negotiations with lenders, potential joint venture partners and large institutional clients. The
loss of our Chief Executive Officer or any or all of the other members of our management team, including our Chief Financial Officer,
regional acquisition manager, and country managers in Colombia, Costa Rica and Peru, for any reason, their inability to remain in their
current positions or our inability to replace them, could have a material adverse effect on our business, financial condition, results
of operations and prospects and a negative impact on our business relationships with our lenders and clients.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the experience and skill of certain members of our management team has proven critical in identifying and attracting local
clients and opportunities. We consider especially relevant the relationships of our officers in the countries and regions in which we
operate. As we continue to grow, our success will depend to a significant extent on our ability to recruit and retain qualified personnel
in all areas of business and we can provide no assurance that we will be able to do so. Our ability to retain senior management as well
as experienced personnel will in part depend on our having in place appropriate staff remuneration and incentive schemes. The remuneration
and incentive schemes we have in place may not be sufficient for retaining the services of our experienced personnel.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are focused on a single business segment. Any negative impact on the industrial real estate industry could have a material adverse effect
on our business, financial condition, results of operations and prospects.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
corporate purpose consists of holding shares in companies engaged in the development, acquisition, leasing, management and financing
of modern, efficient and sustainable logistics parks.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent that this particular sector is negatively impacted, all of our operations and our business may be negatively impacted as well.
Further, within the industrial segment, we focus on premium assets (Class A). This may present a risk to the extent that it narrows our
target market, and therefore a decrease in demand in this market may affect our growth. Focusing our operations in a single business
segment could have a material adverse effect on our business, financial condition, results of operations and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Increases
in the prices of energy, raw materials, equipment or wages, including due to inflation, could increase our development and operating
costs.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business is significantly exposed to the price of energy, raw materials and components, including, among others, the price of cement
and steel, as well as the price of purchasing or leasing equipment. Certain inputs used by us in our operations are susceptible to significant
fluctuations in prices, over which we may have little control. The prices of some of these inputs are affected to a significant extent
by the prices of commodities, such as oil and steel. Global oil prices decreased in 2018, increased in 2019, declined significantly in
2020 as a result of the COVID-19 pandemic but reached pre-COVID-19 levels by the end of 2020, increased in 2021 due to supply shocks
and the resurgence of demand, and, more recently, rose sharply in early 2022 due to the conflict between Ukraine and Russia.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
cannot assure you that the prices of relevant commodities or inputs will decrease in the future. Substantial increases in the prices
of those commodities generally result in increases in our suppliers&#8217; or contractors&#8217; operating costs and, consequently, lead
to increases in the prices they charge for their products or services. In addition, growing demand for labor, especially when coupled
with a globalized shortage of qualified labor, may result in significant wage inflation. To the extent that we are unable to pass along
to our clients increases in the prices of our key inputs or increases in the wages that we must pay, our cost of development could be
materially adversely impacted.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the countries in which we operate, energy prices have experienced fluctuations due to changes in global oil prices and domestic energy
policies. The Peruvian government, for example, has implemented measures to reduce energy subsidies, leading to potential increases in
electricity costs for businesses. The prices of raw materials in the countries in which we operate can also be influenced by global market
trends, supply and demand dynamics, and import/export regulations. Fluctuations in commodity prices, such as metals, construction materials,
or agricultural products, can impact production costs and overall development expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Similarly,
equipment costs in the countries in which we operate can be subject to changes due to factors such as currency exchange rates, import
tariffs, and technological advancements. For instance, fluctuations in the foreign currencies against major currencies can impact the
cost of imported machinery and equipment. Wage increases can occur due to changes in labor laws, collective bargaining agreements, or
market competition for skilled labor.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
most of our leases include inflation related adjustments, these are not a perfect hedge for inflation, so our operating costs are also
affected by inflation in the countries in which we operate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
business and operations could suffer in the event of system failures or cybersecurity attacks.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Despite
system redundancy, the implementation of security measures and the existence of a disaster recovery plan for our internal and hosted
information technology systems, our systems are vulnerable to damages from any number of sources, including energy blackouts, natural
disasters, terrorism, war, telecommunication failures and cybersecurity attacks, such as malware, ransomware, or unauthorized access.
Any system failure or accident that causes interruptions in our operations could result in a material disruption to our business. We
may incur additional costs to remedy damages caused by those disruptions. Third-party security events at vendors, sub-processors, and
service providers could also impact our data and operations via unauthorized access to information or disruption of services which may
ultimately result in financial losses. Despite training, detection systems and response procedures, an increase in email attacks (phishing
and business email compromise) may create disruption to our business and financial risk.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
growing frequency of attempted cybersecurity attacks may lead to increased costs to protect us and respond to any events, including additional
personnel, consultants and protection technologies. Any compromise of our security could result in a violation of applicable privacy
and other laws, unauthorized access to information of ours and others, significant legal and financial exposure, damage to our reputation,
loss or misuse of the information and a loss of confidence in our security measures, which could harm our business. Additionally, remediation
costs for security events may not be covered by our insurance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
have identified material weaknesses in our internal controls. If we are unable to develop and maintain an effective system of internal
control over financial reporting, we may not be able to accurately report our financial results in a timely manner, which may adversely
affect investor confidence in us and materially and adversely affect our business and operating results.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
to the consummation of the Business Combination, we have been publicly registered in Colombia and not subject to the financial reporting
requirements of the SEC and have not had the accounting personnel and other resources required for SEC financial reporting purposes and
to monitor such work while maintaining appropriate segregation of duties. Effective internal control over financial reporting is necessary
for us to provide reliable financial reports and, together with adequate disclosure control and procedures, are designed to prevent fraud.
In the course of preparing our consolidated financial statements, we identified material weaknesses in our internal control over financial
reporting. A &#8220;material weakness&#8221; is a deficiency, or a combination of deficiencies, in internal control over financial reporting,
such that there is a reasonable possibility that a material misstatement of our company&#8217;s annual or interim financial statements
will not be prevented or detected on a timely basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of the issues described above, deficiencies were identified, that either individually or in the aggregate, resulted in the identification
of material weaknesses related to each component of the Internal Control&#8201;&#8212;&#8201;Integrated Framework (2013 Framework)
issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) framework, including control environment, risk
assessment, control activities, information and communication, and monitoring activities. The material weaknesses have led to the material
misstatement and subsequent restatement of our consolidated financial statements for the years ended December 31, 2021 and 2022, and
if not remediated timely may lead to material misstatements in the future. Following the identification of the material weaknesses, we
have taken and plan to continue to take remedial measures. We cannot assure you, however, that these measures will fully address these
material weaknesses in our internal control over financial reporting or that we will not identify additional material weaknesses or significant
deficiencies in the future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
remediate our identified material weaknesses, we intend to adopt several measures intended to improve our internal control over financial
reporting. These measures include strengthening our finance, operations and information technology teams, and implementation of further
policies, processes and internal controls relating to our financial reporting. Specifically, our planned remediation efforts include
the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">establishing
    controls to identify, assess, and respond to risks of material misstatement and working to formalize internal control processes and
    documentation;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">strengthening
    supervisory reviews by our management in charge of financial issues;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">hiring
    additional qualified accounting and finance personnel and engaging financial consultants to enable the implementation of internal
    control over financial reporting and to segregate duties amongst our accounting and finance personnel;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">improving
    our accounting systems and implementing information technology general controls; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">engaging
    third parties as required to assist with technical accounting, application of new accounting standards, tax matters, valuations of
    investment properties, and ESG sustainability metrics, among other matters.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are committed to maintaining a strong internal control environment, and we expect to continue our efforts to ensure the material weaknesses
described above and all control deficiencies are remediated. However, these material weaknesses cannot be considered remediated until
the applicable remedial controls operate for a sufficient period of time and management has concluded, through testing, that these controls
are operating effectively. There is no assurance that we will be able to remediate the material weaknesses in a timely manner or that
in the future additional material weaknesses will not exist or otherwise be discovered. If we are not able to remediate these material
weaknesses, we may not be able to manage our business effectively or accurately report our financial performance on a timely basis, which
could adversely affect our business, financial condition, results of operations and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Complications
in relationships with local communities may adversely affect our business continuity, reputation, liquidity, and results of operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
make significant efforts to maintain good long-term relationships and continuous communication with local and neighboring communities
where we operate or build, including indigenous communities that previously held real estate in the regions where we operate. However,
there can be no assurance that we have obtained or will obtain all permits claimed by those communities or that those communities will
not have or will not develop interests or objectives which are different from, or even in conflict with, our objectives, which could
result in legal or administrative proceedings, civil unrest, protests, negative media coverage, direct action or campaigns, including,
but not limited to, requests for the government to revoke or deny our concessions, licenses or other permits to operate. Any such events
could cause delays or disruptions in our operations, result in operational restrictions or higher costs, or cause reputational damage,
which could materially and adversely affect our business, reputation, liquidity and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the industrial and logistics real estate sector in the countries in which we operate, complications arising from relationships with local
communities can have adverse effects on business continuity, reputation, liquidity, and results of operations. These complications are
particularly relevant due to the nature of industrial and logistics projects and their potential impact on surrounding communities. Engaging
with local communities is crucial for industrial and logistics real estate projects, as they often involve land acquisition, construction,
and ongoing operations that can affect nearby communities. Concerns related to environmental impact, land rights, noise pollution, traffic
congestion, and socio-economic benefits can significantly influence project development and operations in Peru.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adverse
impacts on business continuity in the countries in which we operate can arise from community opposition, protests, or legal challenges
that disrupt project timelines and operations. Delays or interruptions in construction or operational activities can have financial implications
and impact overall project success. Reputation is vital in the industrial and logistics real estate sector, and negative perceptions
or conflicts with local communities can harm a company&#8217;s image and credibility. Negative publicity, social media backlash, or reputational
damage can deter potential tenants or investors and affect long-term business prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
operations are subject to foreign exchange fluctuations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exchange
rate fluctuations could adversely affect the economies of the countries in which we operate, and therefore, our results of operations.
For example, the revenues, costs and expenses of our operations in Colombia are denominated in local currency (Colombian <i>peso</i>).
Therefore, a material devaluation of the Colombian <i>peso </i>against the U.S. Dollar may affect the profitability of projects, and
consequently, our business, financial conditions and results of operations. Additionally, fluctuations of the Costa Rican <i>colon</i>
can affect our tax expenses. Exchange fluctuations can also have significant implications for businesses operating in Peru due to the
country&#8217;s dependence on international trade and exposure to global economic conditions. Peru&#8217;s currency, the Peruvian Sol
(PEN), is subject to fluctuations against major foreign currencies such as the US Dollar and the Euro. Foreign exchange fluctuations
can impact our cost of financing and debt repayment. If the foreign currencies weaken against the currency in which our debts are denominated,
it can increase the repayment amount, potentially affecting cash flow and financial stability.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
cannot assure you that any measures taken by the governments in the countries in which we operate would be sufficient to control any
resulting fiscal or exchange imbalances.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
hedging of foreign currency and interest rate risk may not effectively limit our exposure to these risks.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may attempt to mitigate our risk by borrowing in the currencies in which we have significant investments thereby providing a natural
hedge. We may also enter into derivative financial instruments that we designate as net investment hedges, as these amounts offset the
translation adjustments on the underlying net assets of our foreign investments. Although we attempt to mitigate the potential adverse
effects of changes in foreign currency rates there can be no assurance that those attempts will be successful. In addition, we occasionally
may use interest rate swap contracts to manage interest rate risk and limit the impact of future interest rate changes on earnings and
cash flows. As of December 31, 2023, none of our indebtedness was hedged with interest rate hedge contracts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hedging
arrangements involve risks, such as the risk of fluctuation in the relative value of the foreign currency or interest rates and the risk
that counterparties may fail to honor their obligations under these arrangements. The funds required to settle those arrangements could
be significant depending on the stability and movement of the hedged foreign currency or the size of the underlying financing and the
applicable interest rates at the time of the breakage. The failure to hedge effectively against foreign exchange changes or interest
rate changes may adversely affect our business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are subject to fluctuations in interest rates. </i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fluctuations
in interest rates present a risk for the development of new projects and therefore the growth rate of our business, to the extent that
substantial increases in interest rates may affect the profitability of our investment opportunities, including financing of the development
or acquisition of properties. We cannot assure you that interest rates will remain stable in the countries in which we operate. Any substantial
increase in the interest rates could negatively affect our business and financial condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fluctuations
in interest rates globally can affect the following aspects of our operations. An increase in interest rates increases the cost of borrowing
for real estate projects. Higher interest rates increase borrowing costs, potentially affecting project profitability and cash flow.
This can impact our ability to finance new projects or expansions. Fluctuations in interest rates can influence investment decisions
in the industrial and logistics real estate sector. Higher interest rates make borrowing less attractive, potentially impacting the feasibility
of new projects or expansions. This can affect our ability to pursue growth opportunities in the market. Our existing loan portfolio
is adversely affected by increases in interest rates and has and could continue to reduce cash flow available for operations, investment
opportunities and debt service requirements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moreover,
if interest rates increase, then so would the interest expense on our unhedged variable rate debt, which would adversely affect our business,
financial condition, results of operations and prospects. As of December 31, 2023 and December 31, 2022, 23.0% and 0%, respectively, of our outstanding
indebtedness bore fixed interest rates, respectively. In addition, we refinance fixed rate debt at times when we believe rates and terms
are appropriate. Our efforts to manage these exposures may not be successful. Developing an effective interest rate risk strategy is
complex and no strategy can completely insulate us from risks associated with interest rate fluctuations. There can be no assurance that
our hedging activities will have the desired beneficial impact on our business, financial condition, results of operations and prospects.
Termination of interest rate hedge contracts typically involves costs, such as transaction fees or breakage costs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Relating to LPA Operating as a Public Company </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>LPA&#8217;s
only significant asset is its ownership of LLP, and such ownership may not be sufficient to pay dividends or make distributions or obtain
loans to enable LPA to pay any dividends on the Ordinary Shares, pay its expenses or satisfy other financial obligations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LPA
is a holding company and does not directly own any operating assets other than its ownership of interests in LLP. LPA depends and will
depend on LLP for distributions, loans and other payments to generate the funds necessary to meet its financial obligations, including
its expenses as a publicly traded company, and to pay any dividends. The earnings from, or other available assets of, LLP may not be
sufficient to make distributions or pay dividends, pay expenses or satisfy LPA&#8217;s other financial obligations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>LPA
will incur higher costs as a result of operating as a public company.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a public company and incur significant additional legal, accounting, insurance and other expenses, including costs associated with
public company reporting requirements that we did not incur prior to becoming a publicly traded company. LPA incurs and expects to continue
to incur higher costs associated with complying with the requirements of the Sarbanes-Oxley Act, the Dodd-Frank Wall Street Reform and
Consumer Protection Act, and related rules implemented by the SEC and NYSE American. The expenses incurred by public companies generally
for reporting and corporate governance purposes have been increasing. We expect these laws and regulations to increase our legal and
financial compliance costs since becoming a public company and expects to render some activities more time-consuming and costly, although
LPA is currently unable to estimate these costs with any degree of certainty. LPA may need to hire more employees or engage outside consultants
to comply with these requirements, which will increase its costs and expenses since becoming a public company. These laws and regulations
could make it more difficult or costly for LPA to obtain certain types of insurance, including directors&#8217; and officers&#8217; liability
insurance, and LPA may be forced to accept reduced policy limits and coverage or incur substantially higher costs to obtain the same
or similar coverage. These laws and regulations could also make it more difficult for LPA to attract and retain qualified persons to
serve on the LPA Board or board committees or as executive officers. Furthermore, if LPA is unable to satisfy its obligations as a public
company or the requirements of NYSE American, it could be subject to delisting of its Ordinary Shares, fines, sanctions and other regulatory
action and potentially civil litigation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may be required to take write-downs or write-offs, restructuring and impairment or other charges that could have a significant negative
effect on our financial condition, results of operations and share price, which could cause you to lose some or all of your investment.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may be forced to write-down or write-off assets, restructure our operations, or incur impairment or other charges that could result in
us reporting losses. Even though these charges may be non-cash items and not have an immediate impact on our liquidity, the fact that
charges of this nature are reported could contribute to negative market perceptions about us or our securities. In addition, charges
of this nature may cause us to violate covenants to which we may be subject. Accordingly, any of our shareholders could suffer a reduction
in the value of their Ordinary Shares as a result of the foregoing factors and would be unlikely to have a remedy for such reduction
in value.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may not be able to timely and effectively implement controls and procedures required by Section 404(a) of the Sarbanes-Oxley Act that
apply to us following the consummation of the Business Combination.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of the consummation of the Business Combination on March 27, 2024 and the transactions related thereto, we will be required
to provide management&#8217;s attestation on internal controls in connection with our second annual report on Form 20-F following consummation
of the Business Combination (i.e. our annual report on Form 20-F for the fiscal year ended December 31, 2024). The standards required
for a public company under Section 404(a) of the Sarbanes-Oxley Act are significantly more stringent than those that were required of
us as a company that was not publicly listed in the United States. Our management may not be able to effectively and timely implement
controls and procedures that adequately respond to the increased regulatory compliance and reporting requirements that apply following
the Business Combination. If we are not able to implement the additional requirements of Section 404(a) in a timely manner or with adequate
compliance, we may not be able to assess whether our internal controls over financial reporting are effective, which may subject us to
adverse regulatory consequences and could harm investor confidence and the market price of our Ordinary Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>LPA&#8217;s
management team has limited experience managing and operating a U.S. public company.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Members
of LPA&#8217;s management team have limited experience managing and operating a U.S. publicly traded company, interacting with U.S. public
company investors, and complying with the increasingly complex laws pertaining to U.S. public companies. Its transition to being a U.S.
public company subjects LPA to significant regulatory oversight and reporting obligations under the U.S. federal securities laws and
the continuous scrutiny of securities analysts and investors. These new obligations and constituents will require significant attention
from its senior management and could divert their attention away from the day-to-day management of its business. LPA may not have adequate
personnel with the appropriate level of knowledge, experience, and training in the accounting policies, practices or internal controls
over financial reporting required of U.S. public companies. The development and implementation of the standards and controls necessary
for LPA to achieve the level of accounting standards required of a public company may require costs greater than expected. To support
its operations as a U.S. public company, LPA plans to recruit additional qualified employees or external consultants with relevant experience,
which will increase its operating costs in future periods. Should any of these factors materialize, LPA&#8217;s business, financial condition
and results of operations could be adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
price of Ordinary Shares may be volatile.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
price of Ordinary Shares may fluctuate due to a variety of factors, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 48pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">actual
    or anticipated fluctuations in its quarterly and annual results and those of other public companies in its industry; mergers and
    strategic alliances in the industry in which it operates;</span></td></tr>
</table>

<p style="margin: 0">&#160;</p>

<p style="margin: 0"></p>

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<p style="margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">market
    prices and conditions in the industry in which it operates;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
    in government regulation;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">potential
    or actual military conflicts or acts of terrorism;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    failure of securities analysts to publish research about us, or shortfalls in its operating results compared to levels forecast by
    securities analysts;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">announcements
    concerning LLP, LPA or its competitors; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    general state of the securities markets.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
market and industry factors may materially reduce the market price of Ordinary Shares, regardless of LPA&#8217;s operating performance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Reports
published by analysts, including projections in those reports that differ from LPA&#8217;s actual results, could adversely affect the
price and trading volume of its Ordinary Shares.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LPA&#8217;s
management currently expects that securities research analysts will establish and publish their own periodic projections for its business.
These projections may vary widely and may not accurately predict the results LPA actually achieves. LPA&#8217;s share price may decline
if its actual results do not match the projections of these securities research analysts. Similarly, if one or more of the analysts who
write reports on LPA downgrades its stock or publishes inaccurate or unfavorable research about its business, its share price could decline.
If one or more of these analysts ceases coverage of LPA or fails to publish reports on it regularly, its share price or trading volume
could decline. While LPA&#8217;s management expects research analyst coverage, if no analysts commence coverage of LPA, the trading price
and volume for Ordinary Shares could be adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>An
active, liquid trading market for Ordinary Shares may not develop, which may limit your ability to sell Ordinary Shares.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
to the completion of the Business Combination, there was no public market for Ordinary Shares. Although Ordinary Shares are listed on
NYSE American under the ticker symbol &#8220;LPA,&#8221; an active trading market for Ordinary Shares may never develop or be sustained.
The current trading price of the Ordinary Shares may not be indicative of the market price of Ordinary Shares that will prevail in the
open market going forward. A public trading market having the desirable characteristics of depth, liquidity and orderliness depends upon
the existence of willing buyers and sellers at any given time, such existence being dependent upon the individual decisions of buyers
and sellers over which neither we nor any market maker has control. The failure of an active and liquid trading market to develop and
continue would likely have a material adverse effect on the value of Ordinary Shares. An inactive market may also impair our ability
to raise capital to continue to fund operations by issuing Ordinary Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>LPA
may issue additional Ordinary Shares under the Equity Incentive Plan, which would dilute the interest of LPA&#8217;s shareholders.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LPA
may issue a substantial number of additional Ordinary Shares under the Equity Incentive Plan. The issuance of additional Ordinary Shares:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">may
    significantly dilute the equity interest of investors;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">may
    subordinate the rights of holders of Ordinary Shares if preferred shares are issued with rights senior to those afforded to Ordinary
    Shares;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">could
    cause a change of control if a substantial number of shares of LPA are issued, which may affect, among other things, LPA&#8217;s
    ability to use its net operating loss carry forwards, if any, and could result in the resignation or removal of its present officers
    and directors; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">may
    adversely affect prevailing market prices for LPA&#8217;s securities, including Ordinary Shares.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 0pt">&#160;</div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>LPA
may or may not pay cash dividends in the foreseeable future.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
decision to declare and pay dividends in the future will be made at the discretion of the LPA Board and will depend on, among other things,
applicable law, regulations, restrictions, LPA&#8217;s and LLP&#8217;s respective results of operations, financial condition, cash requirements,
contractual restrictions, the future projects and plans of LPA and LLP and other factors that the LPA Board may deem relevant. In addition,
LPA&#8217;s ability to pay dividends depends significantly on the extent to which it receives dividends from LLP and there can be no
assurance that LLP will pay dividends. As a result, capital appreciation, if any, of Ordinary Shares will be an investor&#8217;s sole
source of gain for the foreseeable future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Because
LPA is incorporated in the Cayman Islands, you may face difficulties in protecting your interests, and your ability to protect your rights
through the U.S. federal courts may be limited.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LPA
is an exempted company incorporated in the Cayman Islands with limited liability. As a result, it may be difficult for investors to effect
service of process within the United States upon LPA&#8217;s directors or officers, or enforce judgments obtained in the United States
courts against LPA&#8217;s directors or officers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LPA&#8217;s
corporate affairs are governed by the Charter, the Companies Act and the common law of the Cayman Islands. LPA is also be subject to
the federal securities laws of the United States. The rights of LPA shareholders to take action against the directors, actions by minority
shareholders and the fiduciary responsibilities of LPA&#8217;s directors to LPA under Cayman Islands law are to a large extent governed
by the common law of the Cayman Islands. The common law of the Cayman Islands is derived in part from comparatively limited judicial
precedent in the Cayman Islands as well as from English common law, the decisions of whose courts are of persuasive authority, but are
not binding on a court in the Cayman Islands. The rights of LPA&#8217;s shareholders and the fiduciary responsibilities of LPA&#8217;s
directors under Cayman Islands law are different from what they would be under statutes or judicial precedent in some jurisdictions in
the United States. In particular, the Cayman Islands has a less prescriptive body of securities laws as compared to the United States,
and certain states, such as Delaware, may have more fully developed and judicially interpreted bodies of corporate law. In addition,
Cayman Islands exempted companies may not have standing to initiate a shareholders derivative action in a federal court of the United
States.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LPA
has been advised by its Cayman Islands legal counsel that there is uncertainty as to whether the courts of the Cayman Islands would (i)
recognize or enforce judgments of United States courts obtained against LPA or its directors or officers predicated upon the civil liability
provisions of the securities laws of the United States or any state in the United States or (ii) in original actions brought in the Cayman
Islands, to impose liabilities against LPA predicated upon the securities laws of the United States or any state in the United States,
so far as the liabilities imposed by those provisions are penal in nature.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
those circumstances, although there is no statutory enforcement in the Cayman Islands of judgments obtained in the United States, the
courts of the Cayman Islands will recognize and enforce a foreign money judgment of a foreign court of competent jurisdiction without
retrial on the merits based on the principle that a judgment of a competent foreign court imposes upon the judgment debtor an obligation
to pay the sum for which judgment has been given provided certain conditions are met. For a foreign judgment to be enforced in the Cayman
Islands, such judgment must be final and conclusive, given by a court of competent jurisdiction (the courts of the Cayman Islands will
apply the rules of Cayman Islands private international law to determine whether the foreign court is a court of competent jurisdiction),
and must not be in respect of taxes or a fine or penalty, inconsistent with a Cayman Islands judgment in respect of the same matter,
impeachable on the grounds of fraud or obtained in a manner, and or be of a kind the enforcement of which is, contrary to natural justice
or the public policy of the Cayman Islands (awards of punitive or multiple damages may well be held to be contrary to public policy).
A Cayman Islands Court may stay enforcement proceedings if concurrent proceedings are being brought elsewhere.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of all of the above, LPA shareholders may have more difficulty in protecting their interests in the face of actions taken by
management, members of the board of directors or controlling shareholders than they would as shareholders of a corporation incorporated
in the United States.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>It
may be difficult to enforce a U.S. judgment against LPA or its directors and officers outside the United States, or to assert U.S. securities
law claims outside of the United States.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LPA
is a Cayman Islands exempted company incorporated with limited liability and not all of its assets are located in the United States.
In addition, some of LPA&#8217;s directors and officers reside outside the United States. As a result, it may be difficult for you to
effect service of process within the United States upon these persons. It may also be difficult for you to enforce in the Cayman Islands
courts judgments obtained in U.S. courts based on the civil liability provisions of the U.S. federal securities laws against us and our
officers and directors, some of whom are not residents in the United States and whose assets may be located outside of the United States.
It may be difficult or impossible for you to bring an action against us in the Cayman Islands if you believe your rights under the U.S.
securities laws have been infringed. In addition, there is uncertainty as to whether the courts of the Cayman Islands would recognize
or enforce judgments of U.S. courts against us or such persons predicated upon the civil liability provisions of the securities laws
of the United States or any state and it is uncertain whether such Cayman Islands courts would hear original actions brought in the Cayman
Islands against LPA or such persons predicated upon the securities laws of the United States or any state.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Provisions
in the Charter may inhibit a takeover of LPA, which could limit the price investors might be willing to pay in the future for LPA&#8217;s
securities and could entrench management.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Charter contains provisions that may discourage unsolicited takeover proposals that shareholders of LPA may consider to be in their best
interests. Among other provisions, subject to the rights of the shareholders of LPA as specified in the Charter, the ability of the LPA
Board to issue additional shares, with or without preferred, deferred or other rights or restrictions, whether in regard to dividend,
voting, return of capital or otherwise and to such persons, at such times and on such other terms as the LPA Board may determine, to
the extent authorized but unissued, and without shareholder approval, may make it more difficult for LPA&#8217;s shareholders to remove
incumbent management and accordingly discourage transactions that otherwise could involve payment of a premium over prevailing market
prices for LPA&#8217;s securities. However, under Cayman Islands law, the LPA Board may only exercise these rights and powers granted
to them under the Charter for a proper purpose and for what they believe in good faith to be in the best interests of LPA.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>LPA
is an &#8220;emerging growth company,&#8221; and it cannot be certain if the reduced SEC reporting requirements applicable to emerging
growth companies will make Ordinary Shares less attractive to investors, which could have a material and adverse effect on LPA, including
its growth prospects.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LPA
is an &#8220;emerging growth company&#8221; as defined in the JOBS Act. LPA will remain an &#8220;emerging growth company&#8221; until
the earliest to occur of (i) the last day of the fiscal year (a) following the fifth anniversary of the closing of the Business Combination,
(b) in which LPA has total annual gross revenue of at least $1.235 billion or (c) in which LPA is deemed to be a large accelerated filer,
which means the market value of Ordinary Shares held by non-affiliates exceeds $700 million as of the last business day of LPA&#8217;s
prior second fiscal quarter, and (ii) the date on which LPA issued more than $1.0 billion in non-convertible debt during the prior three-year
period. LPA intends to take advantage of exemptions from various reporting requirements that are applicable to most other public companies
that are classified as &#8220;emerging growth companies,&#8221; including, but not limited to, an exemption from the provisions of Section
404(b) of the Sarbanes-Oxley Act requiring that LPA&#8217;s independent registered public accounting firm provide an attestation report
on the effectiveness of its internal control over financial reporting and reduced disclosure obligations regarding executive compensation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
even after LPA no longer qualifies as an &#8220;emerging growth company,&#8221; as long as LPA continues to qualify as a foreign private
issuer under the Exchange Act, LPA will be exempt from certain provisions of the Exchange Act that are applicable to U.S. domestic public
companies, including, but not limited to, the sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations
in respect of a security registered under the Exchange Act; the sections of the Exchange Act requiring insiders to file public reports
of their stock ownership and trading activities and liability for insiders who profit from trades made in a short period of time; and
the rules under the Exchange Act requiring the filing with the SEC of quarterly reports on Form 10-Q containing unaudited financial and
other specified information, or current reports on Form 8-K, upon the occurrence of specified significant events. In addition, LPA will
not be required to file annual reports and financial statements with the SEC as promptly as U.S. domestic companies whose securities
are registered under the Exchange Act, and are not required to comply with Regulation FD, which restricts the selective disclosure of
material information.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result, LPA shareholders may not have access to certain information they deem important. LPA cannot predict if investors will find
Ordinary Shares less attractive because it relies on these exemptions. If some investors find Ordinary Shares less attractive as a result,
there may be a less active trading market and share price for Ordinary Shares may be more volatile.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>As
a &#8220;foreign private issuer&#8221; under the rules and regulations of the SEC, LPA is permitted to file less or different information
with the SEC than a company incorporated in the United States or otherwise subject to these rules and is permitted to follow certain
home-country corporate governance practices in lieu of certain NYSE American requirements applicable to U.S. issuers.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LPA
is considered a &#8220;foreign private issuer&#8221; under the Exchange Act and is therefore exempt from certain rules under the Exchange
Act, including the proxy rules, which impose certain disclosure and procedural requirements for proxy solicitations for U.S. and other
issuers. Moreover, LPA is not required to file periodic reports and financial statements with the SEC as frequently or within the same
time frames as U.S. companies with securities registered under the Exchange Act, although it may elect to file certain periodic reports
and financial statements with the SEC on a voluntary basis on the forms used by U.S. domestic issuers. LPA is not required to comply
with Regulation FD, which imposes restrictions on the selective disclosure of material information to shareholders. In addition, LPA&#8217;s
officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions of Section 16
of the Exchange Act and the rules under the Exchange Act with respect to their purchases and sales of LPA&#8217;s securities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, as a &#8220;foreign private issuer&#8221;, LPA is permitted to follow certain home-country corporate governance practices in
lieu of certain NYSE American requirements. LPA currently follows some, but not all, of the corporate governance requirements of NYSE
American. With respect to the corporate governance requirements of NYSE American that it does follow, LPA cannot give any assurances
that it will continue to follow such corporate governance requirements in the future, and may therefore in the future rely on available
NYSE American exemptions that would allow LPA to follow its home country practice. Unlike the requirements of NYSE American, LPA is not
required, under the corporate governance practice and requirements in the Cayman Islands, to have its board consist of a majority of
independent directors, nor is LPA required to have a compensation committee or a nominating and corporate governance committee consisting
entirely of independent directors, or have regularly scheduled executive sessions with only independent directors each year. Such Cayman
Islands home country practices may afford less protection to holders of Ordinary Shares. For additional information regarding the home
country practices LPA intends to follow in lieu of NYSE American requirements, see the section of this Report entitled &#8220;<i>Item
16G &#8212; Corporate Governance</i>.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LPA
would lose its status as a &#8220;foreign private issuer&#8221; under current SEC rules and regulations if more than 50% of LPA&#8217;s
outstanding voting securities becomes directly or indirectly held of record by U.S. holders and one of the following is true: (i) the
majority of LPA&#8217;s directors or executive officers are U.S. citizens or residents; (ii) more than 50% of LPA&#8217;s assets are
located in the United States; or (iii) LPA&#8217;s business is administered principally in the United States. If LPA loses its status
as a foreign private issuer in the future, it will no longer be exempt from the rules described above and, among other things, will be
required to file periodic reports and annual and quarterly financial statements as if it were a company incorporated in the United States.
If this were to happen, LPA would likely incur substantial costs in fulfilling these additional regulatory requirements and members of
LPA&#8217;s management would likely have to divert time and resources from other responsibilities to ensuring these additional regulatory
requirements are fulfilled.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>LPA
is &#8220;controlled company&#8221; within the meaning of the NYSE American rules and, as a result, may rely on exemptions from certain
corporate governance requirements that provide protection to shareholders of other companies.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to being a foreign private issuer, immediately following the Business Combination, LPA is a &#8220;controlled company&#8221;
as defined under the NYSE American rules, because JREP I Logistics Acquisition, LPA currently controls a majority of the voting power
of the Ordinary Shares. For as long as LPA remains a controlled company under that definition, LPA is permitted to elect to rely, and
may rely, on certain exemptions from corporate governance rules, including an exemption from the rule that a majority of the LPA Board
must consist of independent directors, that LPA has to establish a compensation committee composed entirely of independent directors
or that LPA has independent director oversight of director nominations. Although LPA currently has a compensation committee and nominating
committee, such committees are not composed entirely of &#8220;independent directors.&#8221; As a result, you will not have the same
protection afforded to shareholders of companies that are subject to these corporate governance requirements. For additional information
regarding the corporate governance practices LPA intends to follow in lieu of NYSE American requirements, see the section of this Report
entitled &#8220;<i>Item 16G &#8212; Corporate Governance.</i>&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
LPA is characterized as a passive foreign investment company for U.S. federal income tax purposes, its U.S. shareholders may suffer adverse
tax consequences.<sup></sup></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
LPA is a passive foreign investment company (&#8220;<span style="text-decoration: underline">PFIC</span>&#8221;) for any taxable year (or portion thereof) that is included
in the holding period of a U.S. holder of Ordinary Shares, the U.S. holder may be subject to adverse U.S. federal income tax
consequences and may be subject to additional reporting requirements. If a U.S. holder does not make a QEF election or a
mark-to-market election, as described in the section of this Report entitled &#8220;<i>Item 10.E. Taxation &#8212; Material U.S.
Federal Income Tax Considerations &#8212; Ownership and Disposition of Ordinary Shares by U.S. Holders&#8221;</i>, such U.S. holder
will be subject to the default &#8220;excess distribution regime&#8221; under the PFIC rules with respect to (i) any gain realized
on a sale or other disposition (including a pledge) of such U.S. holder&#8217;s Ordinary Shares, and (ii) any &#8220;excess
distribution&#8221; that a U.S. holder receives on his or her Ordinary Shares (generally, any distributions in excess of 125% of the
average of the annual distributions on Ordinary Shares during the preceding three years or U.S. holder&#8217;s holding period,
whichever is shorter).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Whether
LPA is treated as a PFIC for U.S. federal income tax purposes is a factual determination that must be made annually at the close of
each taxable year and, thus, is subject to significant uncertainty. Accordingly, we are unable to determine whether LPA will be
treated as a PFIC for the taxable year of the Business Combination or for future taxable years, and there can be no assurance that
LPA will not be treated as a PFIC for any taxable year. LPA&#8217;s U.S. counsel expresses no opinion with respect to LPA&#8217;s
PFIC status for any taxable year. In addition, for any taxable year with respect to which LPA determines it is a PFIC, upon request
of a U.S. holder, LPA intends to use commercially reasonable efforts to make available information reasonably necessary to compute
income of such U.S. holder as a result of LPA&#8217;s status as a PFIC, including timely providing a PFIC Annual Information
Statement to enable such U.S. holder to make a QEF Election with respect to PFIC stock. Please see the section entitled
&#8220;<i>Taxation&#8212;Material U.S. Federal Income Tax Considerations &#8212; Ownership and Disposition of Ordinary Shares by
U.S. Holders &#8212; Passive Foreign Investment Company Rules&#8221; for a more detailed discussion with respect to LPA&#8217;s
potential PFIC status and the implications to U.S. holders if LPA is a PFIC, U.S. holders are urged to consult their tax advisors regarding the possible application of the PFIC rules to
holders of Ordinary Shares.</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Sales
of a substantial number of LPA securities in the public market could adversely affect the market price of Ordinary Shares.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales
of a substantial number of Ordinary Shares in the public market could occur at any time. These sales, or the perception in the
market that the holders of a large number of shares intend to sell shares, could reduce the market price of the Ordinary Shares. The
PIPE Subscriber (as defined herein) has certain resale registration rights pursuant to the terms of the PIPE Subscription Agreement
(as defined herein). Pursuant to the Registration Rights Agreement dated March 27, 2024, among Logistic Properties of the Americas
and each of the holders listed on the signature pages thereto, (the &#8220;<span style="text-decoration: underline">LLP Registration Rights Agreement</span>&#8221;), certain
LLP Shareholders received demand and piggy-back registration rights with respect to their Ordinary Shares in the Business
Combination. In addition, LPA assumed the registration obligations of TWOA under that certain Registration Rights Agreement, dated
as of March 29, 2021, by and among TWOA, the Original Sponsor and certain shareholders named therein (as amended, the
&#8220;<span style="text-decoration: underline">Founder Registration Rights Agreement</span>&#8221;), which obligations, pursuant to the amendment thereto dated March 27,
2024, became applicable to the Ordinary Shares into which the Founder Shares were converted as a result of the Business Combination. The registration of these securities will permit the public resale of such
securities, subject to any applicable lock-up periods. The registration and availability of such a significant number of securities
for trading in the public market may have an adverse effect on the market price of Ordinary Shares.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Relating to Regulatory, Legal and Tax Factors Affecting Us</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are subject to governmental regulations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to laws, ordinances and regulations relating to, among other things, taxes, environmental matters, labor, equal opportunity,
construction, occupational health and safety, civil and consumer protection and general building and zoning requirements in the various
jurisdictions in which we operate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are subject to certain labor, health, construction/building and safety regulations in the various jurisdictions in which we operate,
and may be exposed to liabilities and potential costs for lack of compliance.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to labor, health, construction/building and safety laws and regulations in the various jurisdictions in which we operate
that govern, among other things, the relationship between us and our employees, and the health and safety of our employees. If an adverse
final decision that we violated any labor or health and safety laws is issued, we may be exposed to penalties and sanctions, including
the payment of fines.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
instance, under Peruvian law, these fines might be remitted to the Labor Authority, the amount being contingent on the severity of the
violation and the number of affected employees. Additionally, there may be a legal obligation to provide compensation to the injured
employee, the quantum of which would be determined by the court. Furthermore, the company could face a temporary shutdown lasting up
to 30 calendar days. Moreover, the legal representative of the company could be subject to prosecution for the offense of &#8220;Attempt
against safety and health conditions at work&#8221; potentially resulting in a prison sentence ranging from one to four years. In cases
where an employee suffers fatal injuries, the prison sentence would be not less than four nor more than eight years; for serious injuries,
the prison term would range from three to six years.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
operations are subject to a large number of environmental laws and regulations, and our failure to comply with any such laws and regulations
may give rise to liability and result in significant additional costs and expenses, which may materially and adversely affect our financial
condition.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
operations and properties are subject to statutory laws and regulations in the countries in which we operate relating to the protection
of the environment and the use of natural resources.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
anticipate that the regulation of our business operations under Colombian, Costa Rican and Peruvian federal, state and local environmental
laws will increase and become more stringent over time. We cannot predict the effect that the enactment of additional environmental laws,
regulations or official standards would have on our cash flows, costs for compliance, capital requirements or liabilities relating to
damages claims, business, financial condition, results of operations and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, applicable environmental laws and regulations with respect to responsibility for remediation differs in the different countries
in which we operate. In Costa Rica, for example, unless some type of direct liability can be attributed to LPA or its subsidiaries, the
tenant would be responsible for assuming the totality of the remediation costs. However, according to applicable environmental laws and
regulations in Peru and Colombia, we are jointly and severally liable with our tenants for the costs of remediation of soil pollution,
even if the pollution was caused by the tenant. While our leases provide that the tenant is liable for the cost of any remediation actions,
we can give no assurance that tenants would meet their obligations. If any of our tenants were to pollute the soil of our properties
and fail to take remediation action or pay for the cost thereof, we would be required to undertake the remediation ourselves and could
be held liable for any damages, which could materially and adversely affect our business, financial condition, results of operations
and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
requirements and efforts to address climate change through statutory laws requiring the reductions in greenhouse gas emissions, or GHG
emissions, may lead to economic risks and uncertainty for our business. These risks could include costs to process and obtain permits,
additional taxes, as well as of the installation of equipment necessary to reduce emissions to meet new GHG limits or other required
technology standards. Given the uncertain nature of current and future legal and regulatory requirements for GHG emissions at local and
international levels, it is not possible to predict the impact on operations or financial position, or to make reasonable forecasts of
potential costs that may result from those requirements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Peruvian
environmental legislation establishes specific requirements for the development and operation of industrial and logistics real estate
projects. These requirements include obtaining environmental permits and licenses, conducting environmental impact assessments, proper
management of waste and wastewater, among others. Non-compliance with these laws and regulations can lead to administrative penalties
such as fines and temporary or permanent closure of facilities. Additionally, affected parties may file civil lawsuits for damages, resulting
in significant legal costs. It is important to note that environmental legislation in Peru is constantly evolving and being updated.
Therefore, it is crucial for companies in the industrial and logistics real estate sector to stay updated on legal requirements and ensure
proper compliance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are exposed to the potential impacts of future climate change and could be required to implement new or stricter regulations, which may
result in unanticipated losses that could affect our business and financial condition.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are exposed to potential physical risks from possible future changes in climate. Our properties may be exposed to rare catastrophic weather
events, such as severe storms, drought, earthquakes, floods, wildfires or other extreme weather events. If the frequency of extreme weather
events increases, our exposure to these events could increase and could impact our tenants&#8217; operations and their ability to pay
rent. We carry comprehensive insurance coverage to mitigate our casualty risk, in amounts and of a kind that we believe are appropriate
for the markets where each of our properties and their business operations are located given climate change risk.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may be adversely impacted as a real estate owner, developer and manager in the future by potential impacts to the supply chain or stricter
energy efficiency standards or greenhouse gas regulations for the commercial building sectors. Compliance with new laws or regulations
relating to climate change, including compliance with &#8220;green&#8221; building codes, may require us to make improvements to our
existing properties or result in increased operating costs that we may not be able to effectively pass on to our tenants. Any such laws
or regulations could also impose substantial costs on our tenants, thereby impacting the financial condition of our tenants and their
ability to meet their lease obligations and to lease or re-lease our properties. We cannot give any assurance that other such conditions
do not exist or may not arise in the future. The potential impacts of future climate change on our real estate properties could adversely
affect our ability to lease, develop or sell those properties or to borrow using those properties as collateral and may impact our business,
financial condition, results of operations and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the risks identified above arising from actual or potential statutory and regulatory controls, severe weather, rising seas,
higher temperatures and other effects that may be attributable to climate change may impact any manufacturing sector in terms of direct
costs (e.g., property damage and disruption to operations) and indirect costs (e.g., disruption to customers and suppliers and higher
insurance premiums). To the extent that those conditions negatively affect our operations, they could have a material adverse effect
on our business, financial condition, results of operations and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Peru,
for instance, has taken steps to address climate change through various policies and legislation. Colombia, Costa Rica and Peru have
ratified the Paris Agreement and have set targets for reducing greenhouse gas emissions. Additionally, the countries in which we operate
implemented measures to promote sustainable development and resilience in the face of climate change impacts. While specific data on
the potential losses or impacts related to future climate change in the industrial and logistics real estate sector in these countries
may not be readily available, there are potential risks and uncertainties associated with climate change. This includes the possibility
of stricter regulations, increased costs for adaptation and mitigation measures, and potential disruptions to operations due to extreme
weather events or changing market dynamics.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
real estate taxes could increase as a result of changes in the real estate tax rate or a revaluation, which could adversely affect our
cash flows.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have an obligation to pay state and local taxes in respect of each of our real estate assets. Such real estate taxes may increase as
a result of the change in the tax regime, the applicable tax rate or as a result of the valuation or revaluation of our real estate assets
by the tax authorities in each of the countries in which we operate. Therefore, the real estate tax amount to be paid in the future may
differ from the real estate tax amount paid in the past. If such real estate tax amounts increase, it could adversely affect our financial
condition, results of operations and cash flow.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
tax legislation in Peru, for example, specifically designates the property tax as the exclusive tax associated with the ownership of
real estate assets. Nevertheless, there exists a fiscal implication within the framework of income tax that becomes relevant when considering
a potential property sale.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
Peru, we are required to make property tax payments for each of our real estate holdings. The property tax rates may undergo adjustments
due to changes in the tax regime, but it should not change based on the tax authority&#8217;s valuation or revaluation of our real estate
assets in Peru.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
a newly introduced tax called &#8220;Participation in the Increase in Land Value&#8221; exists. This tax is triggered by positive externalities
that affect properties, resulting from some factors such as development projects, investments in public infrastructure, and others. However,
there is an ongoing debate surrounding the application of this tax, primarily due to concerns about potential violations of constitutional
tax rights.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Changes
in tax laws, incentives, benefits and regulations may adversely affect us.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes
in tax laws, regulations, related interpretations and tax accounting standards in Colombia, Costa Rica, Peru, or other countries in which
we may operate in the future may result in a higher tax rate on our earnings, which may significantly reduce our profits and cash flows
from operations. However, it is not possible to precisely predict if and how potential changes may affect our business, but one or more
states or municipalities, the federal government in the countries in which we operate or other countries may seek to challenge the taxation
or procedures applied to our transactions, and could impose taxes or additional reporting, record-keeping or indirect tax collection
obligations on our business. New taxes could also require us to incur substantial costs to collect and remit taxes. For example, in Colombia,
the latest tax reform was approved in the Colombian Congress, which increased the capital gain tax from 10% to 15%.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
Costa Rica, the 2019 tax reform introduced a dual system of taxation for capital gains and income derived from the use of rights or derived
from the disposition of or the leasing of real estate property. These changes in the taxation system may affect taxation of local operations.
Under the approved changes made by the Costa Rican Congress in 2019, taxpayers may be subject to either a 30% or 15% tax rate depending
on whether the income is derived or related to regular lucrative activities. Some uncertainties remain regarding the interpretation of
the applicable rates due to the lack of jurisprudence or administrative criteria. Moreover, the taxation base capital gains were broadened
to include any capital gains resulting from changes on the taxpayer patrimony. Previously, the indicated tax reform capital gains were
only subject to taxation if they were part of a commercial activity or derived from depreciable assets. In Colombia, a tax reform approved
by the Colombian Congress in December 2022 increased capital gain tax from 10% to 15% and also implemented a new tax of 3% on value assets
over COP 2.107.000.000 when selling the asset, as a contribution.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
Peru, beginning in 2023, buildings and constructions can be depreciated at a maximum annual rate of 33.33% for income tax purposes, subject
to specific conditions. Another reform was the recent implementation of the &#8220;Participation in the Increase in Land Value&#8221;
tax by the Peruvian government. This tax is implemented in response to positive externalities that impact properties, arising from factors
such as development projects, investments in public infrastructure, among others.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
cannot guarantee that any tax benefits we rely on will remain in place or that we will continue to qualify for them. If certain tax incentives
are not retained or renewed, our profits may decline.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Labor
activism and unrest, or failure to maintain satisfactory labor relations, could adversely affect our results of operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Labor
activism and unrest may adversely affect our operations and thereby adversely affect our business, liquidity, financial condition, results
of operations and prospects. Although we have not been affected by any significant labor disputes in the past, we cannot assure you that
we will not experience labor unrest, activism, disputes or actions in the future, including as a result of labor laws and regulations
that have recently been enacted or that could come into effect in the future, some of which may be significant and could adversely affect
our business, liquidity, financial condition, results of operations and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
instance, in Peru, there is an ongoing debate in Congress that requires a second voting round to approve modifications in labor hours.
These proposed changes encompass a revised method for calculating the night shift and the starting time of the workday.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are or may become subject to legal and administrative proceedings or government investigations, which could harm our business and our
reputation.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
time to time, we have been and in the future may become involved in litigation, investigations and other legal or administrative proceedings
relating to claims arising from our operations, either in the normal course of business or not, or arising from violations or alleged
violations of laws, regulations or acts. These may include, for example, tax assessments, claims relating to employee or employment matters,
intellectual property matters, regulatory matters, contract, advertising and other claims, including proceedings with probable, possible
and remote risks of loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
Peru, we have occasionally been a party to, and may also be in the future, party to administrative proceedings related to compliance
with regulations on the protection of trademarks, notices, trade names, logos, and, in general, any distinctive sign owned by the company
(Legislative Decree 1075, which approves Complementary Provisions to Decision 486 of the Andean Community Commission establishing the
Common Regime on Industrial Property). Similarly, in the normal course of business, we may be affected by advertising practices that
damage the company&#8217;s reputation, i.e., behaviors that qualify as acts of unfair competition, in accordance with the regulations
set forth in Legislative Decree 1044, Unfair Competition Repression Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
provisions are recorded pursuant to accounting rules, based on an individual analysis of each contingency by our internal and external
legal counsel. We constitute provisions for proceedings that our external counsel evaluates as having a probable risk of loss. In cases
where unfavorable decisions in claims involve substantial amounts, or if the actual losses are significantly higher than the provisions
constituted, the aggregate cost of unfavorable decisions could have a significantly adverse effect on both our financial condition and
operating results. Moreover, our management may be forced to dedicate time and attention to defend against these claims, which could
prevent it from concentrating on our core business. Therefore, we cannot assure you that these or any of our other regulatory matters
and legal proceedings, including any that may arise in the future, will not harm our reputation or materially affect our ability to conduct
our business in the manner that we expect or otherwise materially adversely affect us should an unfavorable ruling occur, which could
have a material adverse effect on our business, financial condition, results of operations and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023 and December 31, 2022, we provisioned $0.2 million and $0.3 million, respectively, to legal proceedings to which we were a party. Legal proceedings
are inherently unpredictable and subject to significant uncertainties. If one or more legal proceedings in which we are currently involved
or may come to be involved were to result in a judgment against us in any reporting period for amounts that exceeded our management&#8217;s
expectations, the impact on our results of operations or financial condition for that reporting period could be material.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are subject to anti-corruption, anti-bribery, anti-money laundering and antitrust laws and regulations in the countries in which we operate,
and any violation of any such laws or regulations could have a material adverse impact on our reputation, financial condition and results
of operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to anti-corruption, anti-bribery, anti-money laundering, antitrust and other international laws and regulations and are required
to comply with the applicable laws and regulations in Colombia, Costa Rica Peru, and similar laws and regulations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Specifically
in Peru, we are obligated to comply with the measures established in Legislative Decree 1034, the Anti-Competitive Practices Repression
Act, whose primary objective is to penalize anticompetitive behaviors in order to promote economic efficiency in markets for the benefit
of consumers. Additionally, the company must align its actions and business operations with the guidelines outlined in Law 29038, which
incorporates the Financial Intelligence Unit of Peru (UIF-PERU) into the Superintendence of Banking, Insurance, and Private Pension Fund
Administrators. This law also establishes duties related to the preparation of information reports for companies falling under its scope
of application. Although we have implemented policies and procedures, which include training certain groups of our employees, seeking
to ensure compliance with anti-corruption and related laws, there can be no assurance that our internal policies and procedures will
be sufficient to prevent or detect all inappropriate practices, fraud or violations of law by our affiliates, employees, directors, officers,
partners, agents and service providers or that any such persons will not take actions in violation of our policies and procedures. If
we fail to fully comply with applicable laws and regulations, the relevant government authorities in the countries in which we operate
may have the power and authority to investigate us and, if necessary, impose fines, penalties and remedies, which could cause us to lose
clients, suppliers and access to debt and capital markets. Any violations by us, or the third parties we transact with, of anti-bribery,
anti-corruption, anti-money laundering, antitrust and international trade laws or regulations could have a material adverse effect on
our business, financial condition, results of operations and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Changes
in government policies and actions, as well as judicial decisions in the countries where we operate, could significantly affect the local
economy and, as a result, our results of operations and financial condition.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
results of operations and financial condition may be adversely affected by changes in governmental policies and actions, and judicial
decisions, involving a broad range of matters, including interest rates, fees, exchange rates, exchange controls, inflation rates, taxation,
banking and pension fund regulations and other political or economic developments affecting Colombia, Costa Rica, and Peru. The governments
in the countries in which we operate have historically exercised substantial influence over their economies, and their policies are likely
to continue to have a significant effect on companies, including us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 26.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moreover,
regulatory uncertainty, public dialogue on reforms in Colombia, Peru and Costa Rica and other countries where we may operate, or the
approval of reforms, may be disruptive to our business or the economy and may result in a material and adverse effect on our financial
condition and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 26.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Specifically,
Peru&#8217;s legal framework for real estate is subject to government policies and actions that shape the business environment. Changes
in regulations, tax policies, land use planning, or investment incentives can directly influence the operations and profitability of
industrial and logistics real estate companies. Additionally, judicial decisions can have implications for the sector. Court rulings
related to land ownership, property rights, contractual disputes, or environmental issues can impact the development and operation of
real estate projects, potentially leading to financial losses or delays.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 26.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
understanding the political and legal landscape, including the stability of institutions and the rule of law, is crucial for companies
operating in the real estate sector in Peru. Changes in government administrations, shifts in policy priorities, or uncertainties in
the legal system can introduce risks that may affect the overall economic environment and, consequently, the financial performance of
businesses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ass_001"></span>Item
4: Information on the Company</b></span></p>

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<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.
History and Development of the Company</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Logistic
Properties of the Americas was incorporated as an exempted company with limited liability under the laws of the Cayman Islands on October
9, 2023. The mailing address of the Company&#8217;s registered office is c/o Ogier Global (Cayman) Limited, 89 Nexus Way, Camana Bay,
Grand Cayman, KY1-9009, Cayman Islands and its telephone number is +1 506 2204-7020. The Company&#8217;s principal executive office address
is 601 Brickell Key Drive, Suite 700, Miami, FL 33131 and its chief administrative office is Plaza Tempo, Edificio B Oficina B1, Piso
2 San Rafael de Escaz&#250;, San Jos&#233;, Costa Rica.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
the Closing Date, LPA consummated the previously announced Business Combination pursuant to the Business Combination Agreement. As a
result, on the Closing Date (i) SPAC Merger Sub merged with and into TWOA, with TWOA surviving the merger (the &#8220;<span style="text-decoration: underline">SPAC Merger</span>&#8221;)
and, in connection therewith, each issued and outstanding security of TWOA immediately prior to the effective time of the Mergers (as
defined below) (the &#8220;<span style="text-decoration: underline">Effective Time</span>&#8221;) was automatically canceled and deemed no longer outstanding, in exchange for
the right of the of each holder thereof to receive a substantially equivalent amount of Ordinary Shares; (ii) Company Merger Sub merged
with and into LLP, with LLP surviving the merger (the &#8220;<span style="text-decoration: underline">Company Merger</span>,&#8221; and, together with the SPAC Merger, the &#8220;<span style="text-decoration: underline">Mergers</span>&#8221;)
and, in connection therewith, each issued and outstanding security of LLP immediately prior to the Effective Time was automatically cancelled
and deemed no longer outstanding, in exchange for the right of each holder thereof to receive Ordinary Shares; and (iii) as a result
of the Mergers, TWOA and LLP each became wholly-owned subsidiaries of the Company, and our Ordinary Shares were listed on NYSE American,
all upon subject to the terms and upon satisfaction or waiver of the conditions set forth in the Business Combination Agreement, the
documents and agreements ancillary to the Business Combination Agreement, and in accordance with applicable law, including LLP and LPA&#8217;s
waiver of the Minimum Cash Condition (as defined in the Business Combination Agreement).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the Business Combination, on February 16, 2024, TWOA entered into a subscription agreement (the &#8220;<span style="text-decoration: underline">PIPE Subscription
Agreement</span>&#8221;) with Bonaventure Investments Holding Inc. (such investor and its permitted successors and assigns, the &#8220;<span style="text-decoration: underline">PIPE
Subscriber</span>&#8221;) to purchase 1,500,000 TWOA Class A ordinary shares (the &#8220;<span style="text-decoration: underline">PIPE Shares</span>&#8221;) at a price of $10.00
per share, for an aggregate purchase price of $15,000,000, in a private placement (the &#8220;<span style="text-decoration: underline">PIPE Investment</span>&#8221;) that was
consummated at the Effective Time. The PIPE Shares were converted into 1,500,000 Ordinary Shares in connection with the Mergers.
In connection with the PIPE Investment, the PIPE Subscriber was granted certain registration rights and entered into a lock-up agreement
on the same terms as the Lock-Up Agreement (as defined herein). See &#8220;<i>Item 7.B. Major Shareholders and Related Party Transactions&#8212;Related
Party Transactions&#8212;Transactions Related to the Business Combination&#8221;</i> for a description of the terms of the Lock-Up Agreement
as well as a description of certain other agreements entered into in connection with the consummation of the Business Combination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
to the consummation of the Business Combination, LPA&#8217;s business was operated by LLP, a C-corporation organized under the laws of
the Republic of Panama. LLP was originally incorporated as a limited liability company, as provided in Law. No 4 of 2009 by Public Deed
No. 6409 dated April 29, 2015, and registered before the Public Registry of Panama on May 4, 2015. On January 13, 2021, LLP was converted
into a C-corporation regulated by Law No. 32 of 1927, resolution duly registered before the Public Registry of Panama on January 13,
2021. Additional information regarding the history and development of the Company are described below in <i>&#8220;Item 4.B. Information
on the Company&#8211;Business Overview.&#8221;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
a description of the Company&#8217;s principal capital expenditures, see &#8220;<i>Item 4.D. Information on the Company &#8211; Property,
Plants, and Equipment&#8221;</i> and &#8220;<i>Item 5.B. Operating and Financial Review and Prospects&#8211;Liquidity and Capital Resources&#8211;Capital
Expenditures.</i>&#8221; We currently do not have any significant divestitures in progress.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s principal website address is lpamericas.com. We do not incorporate the information contained on, or accessible through,
the Company&#8217;s websites into this Report, and you should not consider it a part of this Report. The SEC maintains an Internet site
that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC.
The SEC&#8217;s website is http://www.sec.gov.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.
Business Overview</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Our
Mission </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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goal is to be the leading developer, owner and manager of <i>logistics facilities of the future </i>for Central and South America. Our
mission is to provide logistics and industrial real estate solutions that enable the most efficient distribution of goods for a more
environmentally conscious society.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Overview</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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are a fully integrated, internally managed real estate company that develops, owns and manages a diversified portfolio of warehouse logistics
assets in Central America and South America. We focus on modern Class A logistics real estate in high growth and high barrier-to-entry
markets that are undersupplied and have low penetration rates. We believe we are a leading institutional industrial, development and
logistics platform in each of our three countries of operation today &#8212; Costa Rica, Colombia and Peru. We have significant expertise
in designing and developing logistics assets, which we own, manage and lease on a long-term basis. Our strategic footprint and operational
expertise enable us to provide our tenants with &#8220;last mile&#8221; distribution capabilities that are critical to logistics infrastructure
and are well located to leverage strong e-Commerce and &#8220;nearshoring&#8221; trends.</span></p>

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business model is designed to generate recurring revenue from long-term leases with creditworthy tenants, which we believe drives attractive
unit economics. We believe our corporate structure provides us with the following advantages:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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a stabilized occupancy rate of 100.0% and weighted average remaining lease term of 5.3 years on our current leases. Our revenue and profit
for the year ended December 31, 2023 was $39.4 million and $7.2 million, respectively, and for the year ended December 31, 2022 was $32.0
million and $11.4 million, respectively. Between December 31, 2022 and December 31, 2023, we increased our Cash Net Operating Income,
or Cash NOI, by a Compound Annual Growth Rate, or CAGR, of 32%. For a reconciliation of Cash NOI to the nearest IFRS measure, see &#8220;<i>Item
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portfolio is comprised of Class A industrial warehouses that are well positioned to serve the key logistical functions of the growing
e-Commerce market and nearshoring trade. Our properties are certified by EDGE, a green building certification system sponsored by the
IFC, a member of the World Bank Group, and administered by GBCI (Green Business Certification Inc.), which promotes the development of
sustainable buildings &#8212; both internally, with expansive floor capacity, natural light and sufficient height clearance levels, as
well as externally, with shared truck maneuvering yards, optimized platforms and container parking. These modern specifications enable
our tenants to drive operational efficiencies for timely delivery of their goods and implement highly advanced operational and logistics
processes that enhance their ability to compete. The following table sets forth a summary of our real estate portfolio as of December
31, 2023, 2022, and 2021:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_001.jpg" alt="" style="height: 350px; width: 500px"/>&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Core
Geographies </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
portfolio is strategically located within key trade and logistics corridors in the capital cities of Costa Rica, Colombia and Peru.
We target some of the most dynamic industrial markets with the lowest vacancy rates across the Class A logistics segment in Central
and South America. These markets are generally characterized by strong GDP growth, population growth, and monetary and fiscal
policies that attract multinational and regional corporations. Our asset base is geographically diversified with approximately 51%,
27% and 22% of our operating GLA located in Costa Rica, Colombia and Peru, respectively, as of December 31, 2023. We believe this
diversification mitigates economic, political and other risks and provides significant expansion opportunities in attractive
geographies for our tenants. For further information regarding our principal markets, including a breakdown of total revenues by
category of activity, geographic market and segments, and other factors material to the company&#8217;s business or profitability
see &#8220;<i>Item 4.D. Properties, Plants and Equipment&#8221; and &#8220;Item 5.A. Operating and Financial Review and
Prospects</i>&#8212;<i>Operating Results.&#8221;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Regulation
</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to laws, ordinances and regulations relating to, among other things, taxes, environmental matters, labor, equal opportunity,
construction, occupational health and safety, civil and consumer protection and general building and zoning requirements in the various
jurisdictions in which we operate. See &#8220;<i>Risk Factors &#8211;Regulatory, Legal and Tax Factors Affecting Us &#8211;We are subject
to governmental regulations.&#8221; </i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LLP
has been registered in the <i>Registro Nacional de Valores y Emisores </i>(&#8220;<span style="text-decoration: underline">RNVE</span>&#8221;) managed by the SFC since April
23, 2021, and with the Colombian Stock Exchange (&#8220;<span style="text-decoration: underline">BVC</span>&#8221;) since May 4, 2021. There are currently 168,142,740 LLP ordinary
shares listed in Colombia. As a consequence of its status as an issuer of securities in Colombia, LLP is under the supervision of the
SFC, and subject to the SFC&#8217;s obligations for registered issuers. The main SFC obligations that LLP is subject to are filing quarterly
and annual reports, including an annual corporate governance report, filing quarterly and annual financial information, disclosing any
material information to the SFC upon occurrence of such event, and filing certain forms regarding its shareholders, beneficial owners
and general financial information with the SFC. LPA is in the process of de-listing the LLP ordinary shares in Colombia.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
operations in Costa Rica must comply with a series of laws and regulations related to its economic activities. Our corporate structure
includes various Costa Rican subsidiaries that must comply with corporate obligations such as tax payments, filings of declarations and
additional compliance matters. Furthermore, LLP&#8217;s main economic activity involves the lease of industrial facilities subject to,
among other regulations, the Leases Act (<i>Ley General de Arrendamientos Urbanos y Suburbanos</i>) which regulates the obligations and
responsibilities of landlords, tenants and other general provisions for the lease agreements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
operations in Peru are governed by a set of legal frameworks and regulations specific to Peru. These include, but are not limited to,
the General Law of Companies (<i>Ley General de Sociedades</i>), which outlines the requirements and obligations for companies with operations
in Peru. Additionally, we must comply with tax regulations, labor laws, environmental regulations, municipal ordinances, and any other
applicable laws and regulations related to industrial and logistics operations. In Peru, there is no specific legislation to regulate
civil leases, so general civil leasing rules established in the Peruvian Civil Code apply to our lease agreements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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addition, Peru&#8217;s legal framework for real estate is also influenced by government policies and can be subject to changes in regulations,
tax policies, and land use planning. These factors directly impact the operations and profitability of industrial and logistics real
estate companies, including LPA. Judicial decisions regarding land ownership, property rights, contractual disputes, and environmental
issues can also have significant implications for the sector.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Colombian Civil Code regulates the real estate industry, and therefore LLP&#8217;s operations in Colombia. There is no specific branch
of the Colombian government that governs the regulation of real estate, hence everything that concerns real estate is governed by the
general principles of civil law of Colombia. LLP&#8217;s lease agreements are governed by financial and banking laws of Colombia. LLP
is also subject to urban planning regulations in Colombia, which consist of a set of legal regulations and provisions aimed at organizing
the development of urban and rural areas in the country. This includes the Urban Land Use Plans (POT) that define land use zones, density
and building height regulations, as well as regulations on land use, construction standards, and permit acquisition procedures.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.
Organizational structure</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following diagram illustrates the structure of LPA as of the date hereof.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<img src="image_002.jpg" alt=""/></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.
Property, plants, and equipment</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Our
Properties </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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properties consist of stabilized assets (which we define as properties that have reached GLA occupancy of approximately 90% in relation
to the total GLA of such property or that have been completed for more than one year, whichever occurs first), properties that are in
the development phase, and the land reserves we own or control.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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Portfolio</i></b>. The table below sets forth information regarding our real estate portfolio of stabilized assets as of and for the
year ended December 31, 2023 and year ended December 31, 2022<sup></sup>, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left">&#160;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Properties
Under Development</i></b>. We pursue attractive development projects by leveraging our existing portfolio of strategic land positions
to support our expansion strategy. We target locations that meet our investment criteria and support our multinational and regional tenant
base, typically by developing assets that are specifically designed to meet their needs. As of December 31, 2023, occupancy of our operating
portfolio was 100.0% and approximately 78.5% of our assets under development (by GLA) were pre-leased, which significantly mitigates
our development risk. We target average yields-on-cost, which we define as Cash NOI to aggregate estimated investment, that are 200 to
300 basis points above our estimates of where similar stabilized assets trade. From a Return-on-Equity, or ROE, perspective, we target
mid-to-high teens returns when we retain full ownership of the properties, and potentially higher returns when we partner through joint
ventures. In order to manage our return profile, we typically use third-party developers under negotiated fixed price arrangements. As
of December 31, 2023, we were developing four buildings across our markets, with expected GLA of nearly seven hundred thousand square
feet. The table below sets forth our portfolio of development assets as of December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">(2)</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">As of the date of issuance of this Form 20-F, stabilization for these properties
in Peru were achieved.</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Land
Reserves</i></b>. We intend to develop our land reserves over time based on our evaluation of the opportunities these reserves present,
supply and demand and other market conditions, and the cost and availability of capital, among other factors. Although we have not entered
into any material contracts or agreements with respect to the development of these reserves, we routinely conduct licensing and permitting
activities to explore and preserve our options with respect to them. The table below sets forth our land reserves and development potential,
as of December 31, 2023 and December 31, 2022, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Our
Tenants </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have developed longstanding relationships with our well-diversified tenant base of leading multinational and regional companies. Our
tenants operate in a wide range of industries, which we believe provides us with significant portfolio diversification. Our tenant
base generally consists of companies with significant e-Commerce activities requiring specialized &#8220;last mile&#8221;
distribution capabilities. As of December 31, 2023, we had more than 50 tenants, with no single tenant accounting for more than 15%
of our total Leased GLA. Our weighted average remaining lease term as of December 31, 2023 was 5.3 years, and nearly 80% of our
rental revenue for the year ended December 31, 2023 was denominated in U.S. dollars.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended December 31, 2023, our ten largest tenants accounted for less than half of our rental income. The following table sets
forth the information on our largest tenants for the year ended as of December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Tenant</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Industry</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Country</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Share of <br/> Total Rental<br/> Revenue</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: center">Alicorp</td><td>&#160;</td>
    <td style="text-align: center">Consumer Goods</td><td>&#160;</td>
    <td style="text-align: center">Peru</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">6.9</td><td>%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: center">Peque&#241;o Mundo</td><td>&#160;</td>
    <td style="text-align: center">Other Retail</td><td>&#160;</td>
    <td style="text-align: center">Costa Rica</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">6.3</td><td>%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 26%; text-align: center">Kuehne+Nagel</td><td style="width: 2%">&#160;</td>
    <td style="width: 22%; text-align: center">Third-Party Logistics</td><td style="width: 2%">&#160;</td>
    <td style="width: 22%; text-align: center">Colombia and Peru</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 22%; text-align: right">5.7</td><td style="width: 1%; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: center">Natura</td><td>&#160;</td>
    <td style="text-align: center">Consumer Goods</td><td>&#160;</td>
    <td style="text-align: center">Peru and Costa Rica</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">5.3</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: center">PriceSmart</td><td>&#160;</td>
    <td style="text-align: center">Other Retail</td><td>&#160;</td>
    <td style="text-align: center">Costa Rica</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">4.7</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: center">Farmanova</td><td>&#160;</td>
    <td style="text-align: center">Other Retail</td><td>&#160;</td>
    <td style="text-align: center"> Costa Rica</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">4.2</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: center">Rex Cargo</td><td>&#160;</td>
    <td style="text-align: center">Third-Party Logistics</td><td>&#160;</td>
    <td style="text-align: center">Costa Rica</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3.9</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: center">Indurama</td><td>&#160;</td>
    <td style="text-align: center">Consumer Goods</td><td>&#160;</td>
    <td style="text-align: center">Peru</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3.9</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: center">Expeditors</td><td>&#160;</td>
    <td style="text-align: center">Third-Party Logistics</td><td>&#160;</td>
    <td style="text-align: center">Costa Rica</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3.6</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: center">Grupo Vargas</td><td>&#160;</td>
    <td style="text-align: center">Other Retail</td><td>&#160;</td>
    <td style="text-align: center">Costa Rica</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3.0</td><td style="text-align: left">%</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended December 31, 2022, our ten largest tenants accounted for less than half of our rental income. The following table sets
forth the information on our largest tenants for the year ended December 31, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Tenant</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Industry</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Country</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Share of <br/> Total Rental<br/> Revenue</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td colspan="5" style="text-align: justify">&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 26%; text-align: center">Kuehne+Nagel</td><td style="width: 2%">&#160;</td>
    <td style="width: 22%; text-align: center">Third-Party Logistics</td><td style="width: 2%">&#160;</td>
    <td style="width: 22%; text-align: center">Colombia and Peru</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 22%; text-align: right">6.3</td><td style="width: 1%; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: center">Alicorp</td><td>&#160;</td>
    <td style="text-align: center">Consumer Goods</td><td>&#160;</td>
    <td style="text-align: center">Peru</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">6.8</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: center">Grupo Exito</td><td>&#160;</td>
    <td style="text-align: center">Other Retail</td><td>&#160;</td>
    <td style="text-align: center">Colombia</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">4.2</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: center">Peque&#241;o Mundo</td><td>&#160;</td>
    <td style="text-align: center">Other Retail</td><td>&#160;</td>
    <td style="text-align: center">Costa Rica</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">7.6</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: center">Natura</td><td>&#160;</td>
    <td style="text-align: center">Consumer Goods</td><td>&#160;</td>
    <td style="text-align: center">Peru and Costa Rica</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">6.4</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: center">Samsung</td><td>&#160;</td>
    <td style="text-align: center">Consumer Goods</td><td>&#160;</td>
    <td style="text-align: center">Peru</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3.4</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: center">Pricesmart</td><td>&#160;</td>
    <td style="text-align: center">Other Retail</td><td>&#160;</td>
    <td style="text-align: center">Costa Rica</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">5.9</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: center">Indurama</td><td>&#160;</td>
    <td style="text-align: center">Consumer Goods</td><td>&#160;</td>
    <td style="text-align: center">Peru</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3.9</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: center">Ceva</td><td>&#160;</td>
    <td style="text-align: center">Third-Party Logistics</td><td>&#160;</td>
    <td style="text-align: center">Colombia</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.7</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: center">Rex Cargo</td><td>&#160;</td>
    <td style="text-align: center">Third-Party Logistics</td><td>&#160;</td>
    <td style="text-align: center">Costa Rica</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">4.1</td><td style="text-align: left">%</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
estimate that over 90% of our Leased GLA as of December 31, 2023 and December 31, 2022 served logistics needs for our tenants. The following
table contains a breakdown of our tenants&#8217; use for the year ended December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Tenant use</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Rental Revenue</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Share of Total Leased GLA</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 53%; text-align: left">Consumer Goods</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">12,132,666</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">30.9</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 11%; text-align: right">36.2</td><td style="width: 1%; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Third-Party Logistics</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">10,026,757</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">25.5</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">20.4</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Other Retail</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">13,631,520</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">34.7</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">40.5</td><td style="text-align: left">%</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table contains a breakdown of our tenants&#8217; use for the year ended December 31, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tenant
    use</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Rental
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Third-Party
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
stabilized assets have historically achieved high occupancy rates. The following table shows our stabilized occupancy rates as of December
31, 2023, December 31, 2022 and 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Occupancy rate</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="width: 53%; text-align: left">Costa Rica</td><td style="width: 2%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">100.0</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">100.0</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">100.0</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">100.0</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Our
Leases </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, we had 77 leases in place. Our leases are typically for initial terms ranging from 5 to 10 years and generally
grant our tenants renewal options for one or more additional terms of varying lengths. Our security deposits typically approximate one
or two months of rent. We are responsible for latent defects in the properties and we are typically required to perform structural maintenance
periodically and as needed. Our leases entitle us to rescind the lease and collect rents that are due and owing if a tenant defaults
on its rent payment obligation, vacates the property, or enters bankruptcy or insolvency proceedings (to the extent permitted under applicable
local laws and regulations). We are also entitled to terminate the lease in the cases of:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9675;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">failure
    by the tenant to comply with its payment obligations under the lease;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9675;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">assignment
    or sublease without prior written consent, subject to exceptions under applicable laws;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9675;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">unauthorized
    construction in, or modification of, the premises;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9675;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">unauthorized
    use of the premises;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9675;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">failure
    to comply with any applicable regulations where the premises are located;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9675;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">obstruction
    of access for authorized inspections by us;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9675;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">breach
    of any tenant obligation that remains uncured for more than 30 days;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9675;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">strikes
    or other labor disturbances lasting longer than 60 days if the matter causes the tenant to breach its obligations under the lease,
    subject to exceptions under local law; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9675;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">creation
    of any lien over the premises or any portion thereof, or the filing of any claim derived from any work or installation carried out
    by the tenant or in its name.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: -0.25in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
routinely inspect our properties and we proactively manage our relationships with our tenants. We strive to maintain regular dialogue
with our tenants regarding their real estate intentions, and we actively manage our portfolio of leases to avoid large expirations in
any given year in order to manage cash flows and mitigate re-leasing risk. The following table sets forth the expiration profile of our
lease portfolio as of December 31, 2023:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><img src="form20-f_004.jpg" alt=""/><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rent
under our lease accrues monthly and is adjusted annually for inflation based on a consumer price index (&#8220;<b>CPI</b>&#8221;) or
by a contractual percentage rate. Our tenants are typically responsible for the costs of improvements and structural modifications needed
to tailor the facilities. We believe this investment responsibility increases our tenants switching costs and leads to strong occupancy
rates for us. As of December 31, 2023, only one of our leases, the Grupo Vargas lease at our LLP Coyol III project, includes a purchase
option on the property.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have established rigorous tenant selection criteria, including minimum eligibility standards. We evaluate applicants based on their financial
capacity and that of their guarantors, among other factors. As of December 31, 2023, approximately 67% of our leases were secured by
guarantees or other credit support mechanisms. We maintain standard procedures to manage our past due rent portfolio and doubtful accounts,
which vary based on the amount of the receivable, period outstanding and other considerations. As of December 31, 2023, nineteen of our
operating net lease receivables were outstanding for more than 90 days, totaling to an amount of less than $0.83 million.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Development
and Acquisition Activities </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
actively develop logistics properties, analyze potential acquisitions of new land and building assets, and evaluate potential joint venture
arrangements. We focus on Class A logistics facilities and target properties for development and acquisition in major population centers
with established infrastructure.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
pursue development projects by leveraging our existing portfolio of strategic land positions. For our development activities, we target
average yields-on-cost, which we define as Cash NOI to total estimated investment, that are 200 to 300 basis points above our estimates
of where similar stabilized assets trade. From a Return-on-Equity, or ROE, perspective, we target mid-to-high teens returns when we retain
full ownership of the properties, and potentially higher returns when we partner with fee-paying local partners through joint ventures.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
evaluating a particular real estate development or acquisition, both within our existing countries of operation and potential new markets,
our management team conducts a thorough analysis of the characteristics of the property and the market in which it is located, including
the:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9675;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">proximity
    of the asset in relation to existing or planned local infrastructure with convenient access to major transportation options;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9675;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">favorable
    economic dynamics and tax and regulatory environments;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9675;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">population
    density and population growth potential;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9675;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">regional,
    market and property-specific supply and demand dynamics, including prevailing market rents and the potential for rent growth;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9675;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">existing
    and potential competition from other property owners and operators;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9675;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">barriers
    to entry and other property-specific competitive advantages;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9675;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">quality
    of construction and design, and existing physical condition of the asset; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9675;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">opportunity
    to increase the property&#8217;s operating performance and value.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
part of our strategy, we intend to enter into joint ventures if we determine that doing so would be the most effective means of financing,
developing or managing specific projects and to manage our exposure to different countries, submarkets and tenants.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Environmental,
Social and Governance Matters </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
mission is to provide logistics and industrial real estate solutions that enable the most efficient distribution of goods for a more
environmentally conscious society. Sustainability is a key part of the core of our corporate culture, and we design our assets to minimize
their environmental impact to enable our tenants achieve their sustainability goals. All of our warehouses comply with the high standards
of efficiency and environmental sustainability, as designated by EDGE certification, which promotes the development of sustainable buildings
with savings of at least 20% of potable water, electricity consumption and carbon footprint levels compared with conventional buildings.
All our projects in Costa Rica are also registered with the Ecological Blue Flag Program (Bandera Azul), an award program that acknowledges
effort and volunteer work seeking to improve social and environmental conditions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Insurance
</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
maintain insurance policies covering our properties against various risks, including general liability, earthquakes, floods, and business
interruption. We determine the type of coverage and the policy specifications and limits based on what we deem to be the risks associated
with our ownership of properties and our business operations in specific markets. That coverage typically includes property damage and
rental loss insurance resulting from perils such as fire, windstorm, flood, and commercial general liability insurance. See &#8220;<i>Item
3.D. Key Information &#8212; Risk Factors</i>&#8221;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ass_002"></span>Item
4A. Unresolved Staff Comments</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ass_003"></span>Item
5: Operating and Financial Review and Prospects</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
this section, the terms &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our,&#8221; and &#8220;the Company&#8221; refers to Latam Logistics
Properties, S.A. and its consolidated subsidiaries.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b> <b>Operating
Results</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Revenue</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
generate revenue through investment property rental income and development fees.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
property rental income primarily consists of rental payment from tenants through operating lease agreements. Our leases qualify as operating
leases, and we transfer the right of use of the property and the related services to the lessee on a straight-line basis. This is included
as rental revenue on our consolidated statements of profit or loss and comprehensive loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Development
fees are determined in accordance with the terms specified on each arrangement with customers. The fees are recognized as revenue when
they are earned under the agreement with customers. This is included in other revenue in our consolidated statements of profit or loss
and comprehensive loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Investment
property operating expense</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
property operating expense primarily includes the direct operating expenses of the property such as repairs and maintenance, property
taxes, insurance, and utilities, among others. Property operating expenses are mostly recovered through the rental recoveries charged
to the tenants.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>General
and administrative expense</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General
and administrative expenses include personnel and related operating costs of the business support functions, including finance and accounting,
legal, human resources, administrative, as well as services and professional fees, office expenses, and bank service charges.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Investment
property valuation gain</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
property valuation gain is the investment properties&#8217; change in fair value. The valuation analysis is performed by an external
firm, which determines the fair market value of the investment properties. The fair market value of an investment property depends on
the type of property. We hold operating properties, properties under development, and land.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Interest
income from affiliates</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
income from affiliates mainly consists of interest generated by issuing notes to related parties and key personnel. The main terms of
the notes are payment of the balance at maturity including interest receivable, the possibility of early payments without penalty, guarantees
over ordinary shares, and promissory notes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Financing
costs</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financing
costs consist of interest expense, debt modification or extinguishment costs, costs of raising debt, and amortization expense of deferred
financing costs. These costs include various fees and charges associated with the process of issuing debt, refinancing the debt, and
other fees and commissions paid to third parties involved in the financing process. Debt modification or extinguishment gain or loss
is incurred when a company modifies or terminates its debt terms before the scheduled maturity date. Interest expense represents the
interest costs incurred through mortgage loans and bridge loans.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Net
foreign currency gain </i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
foreign currency consists of the net profit or loss generated through the settlement of monetary items or the translation of monetary
items at rates different from those at which they were translated upon initial recognition. The settlement of monetary items or on translating
monetary items at rates different from those at which they were translated on initial recognition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Gain
(loss) on sale of investment property</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gain
(loss) on sale of investment property consists of profit or loss recognized through disposal of our held-for-sale investment properties.
The properties are carried at fair value prior to disposal. Disposals of our properties require a deduction of the cost of selling the
property from the fair value price, which may result in a loss on the sale.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Gain
on sale of asset held for sale</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gain
on sale of investment property consists of profit or loss recognized through disposal of our held-for-sale investment properties. The
properties are carried at fair value prior to disposal. Disposals of our properties require a deduction of the cost of selling the property
from the fair value price, which may result in a gain on the sale.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Other
income</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
income consists of interest income and gain or loss on the sale of fixed assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Other
expenses</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
expenses consist of transaction-related costs, losses on the disposition of fixed assets, and legal provision expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Income
tax expense</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income
tax expense refers to the amount of tax owed to the relevant tax authority. Income tax on the profit comprises current and deferred tax.
Current tax is the expected tax payable on the taxable income for the period, using tax rates enacted or substantively enacted as of
the reporting date, and any adjustments to tax payable in respect of previous periods. Deferred tax is recognized using the balance sheet
liability method in accordance with IAS 12 on taxable temporary differences between the tax base and the accounting base of items included
in our consolidated statement of financial position.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
Segments</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
three reportable segments are the geographic regions we operate in, Colombia, Peru and Costa Rica. The three geographic segments primarily
derive revenue from various operating lease agreements with customers for the rental of warehouses. Our portfolio is strategically located
within key trade and logistics corridors in the capital cities of Costa Rica, Colombia and Peru to conduct commercial operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Costa
Rica:</b> As of December 31, 2023, Costa Rica is our largest operating segment, with 18 buildings and holding an Operating GLA of 2.4
million square feet.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Colombia:
</b>As of December 31, 2023, Colombia has 5 buildings and holds an Operating GLA of 1.3 million square feet with a land reserve of 50.6
acres.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Peru:
</b>As of December 31, 2023, Peru has 5 buildings and holds an Operating GLA of 1.0 million square feet with a land reserve of 39.2 acres.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Revenue
by segment</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
management analyzes revenue by comparing actual monthly revenue to internal projections and prior periods across the operating segments
in order to assess performance, identify potential areas for improvement, and determine whether the segments are meeting management&#8217;s
expectations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Segment
Net Operating Income (NOI)</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
management defines NOI as revenue without other revenue (which primarily relates to development fee revenue) less investment property
operating expense. Our management uses NOI by segment to assess financial performance at the segment level.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Results
of Operations for the year ended December 31, 2023 compared to the year ended December 31, 2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 27pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
results of operations presented below should be reviewed in conjunction with our audited consolidated financial statements as of and
for the year ended December 31, 2023, filed with this Report. The following table presents information from our consolidated statements
of profit or loss for the years ended December 31, 2023 and 2022:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 27pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
    the Year Ended December 31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$
    Change</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
    Change</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">REVENUE</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 20pt; width: 36%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Colombia</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,038,441</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,690,569</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,347,872</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">41.3</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Peru</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9,260,197</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,350,957</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">909,240</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.9</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Costa
    Rica</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">22,029,141</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17,849,043</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,180,098</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.4</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">92,998</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15,566</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.7</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 30pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
    property operating expense</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Colombia</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(599,084</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(390,320</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">65.2</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Peru</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,476,086</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,288,280</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(187,806</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.6</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Costa
    Rica</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    investment property operating expense</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5,142,950</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General
    and administrative</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8,508,862</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4,609,195</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3,899,667</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.6</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
    property valuation gain</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,525,692</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">561,372</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financing
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(11,766,726</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net foreign
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Profit
    before taxes</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.7</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROFIT
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    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(37.5</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)%</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Revenue:
</i></b>Rental revenue increased by $7.5 million, or 23.3%, to $39.4 million for the year ended December 31, 2023 from $32.0 million
for the year ended December 31, 2022. This was primarily attributable to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    $6.9 million increase in rental revenue is primarily attributable to the growth in Occupied GLA, which expanded from 4.3 million
    square feet as of December 31, 2022 to 4.8 million square feet as of December 31, 2023, representing an 8% increase in GLA increase
    and $4.8 million of increase in rental revenue. Increase in rental revenue is contributed by an increase in rental price per square
    foot from December 31, 2022 representing an increase of $0.6 million year over year. Additionally, there were three properties stabilized
    during the second half of 2022 that had a full year of revenue during the year ended December 31, 2023 representing an increase of
    $1.5 million in rental revenue during fiscal year 2023. The increase in Occupied GLA can be attributed to each segment;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    $0.8 million increase in rental recoveries is primarily due to the increase in rental recovery fees related to common area maintenance
    and utilities in Colombia, Peru and Costa Rica of $0.3 million, $0.1 million and $0.4 million, respectively, due to the increase
    in Occupied GLA from the year ended December 31, 2022</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Colombia
&#8211; Revenue in Colombia increased by $2.3 million, or 41.3%, to $8.0 million for the year ended December 31, 2023 from $5.7 million
for the year ended December 31, 2022. This was primarily attributable to the establishment of two buildings in Colombia which contributed
to a total Occupied GLA increase. This increase was partially offset by the decrease in Occupied GLA due to a building being sold in
2023. Overall, the total Occupied GLA increased by 0.4 million square feet or 47% as of December 31, 2023 compared with December 31,
2022. In addition, the average rental price per square feet increased by 9% as of December 31, 2023 compared with December 31, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Peru
&#8211; Revenue in Peru increased by $0.9 million, or 10.9%, to $9.3 million for the year ended December 31, 2023 from $8.4 million for
the year ended December 31, 2022. This was primarily attributable to the average rental price per square feet increasing by 17% as of
December 31, 2023 compared with December 31, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Costa
Rica - Revenue in Costa Rica increased by $3.9 million, or 21.8%, to $21.7 million for the year ended December 31, 2023 from $17.8 million
for the year ended December 31, 2022. This was primarily attributable to the establishment of three buildings for a total Occupied GLA
increase of approximately 0.3 million square feet or 14%. Additionally, there were two properties stabilized during the second half of
2022 that had a full year of revenue during the year ended December 31, 2023. The average rental price per square feet remained relatively
stable from 2022 to 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Investment
property operating expense:</i></b> Investment property operating expense decreased by $0.3 million or 4.6%, to $5.1 million for the
year ended December 31, 2023 from $5.4 million for the year ended December 31, 2022. This was primarily attributable to a decrease of
$1.6 million in expected credit loss due to one tenant experiencing financial difficulties, resulting in a one-time expected credit loss
expense in 2022. This was offset by an increase of repairs and maintenance of $0.7 million, real estate taxes and other property related
expenses of $0.6 million.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Colombia
&#8211; Investment property operating expense in Colombia increased by $0.4 million, or 65.2%, to $1.0 million for the year ended December
31, 2023 from $0.6 million for the year ended December 31, 2022. This was primarily attributable to an increase in repairs and maintenance,
real estate taxes and other property related expenses, and property management expenses resulting from two additional buildings being
in operation during the year ended December 31, 2023 compared to the year ended December 31, 2022. Additionally, there was an increase
in real estate taxes due to a reassessment that occurs every five years.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
investment property operating expense was 12.3% of revenue for the year ended December 31, 2023 compared to 10.5% of revenue for the
year ended December 31, 2022. The Segment NOI was $7.0 million for the year ended December 31, 2023 as compared to $5.1 million for the
year ended December 31, 2022. This change is primarily due to property operating expenses increasing at a slightly higher rate than revenue
due to two buildings being completed during the period, which results in slightly lower margins while the building becomes fully operational,
offset by the increase in average rental price per square foot.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Peru
&#8211; Investment property operating expense in Peru increased by $0.2 million, or 14.6%, to $1.5 million for the year ended December
31, 2023 from $1.3 million for the year ended December 31, 2022. This was primarily attributable to an increase in repairs and maintenance,
real estate taxes and other property related expenses, and property management expenses during the year ended December 31, 2023 as compared
to the year ended December 31, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
investment property operating expense was 15.9% of revenue for the year ended December 31, 2023 compared to 15.4% of revenue for the
year ended December 31, 2022. The slight increase was primarily due to additional real estate taxes being accrued for a reassessment.
The Segment NOI was $7.8 million for the year ended December 31, 2023 as compared to $7.1 million for the year ended December 31, 2022.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Costa
Rica - Investment property operating expense in Costa Rica decreased by $0.8 million, or 23.9%, to $2.7 million for the year ended December
31, 2023 from $3.5 million for the year ended December 31, 2022. This was primarily attributable to a decrease of expected credit loss
due to a tenant who was experiencing financial difficulties during 2022 which did not reoccur in 2023, offset by an increase in repairs
and maintenance, real estate taxes and other property related expenses, and property management expenses resulting from three more properties
becoming stabilized during the year ended December 31, 2023 as compared to the year ended December 31, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
investment property operating expense was 12.2% of revenue for the year ended December 31, 2023 compared to 19.7% of revenue for the
year ended December 31, 2022. The Segment NOI was $19.4 million for the year ended December 31, 2023 as compared to $14.3 million for
the year ended December 31, 2022. This is primarily due to revenue increasing at a higher rate than operating expenses primarily driven
by the decrease in expected credit loss from the year ended December 31, 2022 to the year ended December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>General
and administrative: </i></b>General and administrative increased by $3.9 million or 84.6%, to $8.5 million for the year ended December
31, 2023 from $4.6 million for the year ended December 31, 2022. This was primarily attributable to an increase of audit fees of $2.0
million, legal services fees of $0.8 million related to the merger with TWOA, and a remaining $1.1 million variance related to accounts
that are immaterial on the individual level.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Investment
property valuation gain: </i></b>Investment property valuation gain increased by $16.6 million or 471.5%, to $20.2 million for the year
ended December 31, 2023 from $3.5 million for the year ended December 31, 2022. The increase in valuation gain primarily relates to the
development and stabilization of multiple investment properties from December 31, 2022 to December 31, 2023, as there is an increase
in value that occurs when a property changes from land bank to properties under development, and from properties under development to
operating properties. The $16.9 million increase is mainly driven by the fair value gain of $4.9 million for the properties in Peru,
$9.1 million increase in fair value for the properties in Colombia, and a $2.6 million increase in fair value for the properties in Costa
Rica. The increases are also attributed to various valuation inputs and assumptions such as increase in rental revenue and CPI year over
year. The fair value change of the corresponding investment properties was further discussed in Note 12 to our consolidated financial
statements included elsewhere in this filing.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Interest
income from affiliates: </i></b>Interest income from affiliates increased by $0.1 million or 18.3%, to $0.6 million for the year ended
December 31, 2023 from $0.5 million for the year ended December 31, 2022 primarily due to an increase in the related party loan balances.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Financing
costs: </i></b>Financing costs increased by $19.3 million or 164.4%, to $31.1 million for the year ended December 31, 2023 from $11.8
million for the year ended December 31, 2022. This was primarily attributable to an increase in interest expenses of $7.7 million due
to an increase in the debt balance. There were also loan extinguishment losses of $8.3 million in the year ended December 31, 2023 and
a $3.5 million decrease in loan modification gains from the year ended December 31, 2022. Additionally, there was an increase in general
financing costs relating to the refinancing and issuance of new loans during the year ended December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Net
foreign currency gain: </i></b>Net foreign currency gain remained stable at $0.3 million for the years ended December 31, 2023 and 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the foreign currency exchange rates for the U.S. dollar as of December 31, 2023 and 2022:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td colspan="5" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As
                                            of December 31,</b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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                                            Rate</b></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Costa Rican Colones</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 3%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CRC</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">527</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PEN</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.820</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Colombian Pesos</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">COP</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,810</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Gain
(loss) on sale of investment properties: </i></b>Gain on sale of investment properties increased by $1.6 million or 392.6%, to $1.2 million
for the year ended December 31, 2023, compared to a loss of $0.4 million for the year ended December 31, 2022. During the year ended
December 31, 2023, we sold a building in Colombia and recorded a gain of $1.2 million. The year ended December 31, 2022 had a loss of
$0.4 million relating to the disposal of two operating properties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Gain
on sale of assets held for sale: </i></b>Gain on sale of assets held for sale increased by $1.0 million or 100.0%, to $1.0 million for
the year ended December 31, 2023. This was due to the sale of land inventory during the year ended December 31, 2023, which resulted
in a gain of $1.0 million.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Other
income: </i></b>Other income increased by $0.2 million or 207.4%, to $0.3 million for the year ended December 31, 2023 from $0.1 million
for the year ended December 31, 2022. This was primarily to a $0.2 million increase in interest income earned on certificate of deposit
accounts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Other
expense: </i></b>Other expense increased by $5.5 million or 903.4%, to $6.1 million for the year ended December 31, 2023 from $0.6 million
for the year ended December 31, 2022. This was primarily attributable to the professional service fees associated with our merger with
TWOA totaling $5.8 million, offset by a $0.4 million decrease in legal reserve.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Income
tax expense: </i></b>Income tax expense increased by $2.7 million or 122.7%, to $5.0 million for the year ended December 31, 2023 from
$2.2 million for the year ended December 31, 2022. The increase is attributable to an increase in withholding tax of $2.8 million, an
increase in the foreign rate differential of $1.4 million, and an increase in alternative minimum tax in Colombia of $1.2 million, offset
by a decrease in the impact of tax expense attributable to exchange gain or loss of $1.2 million, a decrease of $0.6 million for other
tax expense changes, a decrease in $0.4 million in total tax expense calculated at Costa Rica&#8217;s statutory tax rate, and a decrease
of $0.5 million in tax expense attributable to the change in unrecognized deferred tax assets. This resulted in an increase in the effective
tax rate from 16.4% for fiscal year ended 2022 to 41.0% for the fiscal year ended 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Results
of Operations for the year ended December 31, 2022 compared to the year ended December 31, 2021</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
following table presents information from our consolidated statements of profit or loss for the years ended December 31, 2022 and 2021:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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                                            The Year Ended </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December
                                            31, </b></span></p></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$
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    Change</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">REVENUE</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 20pt; width: 44%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Colombia</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.7</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Peru</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,350,957</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,244,208</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,106,749</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Costa
    Rica</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17,849,043</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="padding-left: 20pt; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">92,998</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 30pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5,394,201</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">424,838</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">136,534</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financing
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(11,766,726</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(9,799,558</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,967,168</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net foreign
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loss on
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Profit
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  <tr style="vertical-align: bottom; background-color: White">
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    tax expense</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(74.5</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROFIT
    FOR THE YEAR</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Revenue:
</i></b>Rental revenue increased by $6.4 million, or 25.0%, to $32.0 million for the year ended December 31, 2022 from $25.6 million
for the year ended December 31, 2021. This was primarily attributable to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    increase of $6.3 million in rental income from increase in the number of tenants and Occupied GLA. The number of tenants increased
    from 45 for the year ended December 31, 2021 to 50 for the year ended December 31, 2022, and expansion of Occupied GLA from existing
    tenants resulted in a 26.8% increase in Occupied GLA. Primary drivers include increase of $1.9 million related to the stabilization
    of two buildings in Costa Rica which increased Occupied GLA by 369,482 square feet and an increase of $2.0 million is related to
    the stabilization of two buildings in Peru which increased Occupied GLA by 335,812 square feet.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    increase of $0.3 million in rental income resulting from increases on rent from adjustments for inflation in accordance with our
    leases; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    increase of $0.2 million resulting from the reimbursement of expenses paid by us on behalf of our customers and accounted for under
    rental income; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
    an increase of $0.1 million due to an increase in third party development fees. </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
increase was partially offset by:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    decrease of US$0.6 million in rental income from leases that expired and were not renewed on 2022.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Colombia
&#8211; Revenue in Colombia increased by $1.0 million, or 20.7%, to $5.7 million for the year ended December 31, 2022 from $4.7 million
for the year ended December 31, 2021. This was primarily attributable to a 20.5% increase in leased square feet from December 31, 2021
to December 31, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Peru
&#8211; Revenue in Peru increased by $3.1 million, or 59.2%, to $8.3 million for the year ended December 31, 2022 from $5.2 million for
the year ended December 31, 2021. This was primarily attributable to a 5.7% increase in leased square feet from December 31, 2021 to
December 31, 2022, as well as three properties that were operating for the full year ended December 31, 2022 as construction was completed
during 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Costa
Rica - Revenue in Costa Rica increased by $2.3 million, or 14.4%, to $17.9 million for the year ended December 31, 2022 from $15.6 million
for the year ended December 31, 2021. This was primarily attributable to a 17.1% increase in leased square feet from December 31, 2021
to December 31, 2022, as well as the increase in the number of real estate properties that were operating for the full year which increased
from 11 during the year ended December 31, 2021 to 13 during the year ended December 31, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Investment
property operating expense:</i></b> Investment property operating expense increased by $1.3 million or 32.3%, to $5.4 million for the
year ended December 31, 2022 from $4.1 million for the year ended December 31, 2021. This was primarily attributable to an increase of
repairs and maintenance of $0.4 million, real estate taxes and other property related expenses of $0.2 million, and property management
expenses of $0.3 million resulting from the growth in operating properties. In addition, there was an increase of $0.4 million in expected
credit loss due to one tenant experiencing financial difficulties which was resolved subsequently in 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Colombia
&#8211; Investment property operating expense in Colombia increased by $0.1 million, or 31.9%, to $0.6 million for the year ended December
31, 2022 from $0.5 million for the year ended December 31, 2021. This was primarily attributable to an increase in repairs and maintenance,
real estate taxes and other property related expenses, and property management expenses resulting from one property, previously under
development, becoming operational during the year ended December 31, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
investment property operating expense was 10.5% of revenue for the year ended December 31, 2022 compared to 9.6% of revenue for the year
ended December 31, 2021. The Segment NOI was $5.1 million for the year ended December 31, 2022 as compared to $4.3 million for the year
ended December 31, 2021. This change is primarily as a result of an overall increase in operating costs from certain properties becoming
stabilized during the year ended December 31, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Peru
&#8211; Investment property operating expense in Peru increased by $0.3 million, or 24.2%, to $1.3 million for the year ended December
31, 2022 from $1.0 million for the year ended December 31, 2021. This was primarily attributable to an increase in repairs and maintenance,
real estate taxes and other property related expenses, and property management expenses resulting from the increase in the number of
properties that became operating properties during the year ended December 31, 2022 as compared to the year ended December 31, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
investment property operating expense was 15.4% of revenue for the year ended December 31, 2022 compared to 19.8% of revenue for the
year ended December 31, 2021. The Segment NOI was $7.1 million for the year ended December 31, 2022 as compared to $4.2 million for the
year ended December 31, 2021. The change was primarily due to rental revenue increases as a result of inflation, rental recoveries charged
to tenants starting in the year ended December 31, 2022, and more properties becoming stabilized in 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Costa
Rica - Investment property operating expense in Costa Rica increased by $0.9 million, or 35.6%, to $3.5 million for the year ended December
31, 2022 from $2.6 million for the year ended December 31, 2021. This was primarily attributable to an increase in repairs and maintenance,
real estate taxes and other property related expenses, and property management expenses resulting from the increase in the number of
properties that became operating properties during the year ended December 31, 2022 as compared to the year ended December 31, 2021.
In addition, there was an increase of $0.4 million in expected credit loss due to one tenant experiencing financial difficulties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
investment property operating expense was 19.7% of revenue for the year ended December 31, 2022 compared to 16.6% of revenue for the
year ended December 31, 2021. The Segment NOI was $14.3 million for the year ended December 31, 2022 as compared to $13.0 million for
the year ended December 31, 2021. The change was mainly driven by the expected credit loss expense we recorded in the year ended December
31, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>General
and administrative: </i></b>General and administrative decreased by $0.8 million or 14.6%, to $4.6 million for the year ended December
31, 2022 from $5.4 million for the year ended December 31, 2021. This was primarily attributable to a decrease of $0.7 million in employee
bonuses. While our internal performance targets were achieved, the board decided against the bonus due to uncertainties regarding external
market conditions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Investment
property valuation gain: </i></b>Investment property valuation gain decreased by $9.1 million or 72.0%, to $3.5 million for the year
ended December 31, 2022 from $12.6 million for the year ended December 31, 2021. Typically, a substantial increase in fair value occurs
when land is placed into development and to a lesser degree when subsequently placed into operation. The decrease in investment property
valuation gain was a result of fewer properties being under development during the year ended December 31, 2022 compared to the year
ended December 31, 2021. The fair value change of the corresponding investment properties was further discussed in Note 12 to our consolidated
financial statements included elsewhere in this proxy statement/prospectus.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Interest
income from affiliates: </i></b>Interest income from affiliates increased by $0.2 million or 32.1%, to $0.6 million for the year ended
December 31, 2022 from $0.4 million for the year ended December 31, 2021 primarily due to an increase in the related party and key personnel
loan balances.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Financing
costs: </i></b>Financing costs increased by $2.0 million or 20.1%, to $11.8 million for the year ended December 31, 2022 from $9.8 million
for the year ended December 31, 2021. This was primarily attributable to an increase of $6.1 million in interest expense due to increases
in both the outstanding principal debt balances and the interest rates associated with our debt, and partially offset by an increase
of $3.8 million in debt modification gains. There was also an increase of $0.3 million in deferred financing cost amortization.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Net
foreign currency gain (loss): </i></b>Net foreign currency increased by $1.0 million or 142.4%, to a net foreign currency gain of $0.3
million for the year ended December 31, 2022, from a net foreign currency loss of $0.7 million for the year ended December 31, 2021.
This is primarily related to the exchange rate fluctuations for the Peruvian Sol and Costa Rican Colon, as these two countries have VAT
receivables denominated in local currency that are impacted by the change in exchange rates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the foreign currency exchange rates for the U.S. dollar as of December 31, 2022 and 2021</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td colspan="5" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As
                                            of December 31,</b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td colspan="5" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exchange
                                            Rate</b></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Costa Rican Colones</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 3%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CRC</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">594</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 3%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CRC</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">639</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Peruvian Soles</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PEN</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.808</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PEN</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.965</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Colombian Pesos</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">COP</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,810</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">COP</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,981</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Loss
on sale of investment properties: </i></b>Loss on sale of investment properties increased by $0.4 million or 100.0%, to $0.4 million
for the year ended December 31, 2022, compared to the year ended December 31, 2021. This was due to the sale of two properties during
the year ended December 31, 2022 with carrying values of $9.3 million for consideration of $8.9 million resulting in a loss of $0.4 million.
No sales of properties occurred during the year ended December 31, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Other
income: </i></b>Other income decreased by $0.1 million or 33.9%, to $0.1 million for the year ended December 31, 2022 from $0.2 million
for the year ended December 31, 2021. This was primarily attributable to a decrease in interest income earned on certificate of deposit
accounts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Other
expense: </i></b>Other expense decreased by $0.8 million or 55.3%, to $0.6 million for the year ended December 31, 2022 from $1.4 million
for the year ended December 31, 2021. This was primarily attributable to a decrease in costs incurred for the unsuccessful Colombia initial
public offering in 2021, offset by an increase in legal provision expense of $0.3 million.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Income
tax expense: </i></b>Income tax expense decreased by $6.5 million or 74.5%, to $2.2 million for the year ended December 31, 2022, from
$8.8 million for the year ended December 31, 2021. This was due to the following: a decrease of $3.7 million in profit before taxes,
resulting in a decrease of $1.1 million in tax expense at statutory rates; a decrease in the foreign rate differential of $0.5 million;
a decrease in the impact of tax expense attributable to exchange gain or loss of $3.9 million; a decrease of $1.3 million in the tax
expense attributable to the change in unrecognized deferred tax assets; and an increase of $0.3 million for other tax expense changes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-IFRS
Financial Measures and Other Measures and Reconciliations</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to our financial results reported in accordance with IFRS, we also report Adjusted EBITDA, NOI, Same Property NOI, Cash NOI,
Same Property Cash NOI, FFO, Adjusted FFO, Net Debt to Adjusted EBITDA, and Net Debt to Investment Properties, all of which are non-IFRS
measures. Our management believes these measures are useful to investors as they provide additional insight into how we assesses our
performance and financial position. These non-IFRS financial measures should not be considered as a substitute for, or superior to, similar
financial measures calculated in accordance with IFRS. These non-IFRS financial measures may differ from the calculations of other companies
and, as a result, may not be comparable to similarly titled measures presented by other companies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Use
of Constant Currency</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
exchange rates are an important factor in understanding period-to-period comparisons, we believe the presentation of certain financial
metrics and results on a constant currency basis in addition to the IFRS reported results helps improve investors&#8217; ability to understand
our operating results and evaluate our performance in comparison to prior periods. Constant currency information is non-IFRS financial
information that compares results between periods as if exchange rates had remained constant period-over-period. We use results on a
constant currency basis as one measure to evaluate our performance. We currently present Same Property Cash NOI on a constant currency
basis. We calculate constant currency by calculating prior period-end results using current-period foreign currency exchange rates. We
generally refer to such amounts calculated on a constant currency basis as excluding the impact of foreign exchange. These results should
be considered in addition to, not as a substitute for, results reported in accordance with IFRS. Results on a constant currency basis,
as we present them, may not be comparable to similarly titled measures used by other companies and are not measures of performance presented
in accordance with IFRS.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Reconciliations
of non-IFRS Measures</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Adjusted
EBITDA</i></b> &#8211; We define Adjusted EBITDA as profit for the period adjusted by (a) interest income from affiliates, (b) income
tax expense, (c) depreciation and amortization, (d) investment property valuation gain, (e) financing costs, (f) net foreign currency
gain, (g) other income, (h) gain or loss on sale of investment properties, (i) gain on disposition of asset held for sale and (j) other
expenses. Management uses Adjusted EBITDA to measure and evaluate the operating performance of our business, which consists of developing,
leasing and managing industrial properties, before our cost of capital and income tax expense. Adjusted EBITDA is a measure commonly
used in our industry, and we present Adjusted EBITDA to supplement investor understanding of our operating performance. Our management
believe that Adjusted EBITDA provides investors and analysts with a measure of operating results unaffected by differences in capital
structures, capital investment cycles and fair value adjustments of our assets. The table below includes reconciliations of Adjusted
EBITDA to the most directly comparable IFRS measure, profit for the respective period:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
    the years ended December 31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; font-style: italic; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(USD
    in thousands)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROFIT FOR THE
    PERIOD</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,156</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11,441</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">611</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,368</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ADJUSTED
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    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16,353</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation
    and amortization includes amortization of right-of-use assets. The amounts are included within general and administrative expense
    in the consolidated statement of profit or loss.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    income included interest income on certificates of deposit of $0.3 million for the year ended December 31, 2023, and less than $0.1
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td>
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Net
Operating Income, or NOI</i></b> &#8211; We define NOI as profit for the period adjusted by (a) other revenue (which primarily relates
to development fee revenue), (b) general and administrative expenses, (c) investment property valuation gain, (d) interest income from
affiliates, (e) financing costs, (f) net foreign currency gain or loss, (g) other income, (h) gain or loss on sale of investment properties,
(i) gain on disposition of asset held for sale, (j) other expenses, and (k) income tax expense. NOI, Same Property NOI, Cash NOI, and
Same Property Cash NOI are supplemental industry reporting measures used to evaluate the performance of our investments in real estate
assets and our operating results. Same Properties refers to properties that we have owned and that have been operating for the entirety
of the applicable period and the comparable period. Our management believes that these metrics are useful for investors as performance
measures and that they provide useful information regarding our results of operations because, when compared across periods, they reflect
the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and development activity on an
unlevered basis, providing perspectives that may not be immediately apparent from a review of our audited consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
define Same Property NOI as NOI less non same-property NOI. We evaluate the performance of the properties
we own using a Same Property NOI, and our management believes that Same Property NOI is helpful to investors and management as a supplemental
performance measure because it includes the operating performance from the population of properties that is consistent from period-to-period,
thereby eliminating the effects of changes in the composition of our portfolio on performance. When used in conjunction with IFRS financial
measures, Same Property NOI is a supplemental measure of operating performance that our management believes is a useful measure to evaluate
the performance and profitability of our investment properties. Additionally, Same Property NOI is a key metric used internally by our
management to develop internal budgets and forecasts, as well as to assess the performance of our investment properties relative to budget
and against prior periods. Our management believes presentation of Same Property NOI provides investors with a supplemental view of our
operating performance that can provide meaningful insights to the underlying operating performance of our investment properties, as these
measures depict the operating results that directly result from our investment properties, is consistent period-over-period, and excludes
items that may not be indicative of, or are unrelated to, the ongoing operations of the properties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
define Cash NOI as NOI adjusted for straight-line rental revenue during the relevant period. We defines Same Property Cash NOI as Cash
NOI less non same-property cash NOI and adjusted for constant currency. The same property population for a given period includes the
operating properties that were owned during the entirety of that period and the corresponding prior year period. Properties developed
or acquired are excluded from the same property population until they are held in the operating portfolio for the entirety of both such
periods, and properties that sold during such periods are also excluded from the same property population. As of December 31, 2023, 2022,
and 2021, the same property population consisted of 22, 17, and 15, buildings aggregating approximately 64%, 42%, and 43% of our total
square feet owned during such period, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
table below reconciles these measures to the most directly comparable IFRS financial measure, profit for the period:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
    the years ended December 31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: italic; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(USD
    in thousands)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 46%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROFIT FOR
    THE PERIOD</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,156</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other revenue</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(109</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(93</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(42</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General and administrative</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,509</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,609</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,394</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment property valuation
    gain</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(20,151</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3,526</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(12,610</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest income from affiliates</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(664</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(561</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(425</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financing costs</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11,767</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9,800</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net foreign currency gain</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(300</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">708</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other income <sup>(1)</sup></span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(100</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(151</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Gain) loss on sale of
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">398</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gain on sale of asset held
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">611</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,367</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">26,483</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOI</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21,467</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Straight-line
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,036</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,423</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CASH
    NOI</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24,060</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Constant currency impact</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">233</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less:
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9,647</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9,884</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,526</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SAME-PROPERTY
    CASH NOI</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23,502</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14,409</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13,964</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 97%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    income included interest income on certificates of deposit of $0.3 million for the year ended December 31, 2023, less than $0.1 million
    for the years ended December 31, 2022 and 2021.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    expenses included transaction-related costs of $6.2 million, $0.3 million and $1.4 million for the years ended December 31, 2023,
    2022 and 2021, respectively. Other expenses also included a loss on disposition of fixed assets of $0.1 million for the year ended
    December 31, 2023, and less than $0.1 million for the years ended December 31, 2022 and 2021. Additionally, other
    expenses included legal provision expense of ($0.1) million, $0.3 million, and $0 for the years ended December 31,
    2023, 2022, and 2021, respectively. </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Funds
From Operations, or FFO (as defined by us)</i></b> &#8211; We define FFO as profit for the period, excluding investment property valuation
gain, gain or loss on sale of investment properties, gain on sale of asset held for sale, depreciation and amortization, non-cash financing
costs, interest income from affiliates, and unrealized foreign currency gain or loss. We define Adjusted FFO as FFO less realized foreign
currency gain or loss and straight-line rental revenue. We use FFO and Adjusted FFO to help analyze the operating results of our assets
and operations. Our management believes that FFO is useful to investors as a supplemental performance measure because it excludes the
effects of certain items which can create significant earnings volatility, as well as certain noncash items, but which do not directly
relate to our ongoing business operations or cash flow generation. Our management believes FFO can facilitate comparisons of operating
performance between periods, while also providing an indication of future earnings potential. However, since FFO does not capture the
level of capital expenditures or maintenance and improvements required to sustain the operating performance of properties, which has
a material economic impact on operating results, Our management believes the usefulness of FFO as a measure of performance may be limited.
Our computation of FFO may not be comparable to FFO measures reported by other real estate companies that define or interpret the FFO
definition differently. The table below includes reconciliations of FFO and Adjusted FFO to the most directly comparable IFRS financial
measure, profit, for the respective periods:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
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  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: italic; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(USD
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 46%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROFIT FOR
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment property valuation
    gain</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3,526</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(12,610</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Gain) loss on sale of
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,165</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">398</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gain on sale of asset held
    for sale</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,023</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation and amortization
    <sup>(1)</sup></span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">107</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">124</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-cash financing costs
    <sup>(2)</sup></span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,957</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,685</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">991</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest income from affiliates</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(561</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(425</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unrealized
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(507</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(325</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">303</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FFO</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10,290</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,932</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Realized foreign currency
    <sup>(3)</sup></span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Straight-line
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,036</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,984</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ADJUSTED
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,468</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Included
    within general and administrative expense in the consolidated statement of profit or loss.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Included
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Included
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Net
Debt </i></b>&#8212; Net Debt is defined as our total debt (defined as long term debt plus long-term debt&#8212;current portion) less
cash and cash equivalents. Net Debt to Adjusted EBITDA represents Net Debt divided by Adjusted EBITDA. Our management believes that this
ratio is useful because it provides investors with information on our ability to repay debt, compared to our performance as measured
using Adjusted EBITDA. Net Debt to Investment Properties represents Net Debt divided by Investment Properties (end of period value).
We believe that this ratio is useful because it shows the degree in which Net Debt has been used to finance our assets. The table below
includes reconciliations of Net Debt to the most directly comparable IFRS financial measures:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: italic; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(USD
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long term debt&#8212;current
    portion</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
    and equivalents<sup>(1)</sup></span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    debt</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">231,931</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Net Debt to Net Income</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">32.4</td><td style="text-align: left">x</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">16.7</td><td style="text-align: left">x</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">19.3</td><td style="text-align: left">x</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Debt to Adjusted EBITDA</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.6</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">x</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">x</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Debt to Investment
    Properties (end of period value)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes
    $2.7 million, $3.2 million, and $3.9 million of restricted cash associated with the total debt as of December 31, 2023, 2022, and
    2021, respectively.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table presents a summary our non-IFRS measures for the years ended December 31, 2023, 2022 and 2021:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
    the years ended December 31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: italic; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(USD
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25,953</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4,511</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Debt (end of period
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Debt to Investment
    Properties (end of period value)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity
    and Capital Resources</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2023, 2022 and 2021, we had profits of $7.2 million, $11.4 million, and $8.7 million, respectively. As of
December 31, 2023, we also had cash, restricted cash equivalents- short term, and restricted cash equivalents- long term of $35.2 million,
$2.0 million and $0.7 million, respectively. We require significant cash resources to, among other things, fund our working capital requirements,
increase our headcount, make capital expenditures, and expand our business through acquisitions. Our future capital requirements will
depend on many factors, including the cost of future acquisitions, the scale of increases in headcount, our revenue mix, incremental
costs relating to the implementation of new contracts, and the timing and extent of spending to support warehouse development efforts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we were to require additional funding, seek additional sources of financing or desire to refinance our debt, we believe that our historical
ability to raise and deploy capital to fund the development of our logistic warehouses facilities and expansion of our operations would
enable us to access financing on reasonable terms. However, there can be no assurance that such financing would be available to us on
favorable terms or at all. If financing is not available, or if the terms of such financing are not acceptable to us, we may be forced
to decrease the level of investment in our logistic warehouses facilities, scale back our operations, defer investments to execute on
our growth strategy or execute a combination of these cost management strategies, which could have an adverse impact on our business
and financial prospects. The profits in current and prior periods we have recognized are consistent with our strategy and plans for continued
growth and expansion. We expect to continue to recognize profits as we executes on our operating plan and expands our warehouse offerings
in the near term.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
described further in Note 16 to our audited consolidated financial statements, we were in compliance with our financial covenants or
otherwise had waivers for all debt covenants with our lenders as of December 31, 2023. As of December 31, 2022 we did not comply
with certain financial covenants for non-recourse loans with the financial institutions of Banco Davivienda, Bancolombia and
ITA&#218; Corpbanca; however we obtained waivers or refinanced those debt agreements. The covenants breached as of December 31,
2022 required our subsidiary acting as borrower to achieve or exceed a specific debt service coverage ratio as defined in the
lending agreements. This ratio was defined as 1.10x for the ITA&#218; Corpbanca loan and 1.20x for the Banco Davivienda and
Bancolombia loans. In addition to these breaches as of December 31, 2022, we breached this debt service coverage ratio covenant with
Bancolombia in June 2023. These were our only covenant breaches and did not trigger covenant breaches or events of default for any
of our other loans. Despite not missing any debt service payments, each of these covenant breaches constitute an &#8220;event of
default&#8221; under our credit agreements and may cast significant doubt regarding our ability to continue as a going concern.
However, we have a history of successfully refinancing our debt as a matter of customary business practice and we have successfully
completed the Business Combination including the PIPE Investment, which has provided us with additional funding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to mitigate the effects of the Banco Davivienda breach, we obtained a waiver which removed our obligation to comply with the financial
covenants in February 2023. This debt was subsequently refinanced in April 2023 with Banco Nacional de Costa Rica, with which we are
currently in compliance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
part of the sale of the Colombian investment property, the ITA&#218; Corpbanca Colombia loan was fully repaid in August 2023, thus
curing any covenant breach.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
September 2023, we restructured our Bancolombia debt to defer principal payments until May 2024, at which point we will have 12 months
to pay the deferred principal and interest in full at no additional cost. We also obtained a waiver for the covenant breaches, which
waives compliance with the debt service coverage ratio through December 31, 2023, after which the next debt service coverage ratio compliance
testing date will be in June 2024.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
we have fulfilled all debt service payments required by our lending agreements in all jurisdictions to date, current interest rates in
Colombia make it probable that further debt waivers, restructuring, or repayment will be necessary relating to the Bancolombia loan prior
to May 2024, when principal payments resume on the loan. Our lending agreements in Colombia are only collateralized by four Colombian
investment properties. No other guarantees have been provided by our other subsidiaries that would put our operations outside of Colombia
at risk in event of foreclosure. Furthermore, our operations outside of Colombia are expected to be profitable and generate adequate
liquidity to provide for continued operations. Therefore, in the event that we are unable to obtain further debt waivers, restructure
the debt, or otherwise repay the Bancolombia loan, a foreclosure by Bancolombia on the Colombian property would not create material uncertainty
as to our ability to continue as a going concern in regards to our operations outside of Colombia. Accordingly, our plan for mitigating
actions are sufficient to alleviate the significant doubt about our ability to continue as a going concern.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Debt</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Overview</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, our total outstanding debt was $269.9 million, of which $253.2 million, or 93.81%, consists of long-term debt.
As of December 31, 2022, our total outstanding debt was $209.3 million, of which $98.4 million, or 47.0%, consists of long-term debt.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, 2022, and 2021, all of our outstanding debt was secured by our investment properties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Debt
Agreements </i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 21, 2021, we entered into a U.S. dollar denominated secured bridge loan agreement of $15.0 million with BTG Pactual, S.A &#8211;
Cayman Branch. The proceeds of the loan were used to fund the continued growth of the Company. As per the initial conditions, the
credit facility was scheduled to mature on June 17, 2022, with a fixed annual interest rate of 5.85%. In June 2022, we extended this
bridge loan to March 17, 2023, including a substitution of the fixed interest rate to a variable interest rate consisting of SOFR
annual average plus 600 basis points. The agreement restricted Latam Logistic Properties S.R.L (the predecessor to LLP) from
changing its ownership, except in the event of an IPO if Jaguar Growth Partners LLC remained as the final beneficiary of the
debtor. This loan was repaid in full by December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On May 31, 2017, we entered into the
IFC secured credit facility, which included financing for the full development of Latam Logistic Lima Sur through a two-tranche facility. Latam Logistic Lima
Sur is a total of six buildings development divided in two phases. The loan had an aggregate borrowing capacity of $53,000,000 and was
divided in two tranches corresponding to each development phase.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tranche
1 &#8211; This tranche was for the financing of the development of phase 1. The loan had a total borrowing capacity of $27,100,000 and was
interest only until January 15, 2020 with a balloon payment of $6,865,611 at expiration on July 15, 2028. As of December 31, 2022, we
had disbursed all of the tranche.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tranche
2 &#8211; This tranche was for the financing of the development of phase 2. The loan had a total borrowing capacity of $25,900,000 and was
interest only until January 15, 2022 with a balloon payment of $6,475,000 at expiration on July 15, 2030. As of December 31, 2022 we
had disbursed $15,607,323.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
loan required a commitment fee over unborrowed amounts until December 15, 2022 as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">June
    16, 2019 &#8211; December 31, 2019 &#8211; 0.50% over unborrowed amount.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">January
    1, 2020 &#8211; June 30, 2021 &#8211; 1.00% over unborrowed amount.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">July
    1, 2021 &#8211; January 15, 2022 &#8211; 1.50% over unborrowed amount.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 14, 2022, we negotiated a new interest rate on the IFC Tranche 1, reducing the spread by 100 basis points, to 425 basis points,
effective July 15, 2022. All the other terms and conditions of the loan with IFC remained the same. A gain of $351,503 was recognized
as part of modification of this debt facility and is included in financing costs in the consolidated statements of profit or loss in
the year ended December 31, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 26, 2023, we drew on our debt facilities with IFC for a total of $10,292,677 to finance the construction of the Lurin I project
in Peru. The related interest expense directly attributable to the construction is capitalized.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 15, 2023, we refinanced the debt outstanding with IFC Tranche 1 and Tranche 2 for a total amount of $46,973,443 with a mortgage
loan denominated in U.S. dollar with BBVA Per&#250; for an aggregate amount of $60,000,000. A loss of $1,651,793 was recognized as
part of the extinguishment of this debt facility and is included in financing costs in the consolidated statements of profit or loss
in the year ended December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
per the IFC loan agreement, we had to maintain a cash collateral account as a guarantee of the principal during the construction and
leasing period. As of December 31, 2022, we had a restricted cash equivalent of $1,205,162 in the cash collateral account, which was
released from restricted cash in connection with the loan refinancing on December 15, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 6, 2021, we entered into a COP denominated secured construction loan facility with ITAU Corpbanca Colombia, S.A.
(&#8220;<span style="text-decoration: underline">ITAU</span>&#8221;) for a total borrowing capacity of COP35.0 billion ($8.8 million). Proceeds were used for the financing
of the construction of building 500 in Latam Logistic Park Calle 80 in Bogota, Colombia. The loan had a maturity date of July 6,
2033 and an annual interest rate of IBR (a short-term interest rate for the Colombian Peso determined by the board of directors of
Colombia&#8217;s Central Bank) plus 447 basis points and had an annual commitment fee of 0.50% of the undrawn amount of the credit
line. The loan was interest only until April 20, 2022 and was fully drawn in October 2021. The debt facility with ITAU was paid in
full through a sale of the mortgaged property to a subsidiary of Bancolombia. The subsidiary of Bancolombia provided an advance of
the payment directly to ITAU on August 31, 2023 in order to settle the outstanding debt. The administrative transfer process was
initiated on September 27, 2023 and was completed in November 2023. As of December 31, 2022, the interest rate was 14.9%.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 22, 2021, we entered into a COP denominated financing agreement of COP44.5 billion ($11.2 million) with Bancolombia, S.A. for
the financing of the construction of building 300 in Latam Logistic Park Calle 80 in Bogota, Colombia. As of December 31, 2021, the financing
was fully disbursed. The financing bears an interest rate of IBR plus 365 basis points, commitment fees of 0.1% per month of the undrawn
amount of the loan and has a 15-year term with a balloon payment of 40% at maturity (COP17.8 billion, or $4.6 million). We began to
make principal payments in November 2021. As of December 31, 2023 and December 31, 2022 the interest rate on
the loan was 15.5% and 13.8%, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.5pt"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.5pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 22, 2023, we negotiated a deferral of principal with Bancolombia, deferring all principal payments for seven months, beginning
on October 1, 2023. All the other terms and conditions of the loan with Bancolombia remained the same. A gain of $70,058 was recognized
as part of the modification of this debt facility and is included in financing costs in the consolidated statements of profit or loss
in the year ended December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
March 2021, we entered into two U.S. dollar denominated mortgage loan facilities with BAC Credomatic, S.A. for an aggregate amount of
$10.0 million for the financing of the acquisition of two operating properties in San Jos&#233;, Costa Rica. The loans had a fifteen-year
term and an annual interest rate of three-month LIBOR plus 423 basis point with a minimum interest rate of 5.0%. One of these loans was refinanced
with Banco Nacional de Costa Rica on April 28, 2023. As of December 31, 2022, the interest rate as of December 31, 2022 was 7.7%.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.5pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 7, 2021, we entered into a U.S. dollar denominated mortgage loan facility of up to $45.5 million with Banco BAC San
Jos&#233;, S.A. on behalf of LatAm Parque Log&#237;stico San Jos&#233; - Verbena partnership. Proceeds will be used to finance
the construction of LatAm Parque Log&#237;stico San Jos&#233; - Verbena, a five-building class-A master-planned logistic park
totaling 829,898 square feet of net rentable area, in the Alajuelita submarket in San Jos&#233;, Costa Rica. The loan can be drawn
in multiple disbursements for up to approximately 60% of the total investment amount of the project. The mortgage loan has a term of
10 years with a 15-year amortization profile. The stated interest rate was the three-month LIBOR plus 423 basis points. In October
2022, the stated interest rate on the debt facility changed to the three-month Secured Overnight Financing Rate (SOFR) plus 378
basis points. The debt facility has an amortization grace period of 30 months and does not accrue any commitment fees. On March 1,
2023, we negotiated a reduced interest rate with BAC, reducing the interest rate from 3-month SOFR plus 378 basis points to 8.1% for
six months. On October 5, 2023, we negotiated to keep the reduced interest rate of 8.12% for six more months. As of December 31,
2023 and December 31, 2022, the interest rate on the loan was 8.1% and 7.6%, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 16, 2022, we repaid one of the loans with BAC Credomatic due to the sale of the underlying property. The loan outstanding balance
at the time of the sale was $2,868,155 and we recognized a loss of $586 due to the extinguishment of the debt facility which is included
in financing costs in the consolidated statements of profit or loss. On March 1, 2023, we negotiated a reduced interest rate with BAC
Credomatic, S.A., reducing the interest rate from 3-month SOFR plus 378 basis points to 8.12% for six months. All the other terms and
conditions of the loan remained the same. A gain of $121,038 was recognized as part of the modification of this debt facility
and is included in financing costs in the condensed consolidated statements of profit or loss. On October 5, 2023, we negotiated to keep
the reduced interest rate of 8.12% for six more months. All the other terms and conditions of the loan remained the same. A
loss of $47,466 was recognized as part of the modification of this debt facility and is included in financing costs in the condensed
consolidated statements of profit or loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 16, 2021, we entered into a U.S. dollar denominated mortgage loan of $7.0 million with Banco Promerica de Costa Rica, S.A. for
the purchase of an 118,403 square feet logistic facility located in the Coyol submarket in San Jos&#233;, Costa Rica. The loan has
a fifteen-year term. The stated interest rate is the U.S. Prime Rate plus 475 basis points. This loan was refinanced with Banco Nacional
de Costa Rica on April 28, 2023. As of December 31, 2022, the interest rate on the loan was 8.3%.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 31, 2022, we entered into a U.S. dollar denominated mortgage loan of $2.4 million with Banco Davivienda de Costa Rica for the
acquisition of a container parking lot. The loan has a fifteen-year term. The loan bears an annual interest rate of U.S. Prime Rate plus
175 basis points. As part of the sale of related investment property, the purchaser of the investment property assumed the balance on
the loan on October 31, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 24.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2022, we have borrowed $1.0 million of a U.S. dollar denominated mortgage loan facility of up to $1.0 million with Banco
BAC San Jos&#233;, S.A. for the financing of the renovations in LatAm Bodegas San Joaquin. The loan matures on June 24, 2032. The loan
bears an annual interest rate at the U.S. Prime Rate plus 110 basis points with no minimum interest rate. This loan was refinanced with
Banco Nacional de Costa Rica on April 28, 2023. The interest rate as of December 31, 2022 was 7.4%.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 24.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 24.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 24.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 24.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 28, 2023, we entered into four U.S. dollar denominated mortgage loans with Banco Nacional de Costa Rica for an aggregate amount
of $107,353,410. The loans have a twenty-five-year term. The loans bear a fixed annual interest rate for the first two years and a variable
rate thereafter. The interest rate as of December 31, 2023 was 5.9% for three of the loans and 6.4% for one loan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 24.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 24.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 25, 2023 and August 30, 2023, we entered into two new line of credit agreements with BTG Pactual Colombia S.A. for COP 15,000,000,000
and COP 10,000,000,000, respectively (approximately $3,679,266 and $2,433,042, respectively, at the date the transactions were initiated).
Interest is calculated and paid monthly at the rate of a one-month Colombian IBR plus 720 basis points. Principal repayment is due at
maturity, on August 25, 2024 and August 30, 2024, respectively. These debt agreements are guaranteed by the trust established for Latam
Logistic Col Propco Cota 1, where Banco BTG Pactual Colombia S.A is established as a guaranteed creditor, with three underlying properties
as collateral. As of December 31, 2023, the interest rate on the loans was 20.2%.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 24.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 24.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 19, 2023, we entered into a new line of credit agreement with El Banco BBVA Per&#250; for $2,000,000. The line of credit agreement
has a nominal rate of 14.45% fixed and an annual effective rate of 8.35%. The line of credit agreement matures in 9 months and follows
a monthly repayment schedule. This debt agreement is a senior unsecured loan and is not guaranteed by any of the properties of LPA. As
of the issuance date, the Company has fully drawn the line of credit.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 24.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 24.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 1, 2023, we refinanced the debt outstanding with Banco Nacional de Costa Rica, S.A. ($7,373,460) with a mortgage loan denominated
in U.S. dollar with Davivienda de Costa Rica for an aggregate amount of $8,000,000. The new mortgage loan matures in 15 years. The loan
is subject to a fixed interest rate of 7.00% in the first year, and a rate of 6-month SOFR plus 2.4% adjustable monthly from the second
year onwards.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 24.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 24.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 15, 2023, we entered into a mortgage loan with El Banco BBVA Per&#250; for a total of $60,000,000. The mortgage loan consists
of two components: Tranche A and Tranche B. The Tranche A totaling $48,670,000 was used to refinance our existing debt with IFC. The
Tranche B totaling $11,330,000 is expected to finance our other real estate projects. Tranche A and B will mature in 10 years (with a
35% balloon payment for Tranche A) and carry a fixed interest rate of 8.5% and 8.4%, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 24.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Compliance
with Debt Covenants</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
loans described above are subject to certain affirmative covenants, including, among others, (i) reporting of financial information and
(ii) maintenance of corporate existence, the security interest in the properties subject to the loan and appropriate insurance for such
properties. In addition, the loans are subject to certain negative covenants that restrict our ability to, among other matters, incur
additional indebtedness under or create additional liens on the properties subject to the loans, change our corporate structure, make
certain restricted payments, enter into certain transactions with affiliates, or amend certain material contracts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
loans contain, among others, the following events of default: (i) non-payment; (ii) false representations; (iii) failure to comply with
covenants; (iv) inability to generally pay debts as they become due; (v) any bankruptcy or insolvency event; (vi) disposition of the
subject properties; and (vii) change of control of the subject properties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, our only loan agreements requiring compliance with specific financial covenants were those loans with Bancolombia,
BAC Credomatic, and a loan agreement with Bank Davivienda entered into in November 2023. The agreements with Bancolombia require that the
borrower maintain a debt to service coverage ratio of at least 1.20x and a debt to equity ratio no greater than 58% debt to 42% equity.
The agreement with BAC Credomatic requires that the borrower maintains a debt to service coverage ratio of at least 1.20x and a total
liabilities debt to equity ratio no greater than 2:1. The agreement with Bank Davivienda requires a debt service coverage ratio of at
least 1.20x. We are required to report to our lenders compliance with the financial ratio debt covenants associated with the BAC Credomatic
on a quarterly basis, while the financial ratio debt covenants with Bancolombia and Bank Davivienda require semiannual compliance reporting.
Compliance with these covenants has been detailed within the Notes to the Consolidated Financial Statements for the period ending December
31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the month of December 2023, we refinanced our loan with International Finance Corporation with a loan from El Banco BBVA Per&#250;,
which requires semiannual compliance reporting beginning in June 2024. As of December 31, 2023, we were in compliance with our BAC Credomatic
covenants and had a waiver in place related to the debt service coverage ratio related to the Bancolombia loan covenant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2022, we had instances of non-compliance with certain of our debt covenants. On November 22, 2022, we did not expect
to meet debt service coverage ratio covenants for the loan with Davivienda related to Latam Logistic CR Propco Alajuela I SRL, for the
year ended December 31, 2022. We applied for a covenant waiver on the same date, and the covenant waiver was successfully obtained on
February 17, 2023. Since the waiver was received subsequent to December 31, 2022, $48.1 million related to this debt was classified within
Long-term debt &#8211; current portion in the consolidated statement of financial position for the year ended December 31, 2022. Additional
breaches occurred in December 2022 relating to Latam Logistic COL PropCo Cota 1 S.A.S., due to the rising interest rates in Colombia.
The breaches related to Latam Logistic COL PropCo Cota 1 S.A.S.&#8217;s three debt facilities, two of which were with Bancolombia as lender
and one of which was with ITAU as lender. Although no communication of the breach was received from any of the lenders, in September 2023,
we negotiated a debt restructuring along with a covenant waiver for our debt facilities with Bancolombia. Meanwhile, the debt facility
with ITAU was paid in full through a sale of the mortgaged property to a subsidiary of Bancolombia. The subsidiary of Bancolombia provided
an advance of the payment directly to ITAU on August 31, 2023 in order to settle the outstanding debt, and the administrative transfer
process was initiated on September 27, 2023 and was completed in November 2023. Since the waiver was received subsequent to December
31, 2022, $39.2 million of this debt was classified as Long-term debt &#8211; current portion in the consolidated statement of financial
position as of December 31, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Capital
Expenditures</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended December 31, 2023, 2022, and 2021, we incurred capital expenditures totaling $28.4 million, $41.0 million, and $48.3 million,
respectively, in connection with construction projects to develop warehouses on the land acquired in Colombia, Peru, and Costa Rica.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 20pt; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cash
Flows</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 24.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes our consolidated cash flows provided by (used in) operating, investing, and financing activities for the years
ended December 31, 2023, 2022, and 2021:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 24.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
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    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    vs 2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 37%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net cash generated
    by operating activities</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 5%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17,199,470</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 5%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(12.3</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)%</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net cash used in investing
    activities</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(23,200,222</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(36,483,936</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13,283,714</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net cash provided by financing
    activities</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25,977,456</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75.5</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effects of exchange rate fluctuations
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,901,550</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cash
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(2,372,241</b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>)</b></span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>135.1</b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>%</b></span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(13.7</b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>)%</b></span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cash
flows from operating activities</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
flows generated by operating activities for the year ended December 31, 2023 amounted to $17.2 million, a decrease of $2.4 million,
or 12.3%, compared to $19.6 million for the year ended December 31, 2022. Decrease in cash provided by operating activities was
primarily attributed to a decrease in cash due to an increase in payments for taxes of $6.2 million and contributed by a decrease
related to adjustments to other current assets of $0.3 million. Decrease in cash flows from operating activities are partially
offset by a decrease in cash paid for services received for managing the real estate and G&amp;A expenses of $4.5 million, and an
increase in cash collected from rental income of $3.6 million.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
flows generated by operating activities for the year ended December 31, 2022 amounted to $19.6 million, an increase of $9.8 million,
or 99.1%, compared to $9.9 million for the year ended December 31, 2021. This increase in cash provided by operating activities was primarily
due to an increase in cash inflows from the increase in cash revenue of $5.9 million from new properties that were previously under development
and began operating and were leased in 2022. In addition, there was an increase in cash inflows for a $3.8 million VAT receivable received
during 2022. This increase was offset by outflows for tenant improvements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cash
flows from investing activities </i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: -1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
flows used in investing activities for the year ended December 31, 2023 amounted to $23.2 million, a decrease in cash use of $13.3 million,
or 36.4%, compared to $36.5 million for the year ended December 31, 2022. This was primarily due to a $12.6 million decrease in capital
expenditure on investment properties, a $6.1 million decrease in cash proceeds from sale of asset held for sale, offset by a $2.1 million
increase in cash proceeds from sale of investment properties and a $4.3 million decrease in cash provided to loans to affiliates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
flows used in investing activities for the year ended December 31, 2022 amounted to $36.5 million, a decrease in cash use of $30.4 million,
or 45.4%, compared to $66.9 million for the year ended December 31, 2021. This was primarily impacted by the cash paid for investment
properties acquisition of $22.4 million in the year ended December 31, 2021, the proceeds from sale of investment properties of $8.9
million in the year ended December 31, 2022, and a $7.3 million decrease in capital expenditure on investment properties partially offset
by an increase of $3.9 million in loans to tenants for leasehold improvement and an increase of $1.4 million in loans to affiliates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cash
flows from financing activities </i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
flows provided by financing activities for the year ended December 31, 2023 amounted to $26.0 million, a increase of $11.2 million, or
75.5%, compared to cash flows provided by financing activities of $14.8 million for the year ended December 31, 2022. This was primarily
related to a $161 million increase in long-term debt borrowings, a $139.1 million increase in long-term debt repayment, a $1.1 million
increase in cash paid for raising debt, a $2.5 million increase in debt extinguishment cost paid, a $10.4 million increase in interest
and commitment fees paid, a $5.2 million increase in capital contributions from non-controlling partners, and a $2.5 million increase
in distributions to non-controlling partners.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
flows provided by financing activities for the year ended December 31, 2022 amounted to $14.8 million, a decrease of $44.5 million, or
75.0%, compared to cash flows provided by financing activities of $59.3 million for the year ended December 31, 2021. This was primarily
related to a $34.4 million decrease in long-term debt borrowings, a $5.1 million increase in cash paid for interest and commitment fees,
a $3.4 million decrease in capital contributions from non-controlling partners, a $1.5 million increase in long term debt repayment and
a $1.0 million increase in distributions to non-controlling partners, offset by a $1.0 million decrease in cash paid for raising debt.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.5pt"></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Research
    and Development, Patents and Licenses, Etc.</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trend
    Information</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
<i>&#8220;Item 5.A. Operating and Financial Review and Prospects &#8212; Operating Results</i>&#8221;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the information set forth in above sections, additional information about the trends affecting our business can be found
in &#8220;<i>Item 3.D. Key Information &#8212; Risk Factors</i>&#8221;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>E.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>Critical
    Accounting Estimates</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
consolidated financial statements have been prepared in accordance with IFRS as issued by the IASB. The preparation of the consolidated
financial statements in accordance with IFRS requires the use of estimates and assumptions that affect the value of assets and liabilities&#8201;&#8212;&#8201;as
well as contingent assets and liabilities&#8201;&#8212;&#8201;as reported on the statements of financial position, and revenues and
expenses arising during the periods presented. We evaluate our assumptions and estimates on an ongoing basis. We base our estimates on
historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which
form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources.
Actual results may differ from these estimates under different assumptions or conditions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
more information, see Note 2 to our audited consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Valuation
of Investment Properties</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
properties are initially recognized at cost, and are subsequently measured at fair value. We engage external appraisers in order to obtain
an independent opinion on the market value of all our investments properties, including operating properties, properties under development
and land bank. Our management submits an updated rent roll of the investment property portfolio to the appraiser and provides them access
to the properties, leasing contracts and specific operating details of the portfolio.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
independent appraiser uses a combination of valuation techniques such as the discounted cash flows approach, sales comparison approach,
and direct capitalization approach to value the investment properties. The valuation techniques used to estimate the fair value of our
investment properties rely on assumptions, which are not directly observable in the market, including discount rates, occupancy rates,
net operating income, and market rents. Our operating properties are primarily appraised using the discounted cash flows method and direct
capitalization method. Our properties under development are primarily appraised using discounted cash flows and direct capitalization
methods, adjusted by the net present value of the cost to complete and vacancy in the properties under construction. Our land bank is
primarily appraised using a combination of direct capitalization, discounted cash flow, sales comparison approach (or market approach).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">T<span style="background-color: white">o
review the appraisers&#8217; valuations, we leverage our familiarity with individual properties and regional portfolios, coupled with
insights in evaluating factors like interest rate fluctuations, turnover rates, and other judgment factors used in the valuation process.
We then evaluate the reasonableness of the results based on these criteria and compare the reported values to those from the previous
period to monitor changes. As part of the review process, we offer feedback concerning inconsistencies in factual information and inaccurate
statements, before the appraisal reports are finalized. </span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
more information, see Note 12 to our audited consolidated financial statements for the year ended December 31, 2023 and 2022, filed with this Report. Our management believes
that the chosen valuation methodologies are appropriate for determining the fair value of the types of investment properties we own.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">#
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Land bank:</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Owned
    properties</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="padding-left: 20pt; padding-bottom: 1.5pt; width: 36%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Colombia</span></td><td style="padding-bottom: 1.5pt; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</span></td><td style="padding-bottom: 1.5pt; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Properties
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 20pt; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Peru</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;n/a</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 30pt; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sub-total</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">878,025</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 30pt; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,968,240</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;n/a&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a
                                            &#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Owned
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Peru</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">22,230,781</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">346,384</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">79.8</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.6</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 20pt; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Costa
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,891,000</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">157,692</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">68.6</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.0</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,358,702</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100.0</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100.0</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
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    <td style="padding-left: 30pt; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    operating properties</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">444,070,078</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,618,806</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100.0</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100.0</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    operating and properties under development</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">489,451,859</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,288,797</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">97.3</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">514,172,281</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,257,037</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 22.5pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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                                            as of</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December
                                            31,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022</b></span></p></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>#
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                                            ft)</b></span></p></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Leased</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>%</b></span></p></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Occupied</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>%</b></span></p></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Land bank:</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Owned
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 36%; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Colombia</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="width: 9%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Peru</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">165,915</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.8</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">165,915</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.0</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Owned
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Peru</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.0</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
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    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Costa
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">73.8</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100.0</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100.0</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Peru</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,889,095</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 30pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    operating properties</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">352,464,777</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,037,886</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.6</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.6</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    operating and properties under development</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">419,296,911</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,187,722</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">92.9</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">83.7</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">449,036,633</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,649,129</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Square
    feet included for estimated potential building area in the land bank and buildings under development and operation.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Properties
    under right-of-use are mainly related to the investment properties developed on leased land. More specifically, they are associated
    with a land lease agreement the Parque Logistic Callao S.R.L. (Parque Logistic), a partnership entity controlled by us, entered into
    with Lima Airport Partners S.R.L. (&#8220;<span style="text-decoration: underline">LAP</span>&#8221;) whereas Parque Logistic committed to lease a land parcel for a period
    of 30 years, with the intention of developing warehouses on the leased land. The amount includes the right-of-use asset associated
    with our access to a piece of land lot, as well as the capitalized construction costs.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    of December 31, 2023 and 2022, the operating properties in Costa Rica include patios and open-air rentable land totaling 521,275
    square feet, and 521,275 square feet, respectively, for the use of trailer parking and open-air warehousing. As of December 31, 2023
    and 2022, the patios and open-air rentable land had a fair value of $6,062,000, and $5,945,450, respectively, with a weighted average
    capitalization rate of 7.9%. The net rentable area (NRA) included in the table above excludes net rentable area of the patios or
    the open-air rentable land.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ass_004"></span>Item
6. Directors, Senior Management and Employees</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; text-align: left">
  <td style="width: 0.5in"><b>A.</b></td>
  <td><b>Directors and Senior Management</b></td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table lists the names, ages and positions of the individuals who currently serve as directors and executive officers of LPA:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 6%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Age</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 45%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Position(s)</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Esteban
    Saldarriaga</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Executive Officer</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Annette
    Fernandez</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Financial Officer</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guillermo
    Zarco B.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Colombia
    Country Manager</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aris
    Stamatiadis</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Costa
    Rica Country Manager</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alvaro
    Chinchayan</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Peru
    Country Manager</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thomas
    McDonald</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">59</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Roger
    Lazarus</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">65</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gloria
    Canales Salda&#241;a</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mauricio
    Salgar</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Diego
    Durruty</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">53</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Esteban
Saldarriaga</b> has served as the Chief Executive Officer of LLP since November 2022, following his tenure on the board of directors
from 2016 until his appointment as CEO. Mr. Saldarriaga assumed the role of Chief Executive Officer of LPA upon the consummation of the
Business Combination. Since 2019, Mr. Saldarriaga has been a member of the board of directors and the Investment Committee of Colombian
Healthcare Properties, a Jaguar Growth Partners portfolio company. Previously, he served as an Investments Principal, VP, and Associate
at Jaguar Growth Partners, a global investment management firm specializing in real estate operating companies in emerging markets. Before
that, he held several roles in the financial industry, including M&amp;A Associate from 2013 to 2015 at a Latin American conglomerate
based in Lima, Grupo Gloria, working on cross-border acquisitions and integrations, and as an Investment Banking Analyst from 2010 to
2013 at J.P. Morgan&#8217;s Advisory Group, based in Bogota, covering a broad array of sectors in Central and South America. Mr. Saldarriaga
holds an MBA from Columbia Business School in New York and a bachelor&#8217;s and master&#8217;s degree in Economics from Pontificia
Universidad Javeriana in Bogota, Colombia.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annette
Fernandez</b> has served as Chief Financial Officer of LLP since 2017 and Chief Operating Officer of LLP since 2023 and assumed the same
roles at LPA upon the consummation of the Business Combination. Prior to her time at LLP, Ms. Fernandez spent 13 years at Prologis, a
real estate investment trust that invests in logistics facilities, and 5 years at PwC. Ms. Fernandez holds a bachelor&#8217;s degree
in Accounting from University of Puerto Rico, Mayaguez.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Guillermo
Zarco</b> has served as Country Manager-Colombia of LLP since 2016 and assumed the same role at LPA upon the consummation of the Business
Combination. Prior to his time at LLP, Mr. Zarco spent 5 years as Logistic Portfolio Manager at Terranum. Mr. Zarco holds a bachelor&#8217;s
degree in industrial engineering from Universidad de los Andes in Bogota, Colombia, and a master&#8217;s degree in supply chain management
from University of Aix-en-Provence, France.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Aris
Stamatiadis</b> has served as Country Manager-Costa Rica and Regional Acquisitions Manager of LLP since 2015 and assumed the same roles
at LPA upon the consummation of the Business Combination. Since 2023, Mr. Stamatiadis has served as a member of the board of directors
of Deindustrial Inmobiliaria Limitada, Productos Maky S.A. and 3-101-837501 S.A. Prior to his time at LLP, Mr. Stamatiadis served as
General Manager for Colliers International. Aris holds a bachelor&#8217;s degree in Finance and Commerce from Concordia University.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Alvaro
Chinchay&#225;n </b>has served as Country Manager-Peru of LLP since 2016 and assumed the same role at LPA upon the consummation of
the Business Combination. Prior to his time at LLP, Mr. Chinchay&#225;n served as general manager at BSF Almacenes del Per&#250;
and Papelera Alfa. Mr. Chinchay&#225;n holds an MBA from Incae Business School and a degree in Civil Engineer from Ricardo Palma University
of Peru.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Thomas
McDonald </b>became a member of the LPA Board upon the consummation of the Business Combination and has served on the board of directors of LLP since 2021. Mr. McDonald is the co-founder of Jaguar Growth Partners Group, LLC and Jaguar
Growth Partners, LLC. Mr. McDonald has been Managing Partner of Jaguar Growth Partners Group, LLC as well as Managing Partner and
Head of Americas of Jaguar Growth Partners, LLC since their formation in 2013. Mr. McDonald has served as managing member of Jaguar
Growth Assets Management, LLC since 2013. In addition to serving on the board of directors of LLP, Mr. McDonald serves on the boards
of directors for Hoteles City Express (BMV: HCITY), Colombia Healthcare Properties, Opea Securitizadora SA, and Bresco, and
previously for Vesta (BMV: VESTA), Aliansce Sonae SA (BZ: ALSO3), Gafisa (NYSE: GFA), BR Malls (BZ: BRML3), Tenda (BZ: TNDA3),
Parque Arauco (SNSE: PARAUCO), Bracor, AGV Logistics, and Brazilian Finance and Real Estate. Before the creation of Jaguar Growth
Partners, Mr. McDonald served as Chief Strategic Officer of Equity International, LLC, where he was primarily responsible for
developing its collaborative, partner-oriented investment style through establishing, building and optimizing relationships, as well
as coordinating investment and portfolio management activities. From 1997 to 1999, Mr. McDonald was Executive Vice President of
Anixter International (NYSE: AXE) and was responsible for global sales. From 1993 to 1997, Mr. McDonald resided in Argentina and was
responsible for establishing operating businesses for Anixter in Brazil, Argentina, Chile, Venezuela and Colombia. Previously, Mr.
McDonald resided in Mexico and Puerto Rico, holding operating and business development leadership roles with American Airlines and
Quadrum SA de CV. Mr. McDonald is a member of the Emeritus Board of IES Abroad, and former member of the University of
Chicago&#8217;s Booth School of Business Global Advisory Board. Mr. McDonald founded, and is President of the board of Coprodeli
USA, a non-profit supporting the integral development of Peru&#8217;s impoverished. Mr. McDonald graduated from the University of
Notre Dame and received his MBA from the University of Chicago&#8217;s Booth School of Business. Mr. McDonald has extensive
experience in private equity investing in emerging markets over the past 24 years and his extensive public company, private company
and non-for-profit board experience.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Roger
Lazarus </b>became a member of the LPA Board upon the consummation of the Business Combination and has served on the board of
directors of LLP since 2021, and has served as the chairperson of LLP&#8217;s audit and compensation committees since March 2021. Mr. Lazarus
has also served as the Chief Financial Officer of Chain Bridge I, a special purpose acquisition company (Nasdaq: CBRG) since
November 2021, and has been a venture partner to Marcy Venture Partners and its portfolio companies since March 2020. In addition to
serving on the board of directors of LLP, Mr. Lazarus has served on the board of directors of Heliogen, Inc. (NYSE: HLGN) since
March 2023. From 1997 to 2019 he was a partner at Ernst &amp; Young LPA, where he advised on acquisitions and investments for
corporate and private equity clients. During his career with Ernst &amp; Young, he served in a variety of roles, including as the
Chief Operating Officer and board member of Ernst &amp; Young&#8217;s LatAm North region, where he managed internal operations and
oversaw financial and operating reporting for 13 countries from 2017 to 2019, as a managing partner and Chief Operating Officer of
Ernst &amp; Young Colombia from 2013 to 2019, and as the managing partner of Ernst &amp; Young&#180;s West Region Transactions
service-line from 2006 to 2009. He is chair of the audit committee of the Goldman Environmental Foundation, the sponsor of the
annual Goldman Environmental Prize. Mr. Lazarus is a Chartered Accountant (ICAEW), holds a Bachelor of Arts degree with honors in
Economics from the University of York, England and completed the international certification of the Institute of Directors in
London, England in 2020. Mr. Lazarus possesses valuable financial and operational expertise across both developed and emerging
markets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Gloria
Canales Salda&#241;a </b>became a member of the LPA Board upon the consummation of the Business Combination and also serves as a
member of the board of directors of <i>Fundaci&#243;n Harvard en M&#233;xico</i>, where she has served since 2019. Ms. Canales
Salda&#241;a also serves as a member of the advisory board of Samishop, a venture of Credicorp Peru, where she has served since
2023. Ms. Canales Salda&#241;a is currently the Digital Director of Coppel, a privately owned retailer with a presence in Mexico
and Latin America. Previously, Ms. Canales Salda&#241;a was the Marketing Director of Amazon Mexico and held various other
commercial roles at Amazon from 2014 to 2022. She holds a bachelor&#8217;s degree in Economics from ITESM, as well as a degree in
International Business from the University of British Columbia. Ms. Canales Salda&#241;a also holds an MBA from Harvard Business
School. Ms. Canales Salda&#241;a possesses extensive knowledge of the Latin American market and experience in retail and
e-commerce.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Mauricio
Salgar</b> became a member of the LPA Board upon the consummation of the Business Combination and serves as an external advisor to
Advent International, a global private equity firm based in Bogota, Colombia. He previously served as Managing Director of Advent
International from October 2012 to December 2023. Mr. Salgar serves as a member of the board of directors of Holding Hotelera GHL, a
privately held company in Colombia and as a member of the board of directors of Grupo Aval Acciones Y Valores S.A. (NYSE: AVAL).
Previously, Mr. Salgar served as a member of the boards of directors of AI Inversiones Palo Alto II S.A.C. (CANVIA) from June 2017
to November 2023, Sophos Solutions S.A.S. from December 2020 to September 2023, Enjoy S.A. (SSE: ENJOY) from January 2018 to April
2021, Lifemiles B.V. from August 2015 to October 2021, Oleoducto Central S.A. &#8220;Ocensa&#8221; from January 2014 to February
2020 and Alianza Fiduciaria and Alianza Valores from January 2014 to April 2019. Mr. Salgar holds a Bachelor of Science degree in
Industrial Engineering from Universidad de los Andes in Bogota, Colombia, and an MBA from the MIT Sloan School of Management, and
has expansive experience in the Latin American region.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Diego
Durruty </b>became a member of the LPA Board upon the consummation of the Business Combination and has served as Executive Vice
President of Grupo Urbana, a real estate investment, development, and operations company based in Chile, since March 1996. Mr.
Durruty also serves as member of the board of directors of D&#8217;Barbers since March 2020 and B21 since October 2019. Mr. Durruty
has 28 years of professional experience in the real estate investment, development and operations industry in Chile and Latin
America. His institutional involvement with major real estate groups has provided him with insight into various verticals, including
mixed-use developments, multi-family properties, offices, shopping centers, self-storage, and parking facilities. Throughout his
career, Mr. Durruty has successfully acquired 14 companies, solidifying his position as a leader in the real estate industry. Mr.
Durruty pursued coursework in architecture and management at the Pontifical Catholic University of Chile, and has expansive
experience in the real estate industry.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Family
Relationships</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are no family relationships between the directors or executive officers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; text-align: left">
  <td style="width: 0.5in"><b>B.</b></td>
  <td><b>Compensation</b></td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Cayman Islands law, we are not required to disclose compensation paid to our senior management on an individual basis and we have not
publicly disclosed this information elsewhere.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended December 31, 2023, we paid our executive officers and directors as a whole an aggregate of $1,550,470.
This amount is comprised of salaries, bonuses, and non-cash benefits.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Logistic
Properties of the Americas Equity Incentive Plan</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has adopted the Logistic Properties of the Americas Equity Incentive Plan filed as Exhibit 4.5 to this Report (the &#8220;<span style="text-decoration: underline">Equity
Incentive Plan</span>&#8221;) in order to give the Company a competitive advantage in attracting, retaining, awarding and motivating directors,
officers, employees and consultants by granting equity and equity-based awards. The Equity Incentive Plan permits the grant of options
to purchase Ordinary Shares, stock appreciation rights, restricted stock, restricted stock unit awards, performance-based awards, and
other equity-based awards, in each case, in respect of Ordinary Shares and cash incentive awards, thus enhancing the alignment of employee
and shareholder interests.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this Report, no awards have been granted under the Equity Incentive Plan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; text-align: left">
  <td style="width: 0.5in"><b>C.</b></td>
  <td><b>Board Practices</b></td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Board
Composition</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
size of the LPA Board is seven (7) directors, with five (5) directors currently appointed and two (2) vacancies. At each annual general
meeting, each of the Directors of the relevant class, the term of which shall then expire, shall be eligible for re-election to the Board
for a period of three years.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
LPA directors are divided among the three classes as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    Class I director is Diego Durruty and his term will expire at the first annual general meeting;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    Class II directors are Roger Lazarus and Mauricio Salgar and their terms will expire at the second annual general meeting; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    Class III directors are Thomas McDonald and Gloria Canales Salda&#241;a and their terms will expire at the third annual general
    meeting. </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of the staggered board, only one class of directors will be appointed at each annual general meeting, with the other classes
continuing for the remainder of their respective terms.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Director
Independence</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
LPA Board has determined that each of the directors (other than Mr. McDonald) qualifies as an independent director, as defined under
listing rules of NYSE American, and the LPA Board consists of a majority of &#8220;independent directors,&#8221; as defined under the
rules of the SEC and the listing rules of NYSE American relating to director independence requirements. In addition, LPA is subject to
the rules of the SEC and NYSE American relating to the membership, qualifications, and operations of the audit committee, as discussed
below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Role
of the Board in Risk Oversight</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">One
of the key functions of the LPA Board is informed oversight of LPA&#8217;s risk management process. The LPA Board administers this oversight
function directly through the board as a whole, as well as through various standing committees of the board that address risks inherent
in their respective areas of oversight. In particular, the LPA Board is responsible for monitoring and assessing strategic risk exposure
and the audit committee is responsible for considering and discussing LPA&#8217;s major financial risk exposures and the steps its management
should take to monitor and control such exposures, including guidelines and policies to govern the process by which risk assessment and
management is undertaken. The audit committee also monitors compliance with legal and regulatory requirements. The compensation committee
also assesses and monitors whether LPA&#8217;s compensation plans, policies and programs comply with applicable legal and regulatory
requirements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Duties
of Directors</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Cayman Islands law, LPA&#8217;s directors owe fiduciary duties to LPA, including a duty of loyalty, a duty to act honestly, and a duty
to act in what they consider in good faith to be in LPA&#8217;s best interests. LPA&#8217;s directors must also exercise their powers
only for a proper purpose. LPA directors also owe to LPA a duty to act with skill and care that a reasonably prudent person would exercise
in comparable circumstances. In fulfilling their duty of care to LPA, the directors must ensure compliance with the Charter, as amended and restated from time to time. LPA has
the right to seek damages if a duty owed by its directors is breached. In limited exceptional circumstances, a shareholder may have the
right to seek damages in LPA&#8217;s name if a duty owed by its directors is breached.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
functions and powers of the LPA Board include, among others:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">conducting
    and managing the business of LPA;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">representing
    LPA in contracts and deals;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">appointing
    attorneys for LPA;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">selecting
    senior management such as managing directors and executive directors;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">providing
    employee benefits and pension;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">convening
    shareholders&#8217; annual general meetings and reporting its work to shareholders at such meetings;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">declaring
    dividends and distributions;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">exercising
    the borrowing powers of LPA and mortgaging the property of LPA;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">approving
    the transfer of shares of LPA, including the registering of such shares in LPA&#8217;s register of members; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">exercising
    any other powers conferred by the shareholders of LPA under the Proposed Charter, as it may be amended from time to time. </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Board
Committees</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
LPA Board has the authority to appoint committees to perform certain management and administration functions. The LPA Board has established
an audit committee, a compensation committee, and a nominating and corporate governance committee. The composition and responsibilities
of each committee are described below. Members will serve on these committees until their resignation or until otherwise determined by
the LPA Board. Copies of the charters for each committee are available on the investor relations portion of LPA&#8217;s website.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Audit
Committee</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
audit committee consists of Messrs. Lazarus and Durruty and Ms. Canales Salda&#241;a, and Mr. Lazarus serves as the chair of the audit
committee. Mr. Lazarus satisfies the criteria of an audit committee financial expert as set forth under the applicable rules of the SEC.
Each of Messrs. Lazarus and Durruty and Ms. Canales Salda&#241;a satisfy the requirement for an &#8220;independent director&#8221;
within the meaning of the NYSE American listing rules and the criteria for independence set forth in Rule 10A-3 of the Exchange Act and
is expected to be financially literate. In arriving at such determination, the LPA Board examined each audit committee member&#8217;s
scope of experience and the nature of their prior and/or current employment. Both LPA&#8217;s independent registered public accounting
firm and management will periodically meet privately with the audit committee.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
functions of this committee include, among other things:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">evaluating
    the performance, independence and qualifications of LPA&#8217;s independent auditors and determining whether to retain LPA&#8217;s
    existing independent auditors or engage new independent auditors;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    LPA&#8217;s financial reporting processes and disclosure controls;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    and approving the engagement of LPA&#8217;s independent auditors to perform audit services and any permissible non-audit services;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    the adequacy and effectiveness of LPA&#8217;s internal control policies and procedures, including the effectiveness of LPA&#8217;s
    internal audit function;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    with the independent auditors the annual audit plan, including the scope of audit activities and all critical accounting policies
    and practices to be used by LPA;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">obtaining
    and reviewing at least annually a report by LPA&#8217;s independent auditors describing the independent auditors&#8217; internal
    quality control procedures and any material issues raised by the most recent internal quality-control review;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">monitoring
    the rotation of LPA&#8217;s independent auditor&#8217;s lead audit and concurring partners and the rotation of other audit partners
    as required by law;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">prior
    to engagement of any independent auditor, and at least annually thereafter, reviewing relationships that may reasonably be thought
    to bear on their independence, and assessing and otherwise taking the appropriate action to oversee the independence of LPA&#8217;s
    independent auditor;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    LPA&#8217;s annual and quarterly financial statements and reports, including the disclosures contained in Item 5, and discussing
    the statements and reports with LPA&#8217;s independent auditors and management;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    with LPA&#8217;s independent auditors and management significant issues that arise regarding accounting principles and financial
    statement presentation and matters concerning the scope, adequacy, and effectiveness of our financial controls and critical accounting
    policies;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    with management and LPA&#8217;s auditors any earnings announcements and other public announcements regarding material developments;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">establishing
    procedures for the receipt, retention and treatment of complaints received by LPA regarding accounting, internal accounting controls,
    auditing or other matters;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    LPA&#8217;s major financial risk exposures, including the guidelines and policies to govern the process by which risk assessment
    and risk management is implemented; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    and evaluating the audit committee charter annually and recommending any proposed changes to the LPA Board.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
composition and function of the audit committee complies with all applicable requirements of the Sarbanes-Oxley Act and all applicable
SEC and NYSE American rules and regulations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Compensation
Committee</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LPA&#8217;s
compensation committee consists of Messrs. McDonald, Salgar and Durruty. Mr. Salgar serves as the chair of the compensation committee.
The LPA Board has determined that each of the members of the compensation committee is a non-employee director, as defined in Rule 16b-3
promulgated under the Exchange Act and, other than Mr. McDonald, each of the members satisfies the independence requirements of NYSE
American. The functions of the committee include, among other things:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    and approving the corporate objectives that pertain to the determination of executive compensation;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    and approving the compensation and other terms of employment of LPA&#8217;s executive officers;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    and approving performance goals and objectives relevant to the compensation of LPA&#8217;s executive officers and assessing their
    performance against these goals and objectives;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">making
    recommendations to the LPA Board regarding the adoption or amendment of equity and cash incentive plans and approving amendments
    to such plans to the extent authorized by the LPA Board;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    and making recommendations to the LPA Board regarding the type and amount of compensation to be paid or awarded to non-employee board
    members;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    and assessing the independence of compensation consultants, legal counsel and other advisors as required by Section 10C of the Exchange
    Act;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">administering
    equity incentive plans, to the extent such authority is delegated by the LPA Board;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    and approving the terms of any employment agreements, severance arrangements, change in control protections and any other compensation,
    perquisites and special or supplemental benefits for executive officers;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    with management LPA&#8217;s disclosures under the caption &#8220;Compensation Discussion and Analysis&#8221; in periodic reports
    to be filed with the SEC to the extent such caption is included in any such report;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    and evaluating the compensation committee charter annually and recommending any proposed changes to the LPA Board. </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Nominating
and Corporate Governance Committee</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LPA&#8217;s
nominating and corporate governance committee consists of Messrs. McDonald, Lazarus and Ms. Canales Salda&#241;a. Mr. McDonald serves
as the chair of the nominating and corporate governance committee. The LPA Board has determined that, other than Mr. McDonald, each of
the members of the nominating and corporate governance committee satisfies the requirements for an &#8220;independent director&#8221;
within the meaning of the NYSE American listing rules. The functions of this committee include, among other things:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">identifying,
    reviewing and making recommendations of candidates to serve on the LPA Board;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">evaluating
    the performance of the LPA Board, committees of the LPA Board and individual directors and determining whether continued service
    on the LPA Board is appropriate;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">evaluating
    nominations by shareholders of candidates for election to the LPA Board;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">evaluating
    the current size, composition and organization of the LPA Board and its committees and making recommendations to the LPA Board for
    approvals;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">developing
    a set of corporate governance policies and principles and recommending to the LPA Board any changes to such policies and principles;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    issues and developments related to corporate governance and identifying and bringing to the attention of the LPA Board current and
    emerging corporate governance trends; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    periodically the nominating and corporate governance committee charter, structure and membership requirements and recommending any
    proposed changes to the LPA Board.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Limitation
on Liability and Indemnification of Directors and Officers</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cayman
Islands law does not limit the extent to which a company&#8217;s memorandum and articles of association may provide for indemnification
of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public
policy, such as to provide indemnification against willful default, fraud or the consequences of committing a crime. The Charter provides
for indemnification of LPA&#8217;s officers and directors to the maximum extent permitted by law, including for any liability incurred
in their capacities as such, except through their own actual fraud, willful default or willful neglect. LPA has also purchased a policy
of directors&#8217; and officers&#8217; liability insurance that insures LPA&#8217;s officers and directors against the cost of defense,
settlement or payment of a judgment in some circumstances and will insure LPA against its obligations to indemnify its officers and directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; text-align: left">
  <td style="width: 0.5in"><b>D.</b></td>
  <td><b>Employees</b></td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, we had a total of 23 employees, including 13 employees in Costa Rica, 5 employees in Colombia and 5 employees in
Peru. We outsource our construction, engineering and project management and related activities, as well as maintenance of our properties,
to third parties. As of December 31, 2023, none of our employees were affiliated with labor unions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; text-align: left">
  <td style="width: 0.5in"><b>E.</b></td>
  <td><b>Share Ownership</b></td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ownership
of the Company&#8217;s shares by its directors and executive officers is set forth in Item 7.A and Item 6.B (equity compensation) of
this Report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; text-align: left">
  <td style="width: 0.5in"><b>F.</b></td>
  <td><b>Disclosure of a Registrant&#8217;s Action to Recover Erroneously Awarded Compensation</b></td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ass_005"></span>Item
7. Major Shareholders and Related Party Transactions</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; text-align: left">
  <td style="width: 0.5in"><b>A.</b></td>
  <td><b>Major Shareholders</b></td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth information regarding the beneficial ownership of Ordinary Shares as of the date hereof by:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">each
    person known by us to be the beneficial owner of more than 5% of outstanding Ordinary Shares;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">each
    of our directors and executive officers; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">all
    our directors and executive officers as a group.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beneficial
ownership is determined according to the rules of the SEC, which generally provide that a person has beneficial ownership of a security
if that person possesses sole or shared voting or investment power over that security. A person is also deemed to be a beneficial owner
of securities that person has a right to acquire within 60 days including, without limitation, through the exercise of any option, warrant
or other right or the conversion of any other security. Such securities, however, are deemed to be outstanding only for the purpose of
computing the percentage beneficial ownership of that person but are not deemed to be outstanding for the purpose of computing the percentage
beneficial ownership of any other person. Under these rules, more than one person may be deemed to be a beneficial owner of the same
securities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date hereof, there are 31,709,747 Ordinary Shares issued and outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
otherwise indicated, we believe that all persons named in the table below have sole voting and investment power with respect to all Ordinary
Shares beneficially owned by them.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%; margin-left: 0.75in">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Name and Address of Beneficial Owner</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Esteban Saldarriaga</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Annette Fernandez</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Guillermo Zarco B.</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Aris Stamatiadis</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Alvaro Chinchayan</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Roger Lazarus</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Gloria Canales Salda&#241;a</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Mauricio Salgar</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Diego Durruty</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">All directors and executive officers of LPA post-Business Combination as a group</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">26,312,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">83.0</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-style: italic; text-align: left">Other 5% Shareholders Post-Business Combination:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">HC PropTech Partners III LLC<sup>(3)(4)</sup></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,130,693</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">6.7</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">JREP I Logistics Acquisition, LP<sup>(5)</sup></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">26,312,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">83.0</td><td style="text-align: left">%</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)
Unless otherwise noted, the business address of each of the following entities or individuals is c/o Logistic Properties of the Americas,
Plaza Tempo, Edificio B Oficina B1, Piso 2 San Rafael de Escaz&#250;, San Jos&#233;, Costa Rica.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)
Represents shares held by JREP I Logistics Acquisition, LP (see footnote 5 below) and Latam Logistic Equity Partners, LLC. Latam Logistic
Equity Partners is managed by JREP I Logistics Acquisition, LP. Thomas McDonald disclaims beneficial ownership of the reported securities
other than to the extent of any pecuniary interest he may have therein, directly or indirectly.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)
Mr. Thomas D. Hennessy exercises voting and investment control over LPA shares that are held by HC PropTech Partners III LLC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)
The business address of the reporting person is 195 US HWY 50, Suite 208, Zephyr Cove, NV 89448.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)
Represents shares held by JREP I Logistics Acquisition, LP, Jaguar Real Estate Partners, LP, and Latam Logistic Equity Partners, LLC.
Latam Logistic Equity Partners is managed by JREP I Logistics Acquisition, LP. JREP I Logistics Acquisition, LP and Jaguar Real Estate
Partners, LP are investment funds managed by JREP GP, LLC. JREP GP, LLC is managed by Jaguar Growth Partners Group LLC, managing members
of which are Gary R. Garrabrant and Thomas McDonald, who share equally in the voting and investment discretion with respect to investments
held by such funds. Gary R. Garrabrant and Thomas McDonald disclaim beneficial ownership of the reported securities other than to the
extent of any pecuniary interest they may have therein, directly or indirectly. The business address of the reporting person is 601 Brickell
Key Drive, Suite 700, Miami, FL 33131.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Significant
Changes in Ownership</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
our knowledge, other than as disclosed in this annual report and in our other filings with the SEC, there has been no significant change
in the percentage of ownership held by any major shareholder since the consummation of the Business Combination. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Registered
Holders</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on a review of the information provided to us by our Transfer Agent, as of April 23, 2024 there were 44 registered holders of our Ordinary
Shares, 34 of which were United States registered holders holding a total of 27,696,422 Ordinary Shares, representing approximately 87%
of our total outstanding shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; text-align: left">
  <td style="width: 0.5in"><b>B.</b></td>
  <td><b>Related Party Transactions</b></td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Loan Receivables from Affiliates</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">On June 25, 2015, we entered into
an agreement with Latam Logistic Investments LLC (&#8220;LLI&#8221;) to provide loans to LLI to meet certain tax obligations. LLI is wholly-owned
by one of the prior executives of LLP and was the owner of 8.0% of the equity of LLP at the time. In July 2020, we increased the notes
receivable from LLI from $3,015,000 to $4,165,000 and extended the term to December 31, 2023. In June 2021, we increased the notes receivable
from LLI from $4,165,000 to $4,850,000. In May 2022, we increased the notes receivable from LLI from $4,850,000 to $6,950,000. The expiration
of the term remained as December 31, 2023. As of December 31, 2023, the notes receivable had a fixed interest rate of 9.0%. The main terms
of the notes receivable were payment of the balance at maturity, including interest receivable, the possibility of early payments without
penalty, pledge of ordinary shares as collateral and a promissory note. As of December 31, 2023, the notes receivable balance, including
accrued interest, was $9,463,164. The loan receivable was considered settled on the Closing Date, in accordance with an assignment agreement
entered into between LLP and LLI. See Note 25 of our audited consolidated financial statements for more information.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Management and Advisory Services</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">We paid Jaguar Growth Partners
LLC $554,571 for management and advisory services provided to us during the year ended December 31, 2023. On May 12, 2023, and effective
as of November 17, 2022, we entered into an agreement with Jaguar Growth Partners LLC to pay $50,000 per quarter for management advisory
services related to compensation for Esteban Saldarriaga, LLP&#8217;s Chief Executive Officer.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">We reimburse our executives for
reasonable travel-related expenses incurred while conducting business on our behalf.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Legal Services</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">Ramirez &amp; Cardona Abogados,
whose managing partner was an LPA board member and an LLP board member prior to the consummation of the Business Combination, provided
legal services to us at a cost of $87,689 for the year ended December 2023.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Transactions
Related to the Business Combination</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
other related agreements have been entered into in connection with the Business Combination. This section describes the material provisions
of certain additional agreements entered into pursuant to the Business Combination (the &#8220;<span style="text-decoration: underline">Related Agreements</span>&#8221;) but
does not purport to describe all of the terms thereof. The following summary is qualified in its entirety by reference to the complete
text of each of the Related Agreements, and you are urged to read such Related Agreements in their entirety.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Registration
Rights Agreement</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
the time of the closing of the Business Combination, certain LLP shareholders entered into a registration rights agreement (the &#8220;<span style="text-decoration: underline">Registration
Rights Agreement</span>&#8221;) dated March 27, 2024 with LPA, pursuant to which, among other matters, such LLP Shareholders were granted
substantially the same priorities and registration rights as the Sponsor and other &#8220;Holder&#8221; parties under the Founder Registration
Rights Agreement, as amended by the Founder Registration Rights Agreement Amendment, and which Registration Rights Agreement became effective
as of the Closing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Founder
Registration Rights Agreement Amendment</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
the time of the closing of the Business Combination, LPA, TWOA and the Sponsor entered into an amendment (the &#8220;<span style="text-decoration: underline">Founder Registration
Rights Agreement Amendment</span>&#8221;) dated March 27, 2024, to the registration rights agreement entered into by TWOA, the Sponsor and
the other parties thereto at the time of TWOA&#8217;s IPO (the &#8220;<span style="text-decoration: underline">Founder Registration Rights Agreement</span>&#8221;). Pursuant
to the Founder Registration Rights Agreement Amendment, the Founder Registration Rights Agreement was amended to, among other things,
add LPA as a party and to reflect the issuance of Ordinary Shares pursuant to the Business Combination Agreement, reconcile with the
provisions of the Registration Rights Agreement, and to provide that, notwithstanding that the other provisions of the Founder Registration
Rights Agreement and the Registration Rights Agreement provide substantially the same rights and priorities to holders of registrable
securities under such agreements, LPA is not required to effect or permit any registration, or cause any registration statement to become
effective, with respect to any registrable securities held by any holder of the Ordinary Shares into which the Founder Shares were converted
until after the expiration of 18 months following the Closing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Amendment
to Insider Letter Agreement</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Simultaneously
with the execution and delivery of the Business Combination Agreement, TWOA, the Sponsor, the two sponsor, and certain other TWOA shareholders
and, by a joinder agreement, LPA, entered into an amendment (the &#8220;<span style="text-decoration: underline">Amendment to Letter Agreement</span>&#8221;) to the insider letter
agreement entered into in connection with TWOA&#8217;s initial public offering (the &#8220;<span style="text-decoration: underline">Insider Letter</span>&#8221;) dated as of
August 15, 2023. The Amendment to Letter Agreement (i) added LPA as a party to the Insider Letter, (ii) revised the terms of the Insider
Letter to reflect the transactions contemplated by the Business Combination Agreement, including the issuance of Ordinary Shares in exchange
for the TWOA Ordinary Shares, (iii) amended the terms of the lock-up set forth in the Insider Letter to conform with the lock-up terms
in the Lock-Up Agreement dated as of August 15, 2023 by and among TWOA, the Sponsor, two sponsor, each of the shareholders of TWOA listed
on the signature pages thereto, and, by joinder agreement LPA, and (iv) provided LLP with the ability to enforce, prior to the Closing,
the lock-up and voting provisions of the Insider Letter.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Second
Amendment to Insider Letter Agreement</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
the time of the Closing of the Business Combination, TWO, the Sponsor, two sponsor, and each of the holders listed on the signature pages
thereto entered into a second amendment (the &#8220;<span style="text-decoration: underline">Second Amendment to the Letter Agreement</span>&#8221;) to the Insider Letter dated
as of March 27, 2024 in order to amend the terms of the lock-up set forth therein. Pursuant to the Second Amendment to the Letter Agreement,
the parties agreed not to transfer the restricted securities during the period commencing from the Closing and ending on the 18-month
anniversary of the Closing or earlier, if LPA consummates a third-party tender offer, stock sale, liquidation, merger, share exchange
or other similar transaction with an unaffiliated third party that results in all of LPA&#8217;s shareholders having the right to exchange
their equity holdings in LPA for cash, securities or other property.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Lock-Up
Agreement</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Simultaneously
with the execution and delivery of the Business Combination Agreement, the majority LLP Shareholder entered into a Lock-Up Agreement
with TWOA and by a joinder agreement, LPA (the &#8220;<span style="text-decoration: underline">Lock-Up Agreement</span>&#8221;) dated as of August 15, 2023. Pursuant to the Lock-Up
Agreement, such LLP shareholder agreed not to, during the period commencing from the Closing and ending on the 12-month anniversary of
the Closing or earlier, if LPA consummates a third-party tender offer, stock sale, liquidation, merger, share exchange or other similar
transaction with an unaffiliated third party that results in all of LPA&#8217;s shareholders having the right to exchange their equity
holdings in LPA for cash, securities or other property (and, with respect to 50% of such restricted securities, subject to early release
if the last trading price of the Ordinary Shares equals or exceeds $12.50 for any 20 Trading Days within any 30 Trading Day period commencing
at least 180 days after the Closing): (i) lend, offer, pledge, assign, sell, contract to sell, sell any option or contract to purchase,
purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly
or indirectly, any restricted securities, (ii) enter into any swap or other arrangement that transfers to another, in whole or in part,
any of the economic consequences of ownership of such restricted securities, or (iii) publicly disclose the intention to do any of the
foregoing, whether any such transaction described in clauses (i) or (ii) above is to be settled by delivery of the restricted securities
or other securities, in cash or otherwise (in each case, subject to certain limited permitted transfers, provided that the transferred
shares will continue to be subject to the Lock-Up Agreement).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.
    </b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Interests
    of Experts and Counsel</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    applicable.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ass_006"></span>Item
8: Financial Information</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.
    </b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated
    Statements and Other Financial Information</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
historical operations of LLP prior to the Business Combination are deemed to be those of the Company. Thus, the financial statements
included in this Report reflect the historical operating results of LLP prior to the closing of the Business Combination. The
audited financial statements as of December 31, 2023 and 2022, and for the years ended December 31,
2023, 2022, 2021, included in this Report have been prepared in accordance with IFRS, which we refer to as our financial
statements. See Item 18 of this Report for financial statements and other financial information.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Legal
Proceedings</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company may, from time to time, and may in the future be, a party to certain claims and legal proceedings incidental to the normal course
of the Company&#8217;s business. From time to time, LPA may be involved in various legal proceedings and subject to claims that arise
in the ordinary course of business. Although the results of litigation and claims are inherently unpredictable and uncertain, LPA is
not currently a party to any legal proceedings the outcome of which, if determined adversely to LPA, are believed to, either individually
or taken together, have a material adverse effect on its business, operating results, cash flows or financial condition. Regardless of
the outcome, litigation has the potential to have an adverse impact on us because of defense and settlement costs, diversion of management
resources, and other factors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
time to time, we have been and in the future may become involved in litigation, investigations and other legal or administrative proceedings
relating to claims arising from our operations, either in the normal course of business or not, or arising from violations or alleged
violations of laws, regulations or acts. These may include, for example, tax assessments, claims relating to employee or employment matters,
intellectual property matters, regulatory matters, contract, advertising and other claims, including proceedings with probable, possible
and remote risks of loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
Peru, we have occasionally been a party to, and may also be in the future, party to administrative proceedings related to compliance
with regulations on the protection of trademarks, notices, trade names, logos, and, in general, any distinctive sign owned by the company
(Legislative Decree 1075, which approves Complementary Provisions to Decision 486 of the Andean Community Commission establishing the
Common Regime on Industrial Property). Similarly, in the normal course of business, we may be affected by advertising practices that
damage the company&#8217;s reputation, i.e., behaviors that qualify as acts of unfair competition, in accordance with the regulations
set forth in Legislative Decree 1044, Unfair Competition Repression Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
provisions are recorded pursuant to accounting rules, based on an individual analysis of each contingency by our internal and external
legal counsel. We constitute provisions for proceedings that our external counsel evaluates as having a probable risk of loss. In cases
where unfavorable decisions in claims involve substantial amounts, or if the actual losses are significantly higher than the provisions
constituted, the aggregate cost of unfavorable decisions could have a significantly adverse effect on both our financial condition and
operating results. Moreover, our management may be forced to dedicate time and attention to defend against these claims, which could
prevent it from concentrating on our core business. Therefore, we cannot assure you that these or any of our other regulatory matters
and legal proceedings, including any that may arise in the future, will not harm our reputation or materially affect our ability to conduct
our business in the manner that we expect or otherwise materially adversely affect us should an unfavorable ruling occur, which could
have a material adverse effect on our business, financial condition, results of operations and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023 and December 31, 2022, we provisioned $0.2 million and $0.3 million, respectively, to legal proceedings to which we were a party. Legal proceedings
are inherently unpredictable and subject to significant uncertainties. If one or more legal proceedings in which we are currently involved
or may come to be involved were to result in a judgment against us in any reporting period for amounts that exceeded our management&#8217;s
expectations, the impact on our results of operations or financial condition for that reporting period could be material.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dividend
Policy</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
LPA Board may from time to time declare dividends (including interim dividends) in accordance with the respective rights of the
shareholders if it appears to the LPA Board that such dividends are justified by LPA&#8217;s financial position and that such
dividends may lawfully be paid. LPA has not paid any cash dividends on its shares to date. The LPA Board has not adopted a dividend
policy with respect to payment of any future dividends.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
payment of cash dividends in the future will be dependent upon LPA&#8217;s revenues and earnings, if any, capital requirements and
general financial condition of LPA. The payment of any cash dividends will be within the discretion of the LPA Board at such time, and LPA will only pay such
dividend out of its profits or share premium (subject to solvency requirements) as permitted under Cayman Islands law. Dividends may be paid either in cash or otherwise.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the laws of the Cayman Islands, a Cayman Islands exempted company may pay a dividend on its shares out of either profit or the share
premium account, provided that in no circumstances may a dividend be paid if following such payment the exempted company would be
unable to pay its debts as they fall due in the ordinary course of business. No dividend shall be paid otherwise than out of profits
or, subject to the requirements of the Companies Act and listing rules of the applicable stock exchange, the share premium
account.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
several persons are registered as joint holders of any share, any of them may give valid receipts for any dividend or other monies payable
on or in respect of the share. Unless provided for by the rights attached to a share, no dividend shall bear interest against LPA.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.
    </b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Significant
    Changes</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as disclosed elsewhere in this Report, no significant change has occurred since the date of the Annual Financial Statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">&#160;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ass_007"></span>Item 9. The Offer and Listing</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>



<p style="margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.
    </b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Offer
    and Listing Details</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    applicable except for Item 9.A.4. </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Markets</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Ordinary Shares commenced trading on NYSE American on March 28, 2024. Prior to that, there was no public trading market for our Ordinary
Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.
    </b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Plan
    of Distribution</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    applicable.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.
    </b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Markets</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary
    Shares are listed on NYSE American under the ticker symbol &#8220;LPA.&#8221;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.
    </b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Selling
    Shareholders</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    applicable.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>E.
    </b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dilution
    </b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    applicable.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>F.
    </b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Expenses
    of the Issue</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    applicable.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ass_008"></span>Item
10. Additional Information </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Share
    Capital</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    applicable.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.
    </b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Memorandum
    and Articles of Association<sup></sup></b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LPA
is a Cayman Islands exempted company and its affairs are governed by its Amended and Restated Memorandum and Articles of Association
(the &#8220;<span style="text-decoration: underline">Charter</span>&#8221;), the Companies Act and other legislation and common law of the Cayman Islands. As provided in the
Charter, subject to the Companies Act, LPA&#8217;s objects are unrestricted and it has unrestricted corporate capacity to carry on or
undertake any business or activity, do any act or enter into any transaction.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Charter, LPA is authorized to issue 450,000,000 Ordinary Shares and 50,000,000 preference shares, $0.0001 par value each (the
&#8220;<span style="text-decoration: underline">Preference Shares</span>&#8221;). The following are summaries of material provisions of the Charter insofar as they relate to
the material terms of the LPA Ordinary and Preference Shares. The full Charter is incorporated by reference to Exhibit 3.1 to LPA&#8217;s
Shell Company Report on Form 20-F (File No. 333-275972) filed with the SEC on March 29, 2024.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Ordinary
Shares</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary
shareholders of record are entitled to one vote for each share held on all matters to be voted on by shareholders. Voting at any meeting
of shareholders shall be decided on a poll. A poll shall be taken in such manner as the chairperson of the meeting directs, and the result
of the poll shall be deemed to be the resolution of the meeting at which the poll was demanded. In the case of an equality of votes,
the chairperson of the meeting shall be entitled to exercise a casting vote.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
specified in the Charter, or as required by applicable provisions of the Companies Act or applicable stock exchange rules, the
affirmative vote by ordinary resolution, being a resolution passed at a general meeting of shareholders by a simple majority of the
votes cast by, or on behalf of, the shareholders entitled to vote at such general meeting, is required to approve any such matter
voted on by LPA shareholders. Approval of certain actions will require a special resolution under Cayman Islands law and pursuant to
the Charter, being a resolution passed at a general meeting of shareholders by a majority of at least two-thirds (2/3) of such
shareholders as, being entitled to do so, vote in person or by proxy at such general meeting. Such actions include amending the
Charter and approving a statutory merger (other than with certain subsidiaries of LPA) or consolidation with another
company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">&#160;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LPA
may by ordinary resolution appoint or remove any director. The LPA Board may also appoint any person as a director, either to fill a
vacancy or as an additional director. The LPA Board is divided into three classes. The term of only one class of directors expires each
year and each class (except for those directors appointed prior to LPA&#8217;s first annual general meeting) serves a three-year term.
There is no cumulative voting with respect to the appointment of directors, with the result that the holders of more than 50% of the
shares voted for the appointment of directors can appoint all of the directors. As an exempted company incorporated in the Cayman Islands,
there is no requirement under the Companies Act for LPA to hold annual or extraordinary general meetings to appoint directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Ordinary Shares are not entitled to pre-emptive rights, and are not subject to conversion, redemption or sinking fund provisions. LPA
shareholders are entitled to receive ratable dividends when, as and if declared by the LPA Board out of funds legally available therefor.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Preference
Shares</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Charter authorizes 50,000,000 Preference Shares. Subject to the limitations set out below, the LPA Board is authorized to issue shares
with or without preferred, deferred or other special rights or restrictions whether in regard to dividend, voting, return of capital
or otherwise. Accordingly, the LPA Board is able to, without shareholder approval, issue Preference Shares with voting and other rights
that could adversely affect the voting power and other rights of the holders of the Ordinary Shares and could have anti-takeover effects.
The issuance of Preference Shares, while providing flexibility in connection with possible acquisitions and other corporate purposes,
could, among other things, have the effect of delaying, deferring or preventing a change in control of LPA and might adversely affect
the market price of Ordinary Shares and the voting and other rights of the holders of Ordinary Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the consummation of the Business Combination, no Preference Shares are outstanding. Although LPA does not currently intend to issue
any Preference Shares, it is not assured that LPA will not do so in the future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Treasury
Shares</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LPA
directors may, prior to the purchase, redemption or surrender of any share, determine that such share shall be held as a treasury share.
As of the date of this Report, LPA has no shares in treasury.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Issuance
of Shares</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the Charter and, where applicable, the rules and regulations of the applicable stock exchange, the SEC and/or any other competent
regulatory authority or otherwise under applicable law, LPA directors may, in their absolute discretion and without approval of the existing
LPA shareholders, issue, grant options over or otherwise deal with any unissued shares of LPA to such persons, at such times and on such
terms and conditions as they may decide. No share shall be issued at a discount to par, except in accordance with the provisions of the
Companies Act. In accordance with its Charter and the Companies Act, LPA shall not issue bearer shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Register
of Members</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Companies Act, LPA must keep a register of members and there should be entered therein:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    names and addresses of the members of the company, a statement of the shares held by each member, which:</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">distinguishes
    each share by its number (so long as the share has a number);</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">confirms
    the amount paid, or agreed to be considered as paid, on the shares of each member;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">confirms
    the number and category of shares held by each member; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">confirms
    whether each relevant category of shares held by a member carries voting rights under the Charter, and if so, whether such voting
    rights are conditional;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    date on which the name of any person was entered on the register as a member; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    date on which any person ceased to be a member.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
these purposes, &#8220;voting rights&#8221; means rights conferred on shareholders, including the right to appoint or remove directors,
in respect of their shares to vote at general meetings of the company on all or substantially all matters. A voting right is conditional
where the voting right arises only in certain circumstances.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Cayman Islands law, the register of members of an exempted company is prima facie evidence of the matters set out therein (i.e. the register
of members will raise a presumption of fact on the matters referred to above unless rebutted) and a member registered in the register
of members is deemed as a matter of Cayman Islands law to have legal title to the shares as set against its name in the register of members.
LPA&#8217;s register of members has been updated as of the consummation of the Business Combination, and the shareholders recorded in
the register of members are deemed to have legal title to the Ordinary Shares set against their name. However, there are certain limited
circumstances where an application may be made to a Cayman Islands court for a determination on whether the register of members reflects
the correct legal position. Further, the Cayman Islands court has the power to order that the register of members maintained by an exempted
company should be rectified where it considers that the register of members does not reflect the correct legal position. If an application
for an order for rectification of the register of members were made in respect of the Ordinary Shares, then the validity of such shares
may be subject to re-examination by a Cayman Islands court.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dividends</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
LPA Board may from time to time declare dividends (including interim dividends) in accordance with the respective rights of the shareholders
if it appears to the LPA Board that they are justified by LPA&#8217;s financial position and that such dividends may lawfully be paid. LPA has
not paid any cash dividends on its shares to date. The payment of cash dividends in the future will be dependent upon LPA&#8217;s revenues
and earnings, if any, capital requirements and general financial condition of LPA. The payment
of any cash dividends will be within the discretion of the LPA Board at such time, and LPA will only pay such dividend out of its profits
or share premium (subject to solvency requirements) as permitted under Cayman Islands law. Dividends may be paid either in
cash or otherwise.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the laws of the Cayman Islands, a Cayman Islands exempted company may pay a dividend on its shares out of either profit or the share
premium account, provided that in no circumstances may a dividend be paid if following such payment the exempted company would be
unable to pay its debts as they fall due in the ordinary course of business. No dividend shall be paid otherwise than out of profits
or, subject to the requirements of the Companies Act and listing rules of the applicable stock exchange, the share premium
account.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
several persons are registered as joint holders of any share, any of them may give valid receipts for any dividend or other monies payable
on or in respect of the share. Unless provided for by the rights attached to a share, no dividend shall bear interest against LPA.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Transfer
of Shares</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to applicable laws, including applicable securities laws, and the restrictions contained in the Charter, any LPA shareholder may transfer
all or any of their Ordinary Shares by an instrument of transfer in the usual or common form or any other form prescribed by applicable
stock exchange or approved by the LPA Board from time to time. LPA shall be entitled to retain any instrument of transfer which is registered.
However, an instrument of transfer which the directors refuse to register shall be returned to the person lodging it when notice of the
refusal is given by the directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the shares in question were issued in conjunction with rights, options or warrants issued pursuant to the Charter on terms that one cannot
be transferred without the other, the directors shall refuse to register the transfer of any such shares without evidence satisfactory
to them of the like transfer of such option or warrant. Further, subject to applicable law the directors may suspend registration of
the transfer of shares at such times and for such periods, not exceeding 30 days in any calendar year, as they determine.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
transferor shall be deemed to remain the holder of any transferred shares until the name of the transferee is entered into LPA&#8217;s
register of members.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Calls
on Ordinary Shares and Forfeiture of Ordinary Shares</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
LPA Board may from time to time make calls upon LPA shareholders for any amounts unpaid for the purchase of their Ordinary Shares. The
Ordinary Shares that have been called upon and remain unpaid are, after a notice period, subject to forfeiture.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Variations
of Rights of Shares</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
at any time the share capital of LPA is divided into different classes of shares, all or any of the rights attached to any class (unless
otherwise provided by the Charter or the terms of issue of the shares of that class) may be varied with the consent in writing of the
holders of not less than two-thirds (2/3) of the issued shares of that class or with the sanction of a special resolution passed in accordance
with the Charter at a separate general meeting of the holders of the shares of that class. To every such separate general meeting, the
provisions of the Charter relating to general meetings shall mutatis mutandis apply, except that: (a) the necessary quorum shall be any
one or more persons holding or representing by proxy not less than one-third of the issued shares of the applicable class; and (b) any
shareholder holding issued shares of the class, present in person or by proxy or, in the case of a corporate shareholder, by its duly
authorized representative, may demand a poll.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
rights conferred upon the holders of the shares of any class shall not, unless otherwise expressly provided by the terms of issue of
the shares of that class, be deemed to be varied by the creation or issue of further shares ranking pari passu therewith.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Redemption,
Purchase and Surrender of Own Shares</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the provisions of the Companies Act and to any rights for the time being conferred on shareholders holding a particular class of shares,
and, where applicable, applicable stock exchange rules, the rules and regulations of the SEC and/or any other competent regulatory authority
or otherwise under applicable law, LPA may by its directors:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">issue
    shares that are to be redeemed or are liable to be redeemed at the option of the shareholder or LPA, on the terms and in the manner
    its directors determine before the issue of those shares;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">with
    the consent by special resolution of the shareholders holding shares of the relevant class, vary the rights attaching to that class
    of shares so as to provide that those shares are to be redeemed or are liable to be redeemed at the option of LPA on the terms and
    in the manner determined by the directors at the time of such variation; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">purchase
    all or any of its own shares (including any redeemable shares) in such manner and on such other terms as the directors determine
    at the time of such purchase.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LPA
may make a payment in respect of the redemption or purchase of its own shares in any manner permitted by the Companies Act, including
out of capital.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, under the Companies Act no such share may be redeemed or repurchased (i) unless it is fully paid-up, (ii) if such redemption
or repurchase would result in there being no shares in issue (other than treasury shares), or (iii) if LPA has commenced liquidation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LPA
directors may also accept the surrender of any fully paid share for no consideration.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>General
Meetings of Shareholders</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a Cayman Islands exempted company, LPA is not obliged by the Companies Act to call annual general meetings; however, the Charter provides
that to the extent required by stock exchange listing rules or any applicable law, LPA will hold an annual general meeting at such time
and place as the LPA Board may determine. At annual general meetings, the annual accounts and report of the directors (if any) shall
be presented.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
least five clear calendar days&#8217; notice shall be given for any general meeting. Every notice shall be exclusive of the day on which
it is given or deemed to be given and of the day for which it is given or on which it is to take effect and shall specify (a) the place,
the day and the hour of the meeting, (b) if the meeting is to be held in two or more places, the technology that will be used to facilitate
the meeting, (c) the general nature of the business to be transacted, and (d) if a resolution is proposed as a special resolution, the
text of that resolution; <i>provided</i> that a general meeting of LPA shall, whether or not the notice specified in the regulation has
been given and whether or not the provisions of the Charter regarding general meetings have been complied with, be deemed to have been
duly convened if it is so agreed: (i) in the case of an annual general meeting, by all the shareholders (or their proxies) entitled to
attend and vote thereat; and (ii) in the case of an extraordinary general meeting, by shareholders (or their proxies) having a right
to attend and vote at the meeting, together holding not less than 95% of the votes entitled to be cast at such extraordinary general
meeting. The accidental omission to give notice of a meeting to or the non-receipt of a notice of a meeting by any shareholder shall
not invalidate the proceedings at any meeting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
LPA Board may call extraordinary general meetings, and must convene an extraordinary general meeting upon the requisition of LPA shareholders
holding at the date of deposit of the requisition not less than 40% of the right to vote at such general meeting. The requisition must
(a) be in writing, (b) specify the purpose of the meeting, (c) be signed by or on behalf of each requisitioner and (d) be delivered in
accordance with the notice provisions of the Charter. If the directors do not within 21 clear calendar days from the date of the deposit
of the requisition duly proceed to convene a general meeting, the requisitioner(s) may themselves convene a general meeting within three
months after the end of that period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
business shall be transacted at any general meeting unless a quorum of shareholders is present at the time when the general meeting proceeds
to business. The holders of at least one third of the issued and outstanding shares of LPA, being individuals present in person or by
proxy or if a corporation or other non-natural person, by its duly authorized representative or proxy and entitled to vote at the general
meeting, will constitute a quorum. If a quorum is not present within 15 minutes from the time appointed for the meeting, or if at any
time during the meeting it becomes inquorate, then: (i) if the meeting was requisitioned by shareholders, the meeting shall be cancelled,
or (ii) in any other case, the meeting shall stand adjourned to the same time and place seven days from the date of the initial meeting
or to such other time and place as is determined by the directors. If a quorum is not present within 15 minutes of the time appointed
for the adjourned meeting, then the meeting shall be dissolved.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
chairperson of the LPA Board or such other director as the directors have nominated to chair LPA Board meetings in the absence of the
chairperson shall preside as chairperson at every general meeting of LPA. If at any meeting the chairperson of the LPA Board is not present
within fifteen minutes after the time appointed for holding the meeting or is unwilling to act as chairperson of the meeting, the directors
present shall elect one of their number to be chairperson of the meeting. If no director is present within 15 minutes of the time appointed
for the meeting, or if no director is willing to act as chairperson, the shareholders present or by proxy shall choose one of their number
to chair the meeting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
chairperson of the meeting may with the consent of any meeting at which a quorum is present (and shall if so directed by the meeting)
adjourn a meeting from time to time and from place to place, but no business shall be transacted at any adjourned meeting other than
the business left unfinished at the meeting from which the adjournment took place. When a meeting is adjourned for twenty clear calendar
days or more, not less than five clear calendar days&#8217; notice of the date, time and place of the adjourned meeting and the general
nature of the business to be transactions shall be given to shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Record
Dates</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with the Charter, the directors may fix any time and date as the record date for: (a) calling a general meeting of shareholders;
(b) declaring or paying a dividend; (c) making or issuing an allotment of shares; or (d) conducting any other business required pursuant
to the Charter. The record date may be before or after the date on which a dividend, allotment or issue is declared, paid or made.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Directors</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Appointment,
Disqualification and Removal of Directors</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
management of LPA is vested in the LPA Board. The Charter provides that there shall be a board of directors consisting of no less than
one (1) and no more than nine (9) directors; provided that LPA may, from time to time, increase or decrease the limits on the number
of directors by ordinary resolution. The size of the LPA Board is seven (7) directors, with five (5) directors having been appointed
at Closing and two (2) vacancies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Charter provides that the directors shall be divided into three (3) classes designated as Class I, Class II and Class III, with as nearly
equal a number of directors in each group as possible. Subject to the Charter, directors must be assigned to each class in accordance
with a resolution or resolutions adopted by the LPA Board.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director
nominees may be appointed by the directors as outlined above or elected by an ordinary resolution at a general meeting. The seats of
those directors whose terms expire at each annual general meeting will be filled at such annual general meeting. For illustrative purposes,
at the 2025 annual general meeting, the term of office of the initial Class I directors shall expire and Class I directors shall be elected
for a full term of three (3) years. At the 2026 annual general meeting, the term of office of the initial Class II directors shall expire
and Class II directors shall be elected for a full term of three (3) years. At the 2027 annual general meeting, the term of office of
the initial Class III directors shall expire and Class III directors shall be elected for a full term of three (3) years. Subject to
the Charter, at each succeeding annual general meeting, directors shall be elected for a full term of three (3) years to succeed the
directors of the class whose terms expire at such annual general meeting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without
prejudice to the power of LPA to appoint a person to be a director by ordinary resolution and subject to the Charter, the directors shall
have power at any time to appoint any person who is willing to act as a director, either to fill a vacancy or as an additional director.
A director elected to fill a vacancy resulting from the death, resignation or removal of a director shall serve for the remainder of
the full term of the director whose death, resignation or removal shall have created such vacancy and until their successor shall have
been elected and qualified.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the case of an equality of votes on any matter arising at any meeting of the directors, the chairperson of the LPA Board may exercise
a second or casting vote.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Indemnity
of Directors and Officers</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Companies Act does not limit the extent to which a company&#8217;s memorandum and articles of association may provide for indemnification
of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public
policy, such as to provide indemnification against willful default, willful neglect or the consequences of committing a crime. The Charter
provides for indemnification of LPA officers and directors to the maximum extent permitted by applicable law, including for any liability
incurred in their capacities as such, except through their own actual fraud, willful default or willful neglect.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with the Charter, LPA may pay, or agree to pay, a premium in respect of a contract insuring each of the following persons
against risks determined by the directors (other than liability arising out of that person&#8217;s dishonesty): (a) an existing or former
director (including alternate director), secretary, officer or auditor of LPA, LPA&#8217;s existing or former subsidiaries, a company
in which LPA has or had an interest (whether direct or indirect); or (b) a trustee of an employee or retirement benefits scheme or other
trust in which any of the aforementioned is or was interested.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Inspection
of Books and Records</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
LPA Board will determine whether, to what extent, at what times and places and under what conditions or regulations the accounts and
books of LPA will be open to the inspection by LPA shareholders not being directors, and no LPA shareholder (not being a director) will
otherwise have any right of inspecting any account or book or document of LPA except as required by the Companies Act (and every other
law and regulation of the Cayman Islands for the time being in force concerning companies and affecting LPA) or authorized by the LPA
Board or by LPA shareholders by ordinary resolution.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 0pt">&#160;</div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Changes
in Capital</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LPA
may from time to time by ordinary resolution do any of the following and amend its memorandum of association for such purpose:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">increase
    the share capital by such sum, to be divided into shares of such classes and amount, as the resolution will prescribe;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">consolidate
    and divide all or any of its share capital into shares of a larger amount than its existing shares;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">convert
    all or any of its paid up shares into stock, and reconvert that stock into paid up shares of any denomination;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">sub-divide
    its existing shares or any of them into shares of an amount smaller than that fixed by the memorandum, provided, however, that in
    the sub-division, the proportion between the amount paid and the amount, if any, unpaid on each reduced share shall be the same as
    it was in case of the share from which the reduced share is derived; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">cancel
    any shares that at the date of the passing of the resolution have not been taken or agreed to be taken by any person and diminish
    the amount of its share capital by the amount of the shares so cancelled.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the provisions of the Companies Act (and any other law and regulation of the Cayman Islands applicable to LPA) and any rights for
the time being conferred on shareholders holding a particular class of shares, LPA may by special resolution reduce its share capital
in any way.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Winding
Up</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
LPA shall be wound up, the liquidator may, subject to the rights attaching to any shares and with the approval of a special resolution
and any other approval required by the Companies Act, divide amongst the shareholders in kind the whole or any part of the assets of
LPA (whether such assets shall consist of property of the same kind or not) and may for that purpose value any assets and determine how
the division shall be carried out as between the shareholders or different classes of shareholders. The liquidator may, with the like
approval, vest the whole or any part of such assets in trustees upon such trusts for the benefit of the shareholders as the liquidator,
with the like approval, shall think fit, but so that no shareholder shall be compelled to accept any asset upon which there is a liability.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Certain
Differences in Corporate Law</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cayman
Islands exempted companies are governed by the Companies Act. The Companies Act is modeled on English law but does not follow recent
English law statutory enactments, and differs from laws applicable to United States corporations and their shareholders. Set forth below
is a summary of the material differences between the provisions of the Companies Act applicable to LPA and the laws applicable to companies
incorporated in the United States and their shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Mergers
and Similar Arrangements.</i></b> In certain circumstances, the Companies Act allows for mergers or consolidations between two Cayman
Islands exempted companies, or between a Cayman Islands exempted company and a company incorporated in another jurisdiction (provided
that is facilitated by the laws of that other jurisdiction) so as to form a single surviving company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where
the merger or consolidation is between two Cayman Islands exempted companies, the directors of each exempted company must approve and
enter into a written plan of merger or consolidation containing certain prescribed information. That plan or merger or consolidation
must then be authorized by either (a) a special resolution (usually a majority of two-thirds in value of the voting shares voted at a
general meeting) of the shareholders of each exempted company; or (b) such other authorization, if any, as may be specified in such constituent
company&#8217;s articles of association. No shareholder resolution is required for a merger between a parent company (i.e., a company
that holds issued shares that together represent at least 90% of the votes at a general meeting of the subsidiary company) and its subsidiary
company. The consent of each holder of a fixed or floating security interest of a constituent company must be obtained, unless the court
waives such requirement. If the Cayman Islands Registrar of Companies is satisfied that the requirements of the Companies Act (which
includes certain other formalities) have been complied with, the Registrar of Companies will register the plan of merger or consolidation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where
the merger or consolidation involves a foreign company, the procedure is similar, save that with respect to the foreign company, the
directors of the Cayman Islands exempted company are required to make a declaration to the effect that, having made due enquiry, they
are of the opinion that the requirements set out below have been met: (i) that the merger or consolidation is permitted or not prohibited
by the constitutional documents of the foreign company and by the laws of the jurisdiction in which the foreign company is incorporated,
and that those laws and any requirements of those constitutional documents have been or will be complied with; (ii) that no petition
or other similar proceeding has been filed and remains outstanding or order made or resolution adopted to wind up or liquidate the foreign
company in any jurisdictions; (iii) that no receiver, trustee, administrator or other similar person has been appointed in any jurisdiction
and is acting in respect of the foreign company, its affairs or its property or any part thereof; (iv) that no scheme, order, compromise
or other similar arrangement has been entered into or made in any jurisdiction whereby the rights of creditors of the foreign company
are and continue to be suspended or restricted; and (v) that there are no reasons why it would be against the public interest to allow
the merger or consolidation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where
the surviving company is the Cayman Islands exempted company, the directors of the Cayman Islands exempted company are further required
(in addition to the declarations set out above) to make a declaration to the effect that, having made due enquiry, they are of the opinion
that the requirements set out below have been met: (i) that the foreign company is able to pay its debts as they fall due and that the
merger or consolidated is bona fide and not intended to defraud unsecured creditors of the foreign company; (ii) that in respect of the
transfer of any security interest granted by the foreign company to the surviving or consolidated company (a) consent or approval to
the transfer has been obtained, released or waived; (b) the transfer is permitted by and has been approved in accordance with the constitutional
documents of the foreign company; and (c) the laws of the jurisdiction of the foreign company with respect to the transfer have been
or will be complied with; (iii) that the foreign company will, upon the merger or consolidation becoming effective, cease to be incorporated,
registered or exist under the laws of the relevant foreign jurisdiction; and (iv) that there is no other reason why it would be against
the public interest to permit the merger or consolidation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where
the above procedures are adopted, the Companies Act provides certain limited appraisal rights for dissenting shareholders to be paid
a payment of the fair value of such holder&#8217;s shares upon their dissenting to the merger or consolidation if they follow a prescribed
procedure. In essence, that procedure is as follows: (a) the shareholder must give their written objection to the merger or consolidation
to the constituent company before the vote on the merger or consolidation, including a statement that the shareholder proposes to demand
payment for their shares if the merger or consolidation is authorized by the vote; (b) within 20 days following the date on which the
merger or consolidation is approved by the shareholders, the constituent company must give written notice to each shareholder who made
a written objection; (c) a shareholder must within 20 days following receipt of such notice from the constituent company, give the constituent
company a written notice of their intention to dissent including, among other details, a demand for payment of the fair value of their
shares (including their name, address, and number and classes of shares in respect of which such person dissents); (d) within seven days
following the date of the expiration of the period set out in paragraph (b) above or seven days following the date on which the plan
of merger or consolidation is filed, whichever is later, the constituent company, the surviving company or the consolidated company must
make a written offer to each dissenting shareholder to purchase their shares at a price that the company determines is the fair value
and if the company and the shareholder agree upon the price within 30 days following the date on which the offer was made, the company
must pay the shareholder such amount; and (e) if the company and the shareholder fail to agree a price within such 30 day period, within
20 days following the date on which such 30 day period expires, the company must (and any dissenting shareholder may) file a petition
with the Cayman Islands Grand Court to determine the fair value and such petition must be accompanied by a list of the names and addresses
of the dissenting shareholders with whom agreements as to the fair value of their shares have not been reached by the company. At the
hearing of that petition, the court has the power to determine the fair value of the shares together with a fair rate of interest, if
any, to be paid by the company upon the amount determined to be the fair value. Any dissenting shareholder whose name appears on the
list filed by the company may participate fully in all proceedings until the determination of fair value is reached. These rights of
a dissenting shareholder are not available in certain circumstances, for example, to dissenters holding shares of any class in respect
of which an open market exists on a recognized stock exchange or recognized interdealer quotation system at the relevant date or where
the consideration for such shares to be contributed are shares of any company listed on a national securities exchange or shares of the
surviving or consolidated company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 0pt">&#160;</div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moreover,
Cayman Islands law has separate statutory provisions that facilitate the reconstruction or amalgamation of companies in certain circumstances,
commonly referred to in the Cayman Islands as a &#8220;scheme of arrangement,&#8221; which may be tantamount to a merger. Schemes of
arrangement will generally be more suited for complex mergers or other transactions involving widely held companies. In the event that
a merger was sought pursuant to a scheme of arrangement (the procedures for which are more rigorous and take longer to complete than
the procedures typically required to consummate a merger in the United States), the arrangement in question must be approved (i) in relation
to a compromise or arrangement between a company and its creditors or any class of them, a majority in number of such creditors or class
of creditors with whom the arrangement is to be made and who must in addition represent 75% in value of such creditors or class of creditors,
as the case may be, that are present and voting either in person or by proxy at a meeting summoned for that purpose; and (ii) in relation
to a compromise or arrangement between a company and its shareholders or any class of them, shareholders who represent 75% in value of
the company&#8217;s shareholders or class of shareholders, as the case may be, that are present and voting either in person or by proxy
at a meeting summoned for that purpose. The convening of the meetings and subsequently the terms of the arrangement must be sanctioned
by the Grand Court of the Cayman Islands. While a dissenting shareholder would have the right to express to the court the view that the
transaction should not be approved, the court can be expected to approve the arrangement if it satisfies itself that:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LPA
    is not proposing to act illegally or beyond the scope of its corporate authority and the statutory provisions as to majority vote
    have been complied with;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LPA
    shareholders have been fairly represented at the meeting in question; the arrangement is such as a businessman would reasonably approve;
    and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    arrangement is not one that would more properly be sanctioned under some other provision of the Companies Act or that would amount
    to a &#8220;fraud on the minority.&#8221;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a scheme of arrangement or takeover offer (as described below) is approved, any dissenting shareholder would have no rights comparable
to appraisal rights (providing rights to receive payment in cash for the judicially determined value of the shares), which would otherwise
ordinarily be available to dissenting shareholders of United States corporations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Squeeze-out
Provisions. </i></b>When a tender offer is made and accepted by holders of 90% in value of the shares affected to whom the offer relates
within four months, the offeror may, within a two-month period after the expiration of the initial four month period, give notice in
the prescribed manner specified in the Companies Act to any dissenting shareholder that it desires to acquire that person&#8217;s shares
on the terms of the offer and, where such notice is given, the shareholder shall (unless otherwise provided for in the Companies Act)
transfer such shares to the offeror. An objection can be made to the Grand Court of the Cayman Islands, but this is unlikely to succeed
unless there is evidence of fraud, bad faith, collusion or inequitable treatment of the shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
transactions similar to a merger, reconstruction and/or an amalgamation may in some circumstances be achieved through means other than
these statutory provisions, such as a share capital exchange, asset acquisition or control, or through contractual arrangements of an
operating business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Shareholders&#8217;
Suits.</i></b> Ogier (Cayman) LLP, LPA&#8217;s Cayman Islands legal counsel, is not aware of any reported class action having been brought
in a Cayman Islands court. Derivative actions have been brought in the Cayman Islands courts, and the Cayman Islands courts have confirmed
the availability for such actions. In most cases, LPA will be the proper plaintiff in any claim based on a breach of duty owed to LPA,
and a claim against (for example) LPA officers or directors usually may not be brought by a shareholder. However, based both on Cayman
Islands authorities and on English authorities, which would in all likelihood be of persuasive authority and be applied by a court in
the Cayman Islands, exceptions to the foregoing principle apply in circumstances in which:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    company is acting, or proposing to act, illegally or ultra vires (beyond the scope of its authority);</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    act complained of, although not beyond the scope of the authority, could be effected if duly authorized by more than the number of
    votes which have actually been obtained; or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">those
    who control the company are perpetrating a &#8220;fraud on the minority.&#8221;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
shareholder may have a direct right of action against LPA where the individual rights of that shareholder have been infringed or are
about to be infringed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Enforcement
of Civil Liabilities.</i></b> The Cayman Islands has a different body of securities laws as compared to the United States and provides
less protection to investors. Additionally, Cayman Islands companies may not have standing to sue before the Federal courts of the United
States.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LPA
has been advised by Ogier (Cayman) LLP, as LPA&#8217;s Cayman Islands legal counsel, that the courts of the Cayman Islands are unlikely
(i) to recognize or enforce against LPA judgments of courts of the United States predicated upon the civil liability provisions of the
federal securities laws of the United States or any state; and (ii) in original actions brought in the Cayman Islands, to impose liabilities
against LPA predicated upon the civil liability provisions of the federal securities laws of the United States or any state, so far as
the liabilities imposed by those provisions are penal in nature. In those circumstances, although there is no statutory enforcement in
the Cayman Islands of judgments obtained in the United States, the courts of the Cayman Islands will recognize and enforce a foreign
money judgment of a foreign court of competent jurisdiction without retrial on the merits based on the principle that a judgment of a
competent foreign court imposes upon the judgment debtor an obligation to pay the sum for which judgment has been given provided certain
conditions are met. For a foreign judgment to be enforced in the Cayman Islands, such judgment must be final and conclusive and for a
liquidated sum, and must not be in respect of taxes or a fine or penalty, inconsistent with a Cayman Islands judgment in respect of the
same matter, impeachable on the grounds of fraud or obtained in a manner, and or be of a kind the enforcement of which is, contrary to
natural justice or the public policy of the Cayman Islands (awards of punitive or multiple damages may well be held to be contrary to
public policy). A Cayman Islands Court may stay enforcement proceedings if concurrent proceedings are being brought elsewhere.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Special
Considerations for Exempted Companies.</i></b> LPA is an exempted company with limited liability (meaning its public shareholders have
no liability, as members of the company, for liabilities of the company over and above the amount paid for their shares) under the Companies
Act. The Companies Act distinguishes between ordinary resident companies and exempted companies. Any company that is registered in the
Cayman Islands but conducts business mainly outside of the Cayman Islands may apply to be registered as an exempted company. The requirements
for an exempted company are essentially the same as for an ordinary company except for the exemptions and privileges listed below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">annual
    reporting requirements are minimal and consist mainly of a statement that the company has conducted its operations mainly outside
    of the Cayman Islands and has complied with the provisions of the Companies Act;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    exempted company&#8217;s register of members is not open to inspection;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    exempted company does not have to hold an annual general meeting;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    exempted company may issue shares with no par value;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    exempted company may obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for
    20 years in the first instance);</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    exempted company may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    exempted company may register as a limited duration company; and </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">an exempted company may register as a segregated portfolio company.</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Anti-Money
Laundering&#8212;Cayman Islands</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to comply with legislation or regulations aimed at the prevention of money laundering and terrorist financing, LPA is required
to adopt and maintain anti-money laundering procedures, and will require current or prospective shareholders to provide evidence to verify
their identity, address and source of funds. Where permitted, and subject to certain conditions, LPA may also delegate the maintenance
of its anti-money laundering procedures (including the acquisition of due diligence information) to a suitable person.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LPA
reserves the right to request such information and evidence as is necessary to verify the identity, address and source of funds of a
current or prospective shareholder.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event of delay or failure on the part of the prospective shareholder in producing any information or evidence required for verification
purposes, LPA may refuse to accept the application, in which case any funds received will be returned without interest to the account
from which they were originally debited. LPA will not be liable for any loss suffered by a prospective shareholder arising as a result
of a refusal of, or delay in processing, an application from a prospective shareholder if such information and documentation requested
has not been provided by the prospective shareholder in a timely manner.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LPA
also reserves the right to refuse to make any distribution payment to a shareholder if our directors or officers suspect or are advised
that the payment of such distribution to such shareholder might result in a breach of applicable anti-money laundering or other laws
or regulations by any person in any relevant jurisdiction, or if such refusal is considered necessary or appropriate to ensure our compliance
with any such laws or regulations in any applicable jurisdiction.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
any person resident in the Cayman Islands knows or suspects, or has reasonable grounds for knowing or suspecting, that another person
is engaged in criminal conduct or is involved with terrorism or terrorist property and the information for that knowledge or suspicion
came to their attention in the course of business in the regulated sector or other trade, profession, business or employment, the person
will be required to report such knowledge or suspicion to (i) the Financial Reporting Authority of the Cayman Islands, pursuant to the
Proceeds of Crime Act (As Revised) of the Cayman Islands if the disclosure relates to criminal conduct or money laundering or (ii) the
Financial Reporting Authority or a police officer of the rank of constable or higher if the disclosure relates to involvement with terrorism
or terrorist financing and property. Such a report will not be treated as a breach of confidence or of any restriction upon the disclosure
of information imposed by any enactment or otherwise.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By
applying for shares, the prospective shareholder consents to the disclosure of any information about them to regulators and others upon
request in connection with money laundering, terrorist financing and similar matters both in the Cayman Islands and in other jurisdictions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Data
Protection in the Cayman Islands&#8212;Privacy Notice</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
privacy notice explains the manner in which we collect, process, and maintain personal data about investors of LPA pursuant to the Data
Protection Act (Revised) of the Cayman Islands, as amended from time to time and any regulations, codes of practice, or orders promulgated
pursuant thereto (the &#8220;<span style="text-decoration: underline">DPA</span>&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are committed to processing personal data in accordance with the DPA. In our use of personal data, we will be characterized under the
DPA as a &#8220;data controller,&#8221; whilst certain of our service providers, affiliates, and delegates may act as &#8220;data processors&#8221;
under the DPA. These service providers may process personal data for their own lawful purposes in connection with services provided to
us. For the purposes of this Privacy Notice, &#8220;you&#8221; or &#8220;your&#8221; shall mean the shareholder (including prospective
shareholders) and shall also include any individual connected to the shareholder.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By
virtue of your investment in LPA, we and certain of our service providers may collect, record, store, transfer, and otherwise process
personal data by which individuals may be directly or indirectly identified. We may combine personal data that you provide to use with
personal data that we collect from, or about you. This may include personal data collected in an online or offline context including
from credit reference agencies and other available public databases or data sources, such as news outlines, websites and other media
sources and international sanctions lists.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Your
personal data will be processed fairly and for lawful purposes, including (a) where the processing is necessary for us to perform a contract
to which you are a party or for taking pre-contractual steps at your request, (b) where the processing is necessary for compliance with
any legal, tax, or regulatory obligation to which we are subject, (c) where the processing is for the purposes of legitimate interests
pursued by us or by a service provider to whom the data are disclosed, or (d) where you otherwise consent to the processing of personal
data for any other specific purpose. As a data controller, we will only use your personal data for the purposes for which we collected
it. If we need to use your personal data for an unrelated purpose, we will contact you.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
anticipate that we will share your personal data with our service providers for the purposes set out in this privacy notice. We may also
share relevant personal data where it is lawful to do so and necessary to comply with our contractual obligations or your instructions
or where it is necessary or desirable to do so in connection with any regulatory reporting obligations. In exceptional circumstances,
we will share your personal data with regulatory, prosecuting, and other governmental agencies or departments, and parties to litigation
(whether pending or threatened), in any country or territory including to any other person where we have a public or legal duty to do
so (e.g. to assist with detecting and preventing fraud, tax evasion, and financial crime or compliance with a court order).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Your
personal data shall not be held by LPA for longer than necessary with regard to the purposes of the data processing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will not sell your personal data. Any transfer of personal data outside of the Cayman Islands shall be in accordance with the requirements
of the DPA. Where necessary, we will ensure that separate and appropriate legal agreements are put in place with the recipient of that
data.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will only transfer personal data in accordance with the requirements of the DPA, and will apply appropriate technical and organizational
information security measures designed to protect against unauthorized or unlawful processing of the personal data and against the accidental
loss, destruction, or damage to the personal data.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
you are a natural person, this will affect you directly. If you are a corporate investor (including, for these purposes, legal arrangements
such as trusts or exempted limited partnerships) that provides us with personal data on individuals connected to you for any reason in
relation to your investment into LPA, this will be relevant for those individuals and you should transmit this document to those individuals
for their awareness and consideration.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
have certain rights under the DPA, including (a) the right to be informed as to how we collect and use your personal data (and this privacy
notice fulfils our obligation in this respect), (b) the right to obtain a copy of your personal data, (c) the right to require us to
stop direct marketing, (d) the right to have inaccurate or incomplete personal data corrected, (e) the right to withdraw your consent
and require us to stop processing or restrict the processing, or not begin the processing of your personal data, (f) the right to be
notified of a data breach (unless the breach is unlikely to be prejudicial), (g) the right to obtain information as to any countries
or territories outside the Cayman Islands to which we, whether directly or indirectly, transfer, intend to transfer, or wish to transfer
your personal data, general measures we take to ensure the security of personal data, and any information available to us as to the source
of your personal data, (h) the right to complain to the Office of the Ombudsman of the Cayman Islands, and (i) the right to require us
to delete your personal data in some limited circumstances.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
you do not wish to provide us with requested personal data or subsequently withdraw your consent, you may not be able to invest in LPA
or remain invested in LPA as it will affect the LPA&#8217;s ability to manage your investment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
you consider that your personal data has not been handled correctly, or you are not satisfied with our responses to any requests you
have made regarding the use of your personal data, you have the right to complain to the Cayman Islands&#8217; Ombudsman. The Ombudsman
can be contacted by email at <span style="text-decoration: underline">info@ombudsman.ky</span> or by accessing their website here: <span style="text-decoration: underline">ombudsman.ky</span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Certain
Anti-Takeover Provisions of the Charter</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Charter provides that the LPA Board is classified into three classes of directors. As a result, in most circumstances, a person can gain
control of the LPA Board only by successfully engaging in a proxy contest at two or more annual general shareholder meetings.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LPA&#8217;s
authorized but unissued Ordinary Shares and Preference Shares are available for future issuances without shareholder approval and could
be utilized for a variety of corporate purposes, including future offerings to raise additional capital, acquisitions and employee benefit
plans. The existence of authorized but unissued and unreserved Ordinary Shares and Preference Shares could render more difficult or discourage
an attempt to obtain control of LPA by means of a proxy contest, tender offer, merger or otherwise. However, under Cayman Islands law,
the LPA Board may only exercise the rights and powers granted to them under the Charter for a proper purpose and for what they believe
in good faith to be in the best interests of LPA.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Listing
of Securities</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Ordinary Shares are listed on NYSE American under the symbol &#8220;LPA&#8221;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Material
    Contracts</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&#8220;<i>Item 4.B. Information on the Company&#8212;Business Overview</i>,&#8221; &#8220;<i>Item 5.B. Operating and Financial Review
and Prospects&#8212;Liquidity and Capital Resources</i>,&#8221; &#8220;<i>Item 6.B. Directors, Senior Management and Employees &#8212;
Compensation,</i>&#8221; &#8220;<i>Item 7.A. &#8212; Major Shareholders and Related Party Transactions&#8212;Major Shareholders</i>&#8221;
and &#8220;<i>Item 7.B. Major Shareholders and Related Party Transactions&#8212;Related Party Transactions</i>.&#8221;
Except as otherwise disclosed in this Report (including the Exhibits), we are not currently, and have not been in the last two years,
party to any material contract, other than contracts entered into in the ordinary course of business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exchange
    Controls</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are no governmental laws, decrees, regulations or other legislation in the Cayman Islands that may affect the import or export of capital,
including the availability of cash and cash equivalents for use by LPA, or that may affect the remittance of dividends, interest,
or other payments by LPA to non-resident holders of Ordinary Shares. There is no limitation imposed by laws of Cayman Islands
or in the Charter on the right of non-residents to hold or vote Ordinary Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>E.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Taxation</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Certain
Material U.S. Federal Income Tax Considerations</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a discussion of certain material U.S. federal income tax considerations relevant to the ownership and disposition of Ordinary
Shares. This discussion applies only to Ordinary Shares held as capital assets for U.S. federal income tax purposes (generally, property
held for investment) and does not discuss all aspects of U.S. federal income taxation that might be relevant to holders in light of their
particular circumstances or status, including alternative minimum tax and Medicare contribution tax consequences, or holders who are
subject to special rules, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">brokers,
    dealers and other investors that do not own their Ordinary Shares as capital assets;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"/>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">traders
    in securities that elect to use a mark-to-market method of accounting for their securities holdings;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">tax-exempt
    organizations, qualified retirement plans, individual retirement accounts or other tax deferred accounts;</span></td></tr>
  </table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 110.25pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> &#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">banks
    or other financial institutions, underwriters, insurance companies, real estate investment trusts or regulated investment companies;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">persons liable for alternative minimum taxes;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
    expatriates or former long-term residents of the United States;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
    that own (directly, indirectly, or by attribution) 10% or more (by vote or value) of the Ordinary Shares;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">partnerships
    or other pass-through entities for U.S. federal income tax purposes, including S corporations, and beneficial owners of partnerships or other pass-through entities;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
    holding Ordinary Shares as part of a straddle, hedging or conversion transaction, constructive sale, or other arrangement involving
    more than one position;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
    required to accelerate the recognition of any item of gross income with respect to Ordinary Shares as a result of such income being
    recognized on an applicable financial statement;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
    whose functional currency is not the U.S. dollar;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
    that received Ordinary Shares as compensation for services; or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">controlled
    foreign corporations or passive foreign investment companies.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
discussion is based on the Code, its legislative history, existing and proposed Treasury regulations promulgated under the Code (the
&#8220;<span style="text-decoration: underline">Treasury Regulations</span>&#8221;), published rulings by the IRS and court decisions, all as of the date hereof. These laws are
subject to change, possibly on a retroactive basis. This discussion is necessarily general and does not address all aspects of U.S. federal
income taxation, including the effect of the U.S. federal alternative minimum tax or the Medicare contribution tax, or U.S. federal estate
and gift tax, or any state, local or non-U.S. tax laws to a holder of Ordinary Shares. We have not and do not intend to seek any rulings
from the IRS regarding the statements made and positions or conclusions described in this summary.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ALL
HOLDERS OF PURCHASER SECURITIES SHOULD CONSULT WITH THEIR TAX ADVISORS REGARDING THE TAX CONSEQUENCES AND CONSIDERATIONS RELATING TO
THE OWNERSHIP AND DISPOSITION OF ORDINARY SHARES, INCLUDING THE EFFECTS OF U.S. FEDERAL, STATE, AND LOCAL AND NON-U.S. TAX LAWS.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>U.S.
Holders</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
section applies to you if you are a U.S. holder. For purposes of this discussion, a U.S. holder means a beneficial owner of Ordinary
Shares that is, for U.S. federal income tax purposes:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    individual who is a citizen or resident of the United States;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    corporation (or other entity taxable as a corporation for U.S. federal income tax purposes) created or organized in or under the
    laws of the United States, any state thereof or the District of Columbia;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    estate whose income is subject to U.S. federal income tax regardless of its source; or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    trust if (1) a U.S. court can exercise primary supervision over the trust&#8217;s administration and one or more U.S. persons are
    authorized to control all substantial decisions of the trust; or (2) the trust has a valid election in effect under applicable Treasury
    Regulations to be treated as a U.S. person.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Ownership
and Disposition of Ordinary Shares by U.S. Holders</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Distributions
on Ordinary Shares</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
section is subject to further discussion under &#8220;&#8212; <i>Passive Foreign Investment Company Rules</i>&#8221; below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distributions
paid by LPA out of current or accumulated earnings and profits (as determined for U.S. federal income tax purposes) generally will be
taxable to a U.S. holder as dividend income. Distributions in excess of current and accumulated earnings and profits will be treated
as a non-taxable return of capital to the extent of the U.S. holder&#8217;s basis in the Ordinary Shares and thereafter as capital gain.
However, LPA does not intend to maintain calculations of its earnings and profits in accordance with U.S. federal income tax accounting
principles. U.S. holders should therefore assume that any distribution by LPA with respect to its shares will be treated as dividend
income. Such dividends will not be eligible for the dividends-received deduction allowed to U.S. corporations with respect to dividends
received from other U.S. corporations. U.S. holders should consult their own tax advisors with respect to the appropriate U.S. federal
income tax treatment of any distribution received from LPA.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends
received by non-corporate U.S. holders (including individuals) from a &#8220;qualified foreign corporation&#8221; may be taxed as
&#8220;qualified dividend income&#8221; (&#8220;QDI&#8221;) at reduced rates of taxation, provided that certain holding period
requirements and other conditions are satisfied. For these purposes, a non-U.S. corporation will be treated as a qualified foreign
corporation if the Ordinary Shares are readily tradable on an established securities market in the United States. United States Treasury Department guidance indicates that the Ordinary
Shares, which are listed on the NYSE American, are readily tradable on an established securities market in the United States. Thus, we
believe that any dividends we pay on the Ordinary Shares to non-corporate U.S. Holders will be potentially eligible for these reduced
tax rates. However, there can be no
assurance that Ordinary Shares will be considered &#8220;readily tradable&#8221; on an established securities market in future
years. Non-corporate U.S. holders that do not meet a minimum holding period requirement during which they are not protected from the
risk of loss or that elect to treat the dividend income as &#8220;investment income&#8221; pursuant to Section 163(d)(4) of the Code
(dealing with the deduction for investment interest expense) will not be eligible for the reduced rates of taxation regardless of
LPA&#8217;s status as a qualified foreign corporation. In addition, the rate reduction will not apply to dividends if the recipient
of a dividend is obligated to make related payments with respect to the positions in substantially similar or related property. This
disallowance applies even if the minimum holding period has been met. LPA will not constitute a qualified foreign corporation for
purposes of these rules if it is a PFIC for the taxable year in which it pays a dividend or for the preceding taxable year. See
discussion below under &#8220;&#8212; <i>Passive Foreign Investment Company Rules</i>.&#8221; U.S. holders should consult their tax
advisors regarding the availability of the lower rate for dividends paid with respect to Ordinary Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to certain exceptions, dividends on Ordinary Shares will generally constitute foreign source income for foreign tax credit limitation
purposes. If such dividends are QDI (as discussed above), the amount of the dividend taken into account for purposes
of calculating the foreign tax credit limitation will be limited to the gross amount of the dividend, multiplied by a fraction, the numerator
of which is the reduced rate applicable to QDI and the denominator of which is the highest rate of tax normally
applicable to dividends. The limitation on foreign taxes eligible for credit is calculated separately with respect to specific classes
of income. For this purpose, dividends distributed by LPA with respect to the Ordinary Shares generally will constitute &#8220;passive
category income&#8221; but could, in the case of certain U.S. holders, constitute &#8220;general category income.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Sale,
Exchange, Redemption or Other Taxable Disposition of Ordinary Shares</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
section is subject to further discussion under &#8220;&#8212; <i>Passive Foreign Investment Company Rules</i>,&#8221; below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
U.S. holder generally will recognize gain or loss on any sale, exchange, redemption or other taxable disposition of Ordinary Shares in
an amount equal to the difference between (i) the amount realized on the disposition and (ii) such U.S. holder&#8217;s adjusted tax basis
in such Ordinary Shares. Any gain or loss recognized by a U.S. holder on a taxable disposition of Ordinary Shares generally will be capital
gain or loss. A non-corporate U.S. holder, including an individual, who has held the Ordinary Shares for more than one year generally
will be eligible for reduced tax rates for such long-term capital gains. The deductibility of capital losses is subject to limitations.
Any such gain or loss recognized generally will be treated as U.S. source gain or loss. In the event any non-U.S. tax (including withholding
tax) is imposed upon such sale or other disposition, a U.S. holder&#8217;s ability to claim a foreign tax credit for such non-U.S. tax
is subject to various limitations and restrictions. U.S. holders should consult their tax advisors regarding the ability to claim a foreign
tax credit.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Passive
Foreign Investment Company Rules</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Generally.
</i>The treatment of U.S. holders of the Ordinary Shares could be materially different from that described above if LPA is treated as
a PFIC for U.S. federal income tax purposes. A PFIC is any non-U.S. corporation with respect to which either: (i) 75% or more of the
gross income for a taxable year constitutes passive income for purposes of the PFIC rules (the &#8220;<span style="text-decoration: underline">PFIC Income Test</span>&#8221;),
or (ii) more than 50% of such foreign corporation&#8217;s assets in any taxable year (generally based on the quarterly average of the
value of its assets during such year) is attributable to assets, including cash, that produce passive income or are held for the production
of passive income (the &#8220;<span style="text-decoration: underline">PFIC Asset Test</span>&#8221;). Passive income generally includes dividends, interest, certain royalties
and rents, annuities, net gains from the sale or exchange of property producing such income and net foreign currency gains. The determination
of whether a foreign corporation is a PFIC is based upon the composition of such foreign corporation&#8217;s income and assets (including,
among others, its proportionate share of the income and assets of any other corporation in which it owns, directly or indirectly, 25%
or more (by value) of the stock), and the nature of such non-U.S. corporation&#8217;s activities. A separate determination must be made
after the close of each taxable year as to whether a non-U.S. corporation was a PFIC for that year. Once a non-U.S. corporation qualifies
as a PFIC it is, with respect to a shareholder during the time it qualifies as a PFIC, always treated as a PFIC with respect to such
shareholder, regardless of whether it satisfies either of the qualification tests in subsequent years (unless the U.S. holder makes a
deemed sale election with respect to the stock of the PFIC held by such U.S. holder once such PFIC ceases to satisfy either of the qualification
tests).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LPA&#8217;s
status as a PFIC for its taxable year, and in any future taxable year, is an annual determination that can be made only after the end
of that year. Accordingly, there can be no assurances regarding LPA&#8217;s status as a PFIC for its taxable year and for any future
taxable year. Because LPA&#8217;s status as a PFIC depends on facts that are not known at this time, counsel is unable to opine on LPA&#8217;s
status as a PFIC in its current or any future taxable year. Further, even if LPA determines that it is not expected to be a PFIC for
a taxable year, the IRS could take a different view as to whether or not LPA is a PFIC, either because of a different evaluation of income
and assets or because the IRS determines that TWOA should be treated as a predecessor of LPA. The determination of whether or not LPA
is a PFIC for a taxable year will depend on the composition of LPA&#8217;s income and assets, and the fair market value of its assets
from time to time, including its unbooked goodwill, which may be determined by reference to LPA&#8217;s share price (which could fluctuate
significantly). In addition, LPA&#8217;s possible status as a PFIC will also depend on the application of complex statutory and regulatory
rules that are subject to potentially varying or changing interpretations. The composition of LPA&#8217;s assets will also be affected
by LPA&#8217;s holding of significant cash balances. The application of the PFIC rules is subject to uncertainty in several respects
and, therefore, no assurances can be provided that the IRS will not assert that LPA is a PFIC for the taxable year or in a future year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
LPA is or becomes a PFIC during any year in which a U.S. holder holds Ordinary Shares, there are three separate taxation regimes that
could apply to such U.S. holder under the PFIC rules, which are the (i) excess distribution regime (which is the default regime), (ii)
QEF regime, and (iii) mark-to-market regime. A U.S. holder who holds (actually or constructively) stock in a non-U.S. corporation during
any year in which such corporation qualifies as a PFIC is subject to U.S. federal income taxation under one of these three regimes. The
effect of the PFIC rules on a U.S. holder will depend upon which of these regimes applies to such U.S. holder. However, dividends paid
by a PFIC are generally not eligible for the lower rates of taxation applicable to qualified dividend income under any of the foregoing
regimes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Excess
Distribution Regime. </i>If a U.S. holder does not make a QEF election or a mark-to-market election, as described below, such U.S. holder
will be subject to the default &#8220;excess distribution regime&#8221; under the PFIC rules with respect to (i) any gain realized on
a sale or other disposition (including a pledge) of U.S. holder&#8217;s Ordinary Shares, and (ii) any &#8220;excess distribution&#8221;
that a U.S. holder receives on his or her Ordinary Shares (generally, any distributions in excess of 125% of the average of the annual
distributions on Ordinary Shares during the preceding three years or U.S. holder&#8217;s holding period, whichever is shorter). Generally,
under this excess distribution regime:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    gain or excess distribution will be allocated ratably over the period during which such U.S. holder held his or her Ordinary Shares;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    amount allocated to the current taxable year and any taxable year prior to the first taxable year in which LPA is a PFIC, will be
    taxed as ordinary income; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    amount allocated to each of the other taxable years will be subject to the highest tax rate in effect for that taxable year and the
    interest charge generally applicable to underpayments of tax will be imposed on the resulting tax attributable to each such year.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
tax liability for amounts allocated to years prior to the year of disposition or excess distribution will be payable generally without
regard to offsets from deductions, losses and expenses. In addition, gains (but not losses) realized on the sale of a U.S. holder&#8217;s
Ordinary Shares cannot be treated as capital gains, even if such U.S. holder holds the shares as capital assets. Further, no portion
of any distribution will be treated as QDI.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>QEF
Regime. </i>If LPA is a PFIC, a U.S. holder of Ordinary Shares may avoid taxation under the excess distribution rules described above
by making a QEF election. However, a U.S. holder may make a QEF election with respect to its Ordinary Shares only if LPA provides U.S.
holders on an annual basis with certain financial information specified under applicable U.S. Treasury Regulations. Because LPA currently
intends to make commercially reasonable efforts to provide U.S. holders with such information upon request, it is expected that U.S.
holders generally would be able to make a QEF election with respect to their Ordinary Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Mark-to-Market
Regime. </i>Alternatively, a U.S. holder of Ordinary Shares may also avoid taxation under the excess distribution rules by making a mark-to-market
election. The mark-to-market election is available only for &#8220;marketable stock,&#8221; which is stock that is regularly traded on
a qualified exchange or other market, as defined in applicable U.S. Treasury Regulations. The Ordinary Shares, which are expected to
be listed on the NYSE, are expected to qualify as marketable stock for purposes of the PFIC rules, but there can be no assurance that
they will be &#8220;regularly traded&#8221; for purposes of these rules. If a U.S. holder makes a valid mark-to-market election with
respect to its Ordinary Shares, such U.S. holder will include as ordinary income each year, the excess, if any, of the fair market value
of the Ordinary Shares at the end of the taxable year over the U.S. holder&#8217;s adjusted basis in the Ordinary Shares. Such U.S. holder
will also be allowed to take an ordinary loss in respect of the excess, if any, of such holder&#8217;s adjusted basis in the Ordinary
Shares over the fair market value of such Ordinary Shares at the end of the taxable year (but only to the extent of the net amount of
previously included income as a result of the mark-to-market election). The U.S. holder&#8217;s basis in the Ordinary Shares will be
adjusted to reflect any such income or loss amounts. Any gain that is recognized on the sale or other taxable disposition of Ordinary
Shares would be ordinary income and any loss would be an ordinary loss to the extent of the net amount of previously included income
as a result of the mark-to-market election and, thereafter, a capital loss. A mark-to-market election cannot be made for any lower-tier
PFICs. U.S. holders should consult their tax advisors regarding the application of the PFIC rules to their indirect ownership of shares
in any lower-tier PFICs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>PFIC
Reporting Requirements. </i>A U.S. holder who owns, or who is treated as owning, PFIC stock during any taxable year in which LPA is classified
as a PFIC may be required to file IRS Form 8621. U.S. holders of Ordinary Shares should consult their tax advisors regarding the requirement
to file IRS Form 8621 and the potential application of the PFIC regime.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Additional
Reporting Requirements</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
U.S. holders holding specified foreign financial assets with an aggregate value in excess of an applicable dollar threshold are required
to report information to the IRS relating to Ordinary Shares, subject to certain exceptions (including an exception for Ordinary Shares
held in an account maintained with a U.S. financial institution), by attaching a complete IRS Form 8938, Statement of Specified Foreign
Financial Assets, with their tax return, for each year in which they hold Ordinary Shares. U.S. holders should consult their tax advisors
regarding the effect, if any, of these rules on the ownership and disposition of Ordinary Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Non-U.S.
Holders</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
section applies to you if you are a non-U.S. holder. For purposes of this discussion, a non-U.S. holder means a beneficial owner (other
than a partnership or an entity or arrangement so characterized for U.S. federal income tax purposes) of Ordinary Shares that is not
a U.S. holder, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="width: 1in">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    nonresident alien individual, other than certain former citizens and residents of the United States;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    foreign corporation; or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    foreign estate or trust;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">but
generally does not include an individual who is present in the United States for 183 days or more in the taxable year of disposition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Ownership
and Disposition of Ordinary Shares by Non-U.S. Holders</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
non-U.S. holder of Ordinary Shares will not be subject to U.S. federal income tax or, subject to the discussion below under &#8220;&#8212;
<i>Information Reporting and Backup Withholding</i>,&#8221; U.S. federal withholding tax on any dividends received on Ordinary Shares
or any gain recognized on a sale or other disposition of Ordinary Shares (including, any distribution to the extent it exceeds the adjusted
basis in the non-U.S. holder&#8217;s Ordinary Shares) unless the dividend or gain is effectively connected with the non-U.S. holder&#8217;s
conduct of a trade or business in the United States, and if required by an applicable tax treaty, is attributable to a permanent establishment
maintained by the non-U.S. holder in the United States. In addition, special rules may apply to a non-U.S. holder that is an individual
present in the United States for 183 days or more during the taxable year of the sale or disposition, and certain other requirements
are met. Such non-U.S. holders should consult their own tax advisors regarding the U.S. federal income tax consequences of the sale or
disposition of Ordinary Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends
and gains that are effectively connected with a non-U.S. holder&#8217;s conduct of a trade or business in the United States (and, if
required by an applicable income tax treaty, are attributable to a permanent establishment or fixed base in the United States) generally
will be subject to U.S. federal income tax at the same regular U.S. federal income tax rates applicable to a comparable U.S. holder and,
in the case of a non-U.S. holder that is a corporation for U.S. federal income tax purposes, also may be subject to an additional branch
profits tax at a 30% rate or a lower applicable tax treaty rate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Information
Reporting and Backup Withholding</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information
reporting requirements may apply to dividends received by U.S. holders of Ordinary Shares and the proceeds received on the disposition
of Ordinary Shares effected within the United States (and, in certain cases, outside the United States), in each case other than U.S.
holders that are exempt recipients (such as corporations). Backup withholding may apply to such amounts if the U.S. holder fails to provide
an accurate taxpayer identification number (generally on an IRS Form W-9 provided to the paying agent of the U.S. holder&#8217;s broker)
or is otherwise subject to backup withholding. Any redemptions treated as dividend payments with respect to Ordinary Shares and proceeds
from the sale, exchange, redemption or other disposition of Ordinary Shares may be subject to information reporting to the IRS and possible
U.S. backup withholding. U.S. holders should consult their tax advisors regarding the application of the U.S. information reporting and
backup withholding rules.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information
returns may be filed with the IRS in connection with, and non-U.S. holders may be subject to backup withholding on amounts received in
respect of their Ordinary Shares, unless the non-U.S. holder furnishes to the applicable withholding agent the required certification
as to its non-U.S. status, such as by providing a valid IRS Form W-8BEN, IRS Form W-8BEN-E or IRS Form W-8ECI, as applicable, or the
non-U.S. holder otherwise establishes an exemption. Dividends paid with respect to Ordinary Shares and proceeds from the sale or other
disposition of Ordinary Shares received in the United States by a non-U.S. holder through certain U.S.-related financial intermediaries
may be subject to information reporting and backup withholding unless such non-U.S. holder provides proof of an applicable exemption
or complies with certain certification procedures described above, and otherwise complies with the applicable requirements of the backup
withholding rules.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Backup
withholding is not an additional tax. Amounts withheld as backup withholding may be credited against the U.S. holder&#8217;s U.S. federal
income tax liability, and a U.S. holder may obtain a refund of any excess amounts withheld under the backup withholding rules by timely
filing the appropriate claim for a refund with the IRS and furnishing any required information.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 0pt">&#160;</div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Material
Cayman Islands Tax Considerations</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a discussion on certain Cayman Islands income tax consequences of an investment in the securities of LPA. The discussion
is a general summary of present law, which is subject to prospective and retroactive change. It is not intended as tax advice, does not
consider any investor&#8217;s particular circumstances, and does not consider tax consequences other than those arising under Cayman
Islands law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Under
Existing Cayman Islands Laws</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payments
of dividends and capital in respect of LPA&#8217;s securities will not be subject to taxation in the Cayman Islands and no withholding
will be required on the payment of a dividend or capital to any holder of the securities nor will gains derived from the disposal of
the securities be subject to Cayman Islands income or corporation tax.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Cayman Islands currently levies no taxes on individuals or corporations based upon profits, income, gains, or appreciation and there
is no taxation in the nature of inheritance tax or estate duty. There are no other taxes likely to be material to LPA levied by the Government
of the Cayman Islands except for stamp duties which may be applicable on instruments executed in, or, after execution, brought within
the jurisdiction of the Cayman Islands. There are no exchange control regulations or currency restrictions in the Cayman Islands.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
stamp duty is payable in respect of the issue of Ordinary Shares or on an instrument of transfer in respect of such shares. Stamp duty may apply to an instrument
of transfer in respect of an Ordinary Share if executed in or brought into the Cayman Islands.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LPA
has been incorporated under the laws of the Cayman Islands as an exempted company with limited liability and, as such, has applied for
and received an undertaking from the Financial Secretary of the Cayman Islands substantially in the following form on October 10, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
Tax Concessions Act</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Undertaking
as to Tax Concessions</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with the Tax Concessions Act (Revised) of the Cayman Islands, the following undertaking is hereby given to LPA:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.
That no law which is hereafter enacted in the Cayman Islands imposing any tax to be levied on profits, income, gains or appreciations
shall apply to LPA or its operations; and</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.
In addition, that no tax to be levied on profits, income, gains or appreciations or which is in the nature of estate duty or inheritance
tax shall be payable:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1
on or in respect of the shares, debentures or other obligations of LPA; or</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2
by way of the withholding in whole or in part of any relevant payment as defined in the Tax Concessions Act (Revised).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
concessions shall be for a period of twenty years from October 10, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>F.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dividends
    and Paying Agents</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    applicable.</span></td></tr>
  </table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>G.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Statement
    by Experts</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    applicable.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>H.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Documents
    on Display</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to certain of the informational filing requirements of the Exchange Act. Since we are a &#8220;foreign private issuer,&#8221;
we are exempt from the rules and regulations under the Exchange Act prescribing the furnishing and content of proxy statements, and our
officers, directors and principal shareholders are exempt from the reporting and &#8220;short-swing&#8221; profit recovery provisions
contained in Section 16 of the Exchange Act, with respect to their purchase and sale of our shares. In addition, we are not required
to file reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered
under the Exchange Act. However, we are required to file with the SEC an Annual Report on Form 20-F containing financial statements audited
by an independent accounting firm. We may, but are not required, to furnish to the SEC, on Form 6-K, unaudited financial information
after each of our first three fiscal quarters. The SEC also maintains a website at http://www.sec.gov that contains reports and other
information that we file with or furnish electronically with the SEC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>I.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Subsidiary
    Information</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    applicable.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>J.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual
    Report to Security Holders</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    applicable.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ass_009"></span>Item
11. Quantitative and Qualitative Disclosures About Market Risk</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 30.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LPA
is exposed to a variety of market and other risks, including the effects of changes in interest rates and foreign currency risk.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Interest
Rate Risk</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LPA
holds financial liabilities (e.g., long-term debt) subject to interest rate risk. Changes in interest rates as of the reporting date
would affect profit or loss and cash flows. As of December 31, 2023 and December 31, 2022, the debt balance that was subject to
variable rates was $207.9 million and $209.3 million, respectively. Assuming no change in the principal amounts outstanding,
the impact of a 1% increase or decrease in the assumed weighted average interest rate on interest expense would be approximately
$2.1 million for the year ended December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Liquidity
Risk</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liquidity
risk is the risk that LPA will encounter difficulty in meeting the obligations associated with financial liabilities that are met by
delivering cash or another financial asset. LPA&#8217;s approach to managing liquidity is to ensure, to the extent possible, that it
will have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable
losses or risking damage to LPA&#8217;s reputation, and to maintain a balance between continuity of funding and flexibility through the
use of bank deposits and loans.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Typically,
LPA ensures that it has sufficient cash on demand, including deposits at banks and the balances of short-term credit facilities with
diverse funding resources and committed borrowing facilities, to meet expected operating expenses for a period of 90 days, including
the servicing of financial obligations. This excludes the potential impact of extreme circumstances that cannot be reasonably predicted,
such as natural disasters.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LPA
has access to a sufficient variety of sources of funding to repay debt maturing within 12 months in the normal course of business. See
Notes 2 and 16 of our audited consolidated financial statements for more information on a debt covenant matter that arose effective December
31, 2022, as a result of which LPA categorized the related debt balance as repayable on demand. The waiver was subsequently obtained
on February 17, 2023 and LPA remains in compliance with all covenants as of the date the financial statements were issued.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 0pt">&#160;</div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Foreign
Currency Risk</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LPA
is exposed to market risk from changes in foreign currency exchange rates primarily in connection with all of LPA&#8217;s
subsidiaries. LPA is subject to fluctuations in the Costa Rican colones, Peruvian soles and Colombian pesos to U.S. dollar currency
exchange rates. LPA attempts to mitigate its net exposure to the changes in interest rates by ensuring its debt and revenue are
denominated in the same currencies. In addition, LPA keeps minimal cash in local currencies and holds the majority of cash in its
functional currency of U.S. dollar. <span style="background-color: white">As of December 31, 2023 and 2022, the net assets in
foreign operations of </span>LPA <span style="background-color: white">in its operations in Colombia, which uses the Colombian peso
as its functional currency amounted to $88.7 million and $49.4 million, respectively. As of December 31, 2023 and 2022, a
hypothetical 10% strengthening or weakening of the U.S. dollar against the local currencies of the subsidiaries would have decreased
or increased profit for the year by $0.3 million and $0.4 million, respectively.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Market
Risk</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LPA
is exposed to market risks primarily from changes in interest rates and foreign currency exchange rates. LPA does not use derivatives
for trading purposes to generate income or to engage in speculative activity.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ass_010"></span>Item
12: Description of Securities Other Than Equity Securities</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    applicable.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Debt
    Securities</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    applicable.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Warrants
    and Rights</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">To be confirmed.</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other
    Securities</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    applicable.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>American
    Depositary Shares</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"/>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    applicable.</span></td></tr>
  </table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ass_011"></span>PART
II</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ass_012"></span>Item
13: Defaults, Dividend Arrearages and Delinquencies</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ass_013"></span>Item
14: Material Modifications to the Rights of Security Holders and Use of Proceeds</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ass_014"></span>Item
15: Controls and Procedures</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Disclosure
    Controls and Procedures</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Chief Executive Officer and Chief Financial Officer are responsible for implementing disclosure controls and procedures to ensure that
the information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed,
summarized and reported within the time periods specified in SEC rules and forms. Such information is necessary for our officers who
certify the Company&#8217;s financial reports and for other members of senior management and the CEO and CFO as appropriate to allow
timely decisions regarding required disclosure. Because of these inherent limitations, our disclosure controls and procedures may not
prevent or detect misstatements. Additionally, projections of any evaluation of effectiveness to future periods are subject to the risk
that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures
may deteriorate. The CEO and CFO conducted an evaluation of the effectiveness of our disclosure
controls and procedures (pursuant to Rule 13a-15(e) under the Exchange Act) as of December 31, 2023. Based upon our most recent evaluation,
our CEO and CFO has concluded that our disclosure controls and procedures were not effective as of December 31, 2023, as a result of the
material weaknesses in our internal controls over financial reporting described above.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
to this filing, we have been publicly registered in Colombia and not subject to the financial reporting requirements of the SEC and have
not had the accounting personnel and other resources required for SEC financial reporting purposes and to monitor such work while maintaining
appropriate segregation of duties. A &#8220;material
weakness&#8221; is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a
reasonable possibility that a material misstatement of our company&#8217;s annual or interim financial statements will not be prevented
or detected on a timely basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of the issues described above, deficiencies were identified, that either individually or in the aggregate, resulted in the identification
of material weaknesses related to each component of the Internal Control&#8201;&#8212;&#8201;Integrated Framework (2013 Framework)
issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) framework, including control environment, risk
assessment, control activities, information and communication, and monitoring activities. The material weaknesses have led to the material
misstatement and subsequent restatement of our consolidated financial statements for the years ended December 31, 2021 and 2022, and
if not remediated timely may lead to material misstatements in the future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
remediate our identified material weaknesses, we have adopted and intend to adopt several measures intended to improve our internal control
over financial reporting. These measures include strengthening our finance, operations and information technology teams, and implementation
of further policies, processes and internal controls relating to our financial reporting. Specifically, our planned remediation efforts
include the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    controls to identify, assess, and respond to risks of material misstatement and working to formalize internal control processes and
    documentation; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">strengthening
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">hiring
    additional qualified accounting and finance personnel and engaging financial consultants to enable the implementation of internal
    control over financial reporting and to segregate duties amongst our accounting and finance personnel; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">improving
    our accounting systems and implementing information technology general controls; and </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">engaging
    third parties as required, under management&#8217;s supervision, to assist with technical accounting, application of new accounting standards, tax matters, valuations of
    investment properties, and ESG sustainability metrics, among other matters. </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are committed to maintaining a strong internal control environment, and we expect to continue our efforts to ensure the material weaknesses
described above are remediated. However, these material weaknesses cannot be considered remediated until
the applicable remedial controls operate for a sufficient period of time and management has concluded, through testing, that these controls
are operating effectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
the material weaknesses in our internal control over financial reporting, we have concluded that the combined financial statements included
in this Report present fairly, in all material respects, our financial position, results of operations and cash flows for the periods
presented in conformity with IFRS.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
Exhibits 12.1 and 12.2 for the certifications required by this Item.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Management&#8217;s
    Annual Assessment on Internal Control Over Financial Reporting</b></span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Report does not include an annual assessment on internal control over financial reporting due to a transition period established by the
rules of the SEC for newly public companies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Attestation
    Report of the Registered Public Accounting Firm</b></span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Report does not include an attestation report of our registered public accounting firm due to a transition period established by rules
of the SEC for newly public companies. For so long as we qualify as an &#8220;emerging growth company&#8221; as defined under the JOBS
Act, our independent registered accounting firm is not required to issue an attestation report on our internal control over financial
reporting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Changes
    in Internal Control over Financial Reporting</b></span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
for the changes described above in connection with our remediation activities associated with the material weaknesses that existed as
of December 31, 2023, there have been no other changes during the year ended December 31, 2023, that has materially affected, or is reasonably
likely to materially affect, our internal control over financial reporting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ass_015"></span>Item
16: [Reserved]</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ass_016"></span>Item
16A. Audit Committee Financial Expert</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors has determined that Roger Lazarus, a member of our audit committee, is a &#8220;financial expert,&#8221; as defined
in Item 16A of Form 20-F. Mr. Lazarus is &#8220;independent&#8221;, as defined in Rule 10A-3 under the Exchange Act. For a description
of Mr. Lazarus&#8217; experience, see Item 6.A.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ass_017"></span>Item
16B. Code of Ethics</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LPA
has adopted a Code of Conduct and Ethics that applies to all of LPA&#8217;s employees, officers and directors. The full text of LPA&#8217;s
Code of Conduct and Ethics is posted on the Company&#8217;s website here: https://ir.lpamericas.com/governance/governance-documents/default.aspx.
LPA intends to disclose future amendments to, or waivers of, the Company&#8217;s Code of Conduct and Ethics, as and to the extent required
by SEC regulations, at the same location on the Company&#8217;s website identified above or in public filings. Information contained
on the Company&#8217;s website is not incorporated by reference into this Report and you should not consider information contained on
the Company&#8217;s website to be part of this Report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ass_018"></span>Item
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth the aggregate fees by categories specified below in connection with certain professional services rendered
and billed by Deloitte &amp; Touche, S.A., our independent registered public accounting firm for the periods indicated.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Audit
fees include the aggregate fees billed for each of the fiscal years for professional services rendered by our independent registered
public accounting firm for the audit of our annual and interim financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
other fees include the aggregate fees billed in each of the fiscal years for products and services provided by our independent registered
public accounting firm, other than the services reported under audit fees, audit-related fees, and tax fees.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ass_019"></span>Item
16D.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ass_020"></span>Item
16E.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ass_021"></span>Item
16F.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ass_022"></span>Item
16G. Corporate Governance</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LPA
is considered a &#8220;foreign private issuer&#8221; under U.S. securities laws and the rules of NYSE American. Under the applicable
securities laws of the U.S., foreign private issuers are subject to different disclosure requirements than U.S. domiciled issuers. As
a foreign private issuer, we are permitted to follow home country practice in lieu of certain corporate NYSE American governance rules,
subject to certain requirements. We currently rely, and will continue to rely, on the foreign private issuer exemption with respect to
the following rules:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    703 of the NYSE American Company Guide, which requires that a company provide shareholders with a written notice at least ten days
    in advance of all shareholder meetings and to provide for such notice in its by-laws.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"/>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    704 of the NYSE American Company Guide, which requires that company hold an annual meeting of shareholders no later than one year
    after the end of the company&#8217;s fiscal year.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    705 of the NYSE American Company Guide, which requires that a company solicit proxies from its shareholders pursuant to a proxy statement
    in connection with its shareholder meetings.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    804 of the NYSE American Company Guide, which requires that a company have a nomination committee that is comprised solely of &#8220;independent
    directors,&#8221; or by a majority of the independent directors, as defined by the NYSE American. Although we currently have a nomination
    and corporate governance committee, under the laws of the Cayman Islands we are not required, nor do we intend to, have such committee
    comply with Section 804 of the NYSE American Company Guide;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    805 of the NYSE American Company Guide, which requires that a company&#8217;s compensation committee be comprised solely of &#8220;independent
    directors&#8221; or, in the case of a company that does not have a compensation committee, that all of the members of the board of
    directors be independent. Although we currently have a compensation committee, under the laws of the Cayman Islands we are not required,
    nor do we intend to, have such committee comply with Section 805 of the NYSE American Company Guide.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ass_023"></span>Item
16H.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ass_024"></span>Item
16I.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ass_025"></span>Item
16J. Insider Trading Policies</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ass_026"></span>Item
16K. Cybersecurity</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risk
Management and Strategy</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have structured and implemented a set of security policies, procedures, and system redundancies intended to reduce the vulnerability
of our systems and protect the confidentiality and availability of our critical systems. We engaged a managed IT service provider with
a longstanding relationship with the Company (since 2016) to assist us with managing cybersecurity risks. Our managed IT service provider
conducts testing of our controls and environment that enables us to assess, identify, manage, and remediate material risks from cybersecurity
threats to our information systems.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have developed a cybersecurity risk management program that includes processes and policies in areas related to identity and access
management, incident response, employee training on cybersecurity matters, device management, and patch and vulnerability
management, among others. Our managed IT Service provider provides LPA with advice on technology, infrastructure, management, and
productivity in relation to its information technology capabilities across different departments of our company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event of a potential cybersecurity incident, or a series of related cybersecurity incidents, we have implemented an Information Security
Incident Response Plan designed to establish company-wide incident response processes and procedures for response to Information Security
Incidents. The Information Risk Committee (&#8220;<span style="text-decoration: underline">IRC</span>&#8221;) is the executive body with ultimate oversight over all Information
Security Incidents. It is formed by our Chief Financial Officer, our managed IT services provider and outside legal counsel. The Company&#8217;s
IRC provides oversight and policy guidance on physical, cyber and information security, as well as business continuity, throughout the
Company&#8217;s operations. It is responsible for designing, implementing, monitoring and supporting effective physical and technical
security controls for the Company&#8217;s physical assets, business systems and operational technologies. Additionally, LPA has information
technology general controls in place to support internal control over financial reporting. These controls are tested by LPA&#8217;s
internal control procedures, and deficiencies, if any, are reported to senior management and the Audit Committee of the LPA Board.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have an employee education program that is designed to raise awareness of cybersecurity threats to reduce our vulnerability as well as
to encourage consideration of cybersecurity risks across functions. We also monitor risks relating to potential compromises of sensitive
information at our third-party business partners where relevant and reevaluate the risks at these partners semi-annually. Before contracting
with certain third-parties, such as our local property managers, or purchasing third-party technology or other solutions that involve
exposure to sensitive company or tenant information, we conduct diligence on those third-parties, which includes a security review, including,
as appropriate, conducting a review of security ratings of and System and Organization Controls (&#8220;<span style="text-decoration: underline">SOC</span>&#8221;) reports provided
by actual and potential vendors. We maintain back-ups and disaster recovery plans to restore our information in the event of an incident.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
can be no assurance that our cybersecurity risk management program and processes, including our policies, controls or procedures, will
be fully enforced, complied with or effective in protecting our systems and information. We have not identified risks from known cybersecurity
threats, including as a result of any prior cybersecurity incidents, that have materially affected or are reasonably likely to materially
affect us, including our operations, business strategy, results of operations, or financial condition. We face certain ongoing risks
from cybersecurity threats that, if realized, are reasonably likely to materially affect our operations, business strategy, results of
operations, or financial condition. For an additional description of our cybersecurity risks and potential related impacts on us, see
the section entitled &#8220;<i>Risk Factors &#8211; Our business and operations could suffer in the event of system failures or cybersecurity
attack</i>&#8221; in this Report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cybersecurity
Governance</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
third-party managed IT service provider reports monthly to our Chief Financial Officer on cybersecurity matters, including
cybersecurity risks. Our CFO is involved in the management of information security procedures and quarterly briefs the LPA Board on
information security matters.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
LPA Board plays an important role in our risk oversight and discharges its duties both as a full board and through the Audit Committee.
The LPA Board is involved in risk oversight through its direct decision-making authority with respect to certain significant matters
and review of our overall business strategy, as well as indirectly through the further oversight of management delegated to each of the
board&#8217;s committees. The LPA Board relies on management to bring significant matters impacting our company to its attention. If
a material cybersecurity incident occurred, the IRC would report it to the Audit Committee and LPA Board.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
reflected in the Audit Committee Charter, which is available on our website, the committee oversees our processes and policies relating
to certain risk assessment and risk management matters, including with respect to cybersecurity risks. The audit committee administers
its risk oversight function by receiving periodic reports from members of senior management on areas of material risk to our company.
Our Audit Committee discusses our cybersecurity program at least annually, receives updates on relevant developments and considers steps
that our management has taken to monitor and seek to mitigate any risk exposures.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LPA&#8217;s
CFO and the team leader for its managed IT services provider, who collectively lead our IRC, have relevant degrees and certifications
in Information Technology and Security and more than 10 years of experience in their current and prior roles related to IT Security. Along with
leading LPA&#8217;s cybersecurity learning and awareness trainings, they also participate in various third-party industry conferences
and trainings.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ass_027"></span>PART
III</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ass_028"></span>Item
17. Financial Statements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
Item 18.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ass_029"></span>Item
18. Financial Statements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
audited consolidated financial statements as required under Item 18 are attached hereto starting on page F-1 of this Report. The audit
report of Deloitte &amp; Touche, S.A., an independent registered public accounting firm, is included therein preceding the audited consolidated
financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">Additionally, the condensed financial statements of Latam Logistic Properties,
S.A are included as a supplement on Schedule I - Parent Only Condensed Financial Information as of December 31, 2023 and 2022 and for
the years ended December 31, 2023, 2022 and 2021, prepared in accordance with Rule 12-04 of Regulation S-X. Our investment properties
are included as a supplement on Schedule III - Schedule of Real Estate as of December 31, 2023, prepared in accordance with Rule 12-28
of Regulation S-X.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ass_030"></span>Item
19. Exhibits</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have filed the following documents as exhibits to this Report:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 27pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 27pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
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    <td style="vertical-align: top; width: 0.1in">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; vertical-align: bottom; text-align: justify"><span style="font-size: 10pt">Description</span></td></tr>
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    <td><span style="font-size: 10pt">1.1</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1997711/000149315224011961/ex1-1.htm" style="-sec-extract: exhibit">Amended and Restated Memorandum and Articles of Association of Logistic Properties of the Americas, dated as of March 27, 2024 (incorporated by reference to Exhibit 1.1 to the Company&#8217;s Shell Company Report on Form 20-F (File No. 333-275972) filed with the SEC on March 29, 2024).</a></span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
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  <tr style="vertical-align: top">
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    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1997711/000149315224002298/ex4-2.htm"><span style="font-size: 10pt">Specimen LPA Ordinary Share Certificate (incorporated by reference to Exhibit 4.2 to Amendment No. 1 to the Company&#8217;s Registration Statement on Form F-4 (File No. 333-275972) filed with the SEC on January 16, 2024).</span></a></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
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    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1997711/000149315223044278/formf-4.htm#annexa_001"><span style="font-size: 10pt">Business Combination Agreement, dated as of August 15, 2023, by and among two, LatAm Logistic Properties S.A., and, by a joinder agreement, each of Logistic Properties of the Americas and Logistic Properties of the Americas Subco (incorporated by reference to Annex A to the proxy statement/prospectus to the Company&#8217;s Registration Statement on Form F-4 (File No. 333-275972), filed with the SEC on December 8, 2023).</span></a></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
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    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1997711/000149315224011961/ex4-2.htm" style="-sec-extract: exhibit">Waiver Letter to Business Combination Agreement, dated March 27, 2024, among two, Logistic Properties of the Americas, Logistic Properties of the Americas Subco, and LPA Panama Group Corp. (incorporated by reference to Exhibit 4.2 to the Company&#8217;s Shell Company Report on Form 20-F (File No. 333-275972) filed with the SEC on March 29, 2024).</a></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
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    <td>&#160;</td>
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  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1997711/000149315224011961/ex4-5.htm" style="-sec-extract: exhibit">Logistic Properties of the Americas Equity Incentive Plan (incorporated by reference to Exhibit 4.5 to the Company&#8217;s Shell Company Report on Form 20-F (File No. 333-275972) filed with the SEC on March 29, 2024).</a></td></tr>
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    <td>&#160;</td>
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    <td>&#160;</td>
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</table>

<p style="margin: 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.75in"><span style="font-size: 10pt">4.8</span></td>
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    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1843988/000149315223029716/ex10-3.htm"><span style="font-size: 10pt">Amendment to Letter Agreement dated as of August 15, 2023, by and among two, HC PropTech Partners III, LLC, two sponsor, and each of the shareholders of two listed on the signature pages thereto, and, by a joinder agreement, Logistic Properties of the Americas (incorporated by reference to Exhibit 10.3 to two&#8217;s Current Report on Form 8-K, filed with the SEC on August 21, 2023).</span></a></td></tr>
  <tr style="vertical-align: top">
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    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
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  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
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    <td>&#160;</td>
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  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
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  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
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    <td>&#160;</td>
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  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
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  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
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  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
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    <td>&#160;</td>
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  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
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  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
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  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
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    <td>&#160;</td>
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  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
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    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1997711/000149315223044278/ex10-17.htm"><span style="font-size: 10pt">Loan Agreement, dated November 1, 2023, by and between Banco Davivienda and LatAm Propco Cedis Rurales Costa Rica S.R.L. (incorporated by reference to Exhibit 10.17 to the Company&#8217;s Registration Statement on Form F-4 (File No. 333-275972) filed with the SEC on December 8, 2023).</span></a></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
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    <td>&#160;</td>
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  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
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    <td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p>

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  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">4.33</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1997711/000149315223044278/ex10-31.htm"><span style="font-size: 10pt">Addendum No. 2 to Financial Leasing Agreement No. 235195, dated November 3, 2020 by and between Bancolombia S.A and LatAm Logistic Col Propco Cota 1 S.A.S. (incorporated by reference to Exhibit 10.31 to the Company&#8217;s Registration Statement on Form F-4 (File No. 333-275972) filed with the SEC on December 8, 2023).</span></a></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
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    <td>&#160;</td>
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  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
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    <td>&#160;</td>
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  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
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    <td>&#160;</td>
    <td style="text-align: justify"><a href="ex4-36.htm">Credit Agreement, dated August 24, 2023, by and between Banco BTG Pactual Colombia S.A. and LatAm Logistic COL Propco Cota 1 S.A.S.</a></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
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    <td style="text-align: justify"><p style="margin: 0"><a href="ex4-37.htm">Credit Agreement, dated August 29, 2023, by and between Banco BTG Pactual Colombia S.A. and LatAm Logistic COL Propco Cota 1 S.A.S.</a></p></td></tr>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
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    <td>&#160;</td>
    <td style="text-align: justify"><a href="ex4-39.htm">Credit Agreement, dated October 19, 2023, by and between <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BBVA Peru Bank and LatAm Logistic Per Propco Lurin I S.R.L.</span></a></td></tr>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt"><a href="ex12-2.htm">Certification pursuant to section 302 of the Sarbanes-Oxley Act of 2002 of the Chief Financial Officer.</a></span></td></tr>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td style="text-align: justify"><span style="font-size: 10pt"><a href="ex13-1.htm">Certification pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, of the Chief Executive Officer.</a></span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
Filed herewith.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">+
Certain exhibits and schedules to this Exhibit have been omitted in accordance with Regulation S-K Item 601(a)(5). Logistic Properties
of the Americas agrees to furnish supplementally a copy of any omitted exhibit or schedule to the SEC upon its request.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span><b>&#160;</b></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center; text-indent: 27pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 27pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized
the undersigned to sign this report on its behalf.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 47%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 50%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
    Esteban Saldarriaga</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Esteban
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-left: #4472C4 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>LATAM
LOGISTIC PROPERTIES, S.A.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TABLE
OF CONTENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: middle">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: justify">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Page</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#p_011">REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in">F-2</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#p_012">CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (LOSS)</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">F-3</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-4</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#p_014">CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">F-5</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#p_015">CONSOLIDATED STATEMENTS OF CASH FLOWS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-6</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#p_016">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-7</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#ak_001"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SChedule </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">I &#8211; <span style="text-transform: uppercase">parent company only condensed financial information</span></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-64</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#ak_002"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Schedule </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">III - <span style="text-transform: uppercase">Schedule of Real Estate</span></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">F-67<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin: 0pt 0 0pt 1.15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="p_011"></span>Report
of Independent Registered Public Accounting Firm</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the shareholders and the Board of Directors of Latam Logistic Properties, S.A.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Opinion
on the Financial Statements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have audited the accompanying consolidated statements of financial position of Latam Logistic Properties, S.A. and subsidiaries (the
&#8220;Company&#8221;) as of December 31, 2023 and 2022, the related consolidated statements of profit or loss and other comprehensive
income (loss), changes in equity, and cash flows, for each of the three years in the period ended December 31, 2023, and the related
notes and the schedules listed in the Index at Item 18 (collectively referred to as the &#8220;financial statements&#8221;). In our opinion,
the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2023 and
2022, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2023, in conformity
with International Financial Reporting Standards as issued by the International Accounting Standards Board.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Basis
for Opinion</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
financial statements are the responsibility of the Company&#8217;s management. Our responsibility is to express an opinion on the Company&#8217;s
financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board
(United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities
laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company
is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits,
we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion
on the effectiveness of the Company&#8217;s internal control over financial reporting. Accordingly, we express no such opinion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error
or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits
provide a reasonable basis for our opinion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
<span id="xdx_90E_edei--AuditorName_c20230101__20231231_zBVRGBWaQsm8"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000058" name="dei:AuditorName">Deloitte &amp; Touche, S.A</ix:nonNumeric></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="background-color: white"><span id="xdx_906_edei--AuditorLocation_c20230101__20231231_zwUdoUcCefXd"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000059" name="dei:AuditorLocation">San Jos&#233;, Costa Rica</ix:nonNumeric></span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span>April 26, 2024</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">We have served
as the Group&#8217;s auditor since 2017</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Firm
ID &#8211; 0<span id="xdx_909_edei--AuditorFirmId_c20230101__20231231_zF0kmKoMWGBi"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000060" name="dei:AuditorFirmId">1108</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; color: red"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>LATAM
LOGISTIC PROPERTIES, S.A. AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="p_012"></span>CONSOLIDATED
STATEMENTS OF PROFIT OR LOSS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AND
OTHER COMPREHENSIVE INCOME (LOSS)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(in
U.S. Dollars)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" id="xdx_306_113_zLKXwVA0FyLe" summary="xdx: Statement - Consolidated Statements of Profit or Loss and Other Comprehensive Income (Loss)" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Notes</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_49B_20230101__20231231_zxy4F4xpsbO2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_49E_20220101__20221231_zmU6ggSEF6k9" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_494_20210101__20211231_z0nVbgHHsEjb" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
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    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the years ended December 31,</td><td style="font-weight: bold">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:GeneralAndAdministrativeExpense" contextRef="From2023-01-01to2023-12-31" id="Fact000082" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,508,862</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr id="xdx_409_ecustom--InvestmentPropertyValuationGain_maPLBTzB14_zcK8Qn5tqTBa" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Investment property valuation gain</td><td>&#160;</td>
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  <tr id="xdx_40E_ecustom--InterestIncomeFromAffiliates_maPLBTzB14_zZGyZ1D6Aryg" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_406_eifrs-full--FinanceCosts_iN_di_msPLBTzB14_z1ppjQfzFtNe" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: center">16</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:FinanceCosts" contextRef="From2023-01-01to2023-12-31" id="Fact000094" format="ixt:numdotdecimal" decimals="0" unitRef="USD">31,111,064</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr id="xdx_407_eifrs-full--GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss_maPLBTzB14_zvPKLyOo8b88" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40C_eifrs-full--GainsLossesOnDisposalsOfInvestmentProperties_maPLBTzB14_zpk83935mNKj" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Gain (loss) on sale of investment properties</td><td>&#160;</td>
    <td style="text-align: center">2j,12</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:GainsLossesOnDisposalsOfInvestmentProperties" contextRef="From2023-01-01to2023-12-31" id="Fact000102" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,165,170</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0104">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_406_ecustom--GainOnSaleOfAssetHeldForSale_maPLBTzB14_zFAQnnEJGqbk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Gain on sale of asset held for sale</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0107">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: center">6</td><td>&#160;</td>
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  <tr id="xdx_40F_eifrs-full--OtherExpenseByFunction_iN_di_msPLBTzB14_zf2AIKHiQVxg" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Other expenses</td><td>&#160;</td>
    <td style="text-align: center">6</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:OtherExpenseByFunction" contextRef="From2023-01-01to2023-12-31" id="Fact000114" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,132,636</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:OtherExpenseByFunction" contextRef="From2022-01-012022-12-31" id="Fact000115" format="ixt:numdotdecimal" decimals="0" unitRef="USD">611,173</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:OtherExpenseByFunction" contextRef="From2021-01-012021-12-31" id="Fact000116" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,367,647</ix:nonFraction></td><td style="text-align: left">)</td></tr>
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    <td style="text-align: left">Profit before taxes</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:ProfitLossBeforeTax" contextRef="From2023-01-01to2023-12-31" id="Fact000118" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,136,627</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eifrs-full--IncomeTaxExpenseContinuingOperations_iN_di_msPLzAj2_zhDM4yIkvvri" style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_401_eifrs-full--ProfitLoss_iT_mtPLzAj2_maCIzPBF_zvyCIgcmW4me" style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_403_eifrs-full--OtherComprehensiveIncomeAbstract_iB_zAgWZguKVqig" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">OTHER COMPREHENSIVE INCOME (LOSS):</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_404_eifrs-full--ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract_i01B_z9g1APGIQdK1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_404_eifrs-full--OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation_i02_maCIzPBF_z7fhPjfSVor4" style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation" contextRef="From2021-01-012021-12-31" id="Fact000140" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">12,522,802</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_404_eifrs-full--ComprehensiveIncome_i01T_mtCIzPBF_zskBbu30cgM" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Total comprehensive income (loss) for the year</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="ifrs-full:ComprehensiveIncome" contextRef="From2023-01-01to2023-12-31" id="Fact000142" format="ixt:numdotdecimal" decimals="0" unitRef="USD">25,529,069</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(<ix:nonFraction name="ifrs-full:ComprehensiveIncome" contextRef="From2021-01-012021-12-31" id="Fact000144" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">3,853,417</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_403_eifrs-full--ProfitLossAttributableToAbstract_iB_zh7ZoJQTYWc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">PROFIT FOR THE YEAR ATTRIBUTABLE TO:</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_eifrs-full--ProfitLossAttributableToOwnersOfParent_i01_maPLzoR1_z9RS5kBgBTS2" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Owners of the Group</td><td>&#160;</td>
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    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:ProfitLossAttributableToOwnersOfParent" contextRef="From2023-01-01to2023-12-31" id="Fact000150" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,139,333</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:ProfitLossAttributableToOwnersOfParent" contextRef="From2022-01-012022-12-31" id="Fact000151" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,028,610</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_405_eifrs-full--ProfitLossAttributableToNoncontrollingInterests_i01_maPLzoR1_zG83XTDXbxkd" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Non-controlling interests</td><td>&#160;</td>
    <td style="text-align: center">18</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:ProfitLossAttributableToNoncontrollingInterests" contextRef="From2023-01-01to2023-12-31" id="Fact000154" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,016,672</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:ProfitLossAttributableToNoncontrollingInterests" contextRef="From2022-01-012022-12-31" id="Fact000155" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,412,623</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:ProfitLossAttributableToNoncontrollingInterests" contextRef="From2021-01-012021-12-31" id="Fact000156" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,542,880</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_eifrs-full--ProfitLoss_i01T_mtPLzoR1_zcjFrGuB2CYe" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Total profit for the year</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2023-01-01to2023-12-31" id="Fact000158" format="ixt:numdotdecimal" decimals="0" unitRef="USD">7,156,005</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2022-01-012022-12-31" id="Fact000159" format="ixt:numdotdecimal" decimals="0" unitRef="USD">11,441,233</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_eifrs-full--ComprehensiveIncomeAttributableToAbstract_iB_zbr4XFkmnLIf" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">TOTAL COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO:</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_eifrs-full--ComprehensiveIncomeAttributableToOwnersOfParent_i01_maCIzvKe_zUENgxPeOmT" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Owners of the Group</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent" contextRef="From2023-01-01to2023-12-31" id="Fact000166" format="ixt:numdotdecimal" decimals="0" unitRef="USD">21,512,397</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent" contextRef="From2022-01-012022-12-31" id="Fact000167" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">5,505,122</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent" contextRef="From2021-01-012021-12-31" id="Fact000168" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">8,396,297</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_401_eifrs-full--ComprehensiveIncomeAttributableToNoncontrollingInterests_i01_maCIzvKe_zxiviyNxxG6d" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Non-controlling interests</td><td>&#160;</td>
    <td style="text-align: center">18</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests" contextRef="From2023-01-01to2023-12-31" id="Fact000170" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,016,672</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests" contextRef="From2022-01-012022-12-31" id="Fact000171" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,412,623</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests" contextRef="From2021-01-012021-12-31" id="Fact000172" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,542,880</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_eifrs-full--ComprehensiveIncome_i01T_mtCIzvKe_ztcwQZWEG4I1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Total comprehensive income (loss) for the year</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="ifrs-full:ComprehensiveIncome" contextRef="From2023-01-01to2023-12-31" id="Fact000174" format="ixt:numdotdecimal" decimals="0" unitRef="USD">25,529,069</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(<ix:nonFraction name="ifrs-full:ComprehensiveIncome" contextRef="From2022-01-012022-12-31" id="Fact000175" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">2,092,499</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(<ix:nonFraction name="ifrs-full:ComprehensiveIncome" contextRef="From2021-01-012021-12-31" id="Fact000176" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">3,853,417</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Weighted average number of shares &#8211; basic and diluted</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: center">19</td><td>&#160;</td>
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  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>LATAM
LOGISTIC PROPERTIES, S.A. AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="p_013"></span>CONSOLIDATED
STATEMENTS OF FINANCIAL POSITION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(in
U.S. Dollars)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" id="xdx_30A_111_zZ6SRmVdaafc" summary="xdx: Statement - Consolidated Statements of Financial Position" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
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    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Notes</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" id="xdx_497_20221231_zSaYSJKduG54" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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    <td style="font-weight: bold">ASSETS</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
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    <td style="text-align: left">CURRENT ASSETS:</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eifrs-full--CashAndCashEquivalents_i01I_maCAzJgI_zDwVHMlajkM4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 8%; text-align: center">8</td><td style="width: 2%">&#160;</td>
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    <td style="padding-left: 10pt; text-align: left">Lease and other receivables, net</td><td>&#160;</td>
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  <tr id="xdx_402_eifrs-full--NoncurrentAssetsAbstract_i01B_z3EVdl8apW8d" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_404_eifrs-full--InvestmentProperty_i02I_maNAzDsR_zE9BWNOxQjkf" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_402_ecustom--TenantNotesReceivablesLongTermNet_i02I_maNAzDsR_zRE3sGZCPRpc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_408_eifrs-full--NoncurrentReceivablesFromSaleOfProperties_i02I_maNAzDsR_zam42sil0m92" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_409_eifrs-full--NoncurrentRestrictedCashAndCashEquivalents_i02I_maNAzDsR_zVplbYrQkslc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40E_eifrs-full--PropertyPlantAndEquipment_i02I_maNAzDsR_zeuhEonRdCoj" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_402_ecustom--DeferredTaxAssetsNoncurrent_i02I_maNAzDsR_z6sevD4BQ3n3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_400_eifrs-full--OtherNoncurrentAssets_i02I_maNAzDsR_zMFMpvuRODN6" style="vertical-align: bottom; background-color: White">
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    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_40F_eifrs-full--NoncurrentAssets_i02TI_mtNAzDsR_maAzc3d_zUlEF2d1jzx7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_eifrs-full--Assets_i01TI_mtAzc3d_zVdFX0aEr6Id" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">TOTAL ASSETS</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt; text-align: center">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_eifrs-full--EquityAndLiabilitiesAbstract_iB_zsIWEQ8hVh5e" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">LIABILITIES AND SHAREHOLDERS&#8217; EQUITY</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_eifrs-full--CurrentLiabilitiesAbstract_i01B_znIpoApHBBG9" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">CURRENT LIABILITIES:</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_eifrs-full--TradeAndOtherCurrentPayables_i02I_maCLzylf_zwGA5sjKf8o6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Accounts payable and accrued expenses</td><td>&#160;</td>
    <td style="text-align: center">14</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:TradeAndOtherCurrentPayables" contextRef="AsOf2023-12-31" id="Fact000271" format="ixt:numdotdecimal" decimals="0" unitRef="USD">13,127,502</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_400_ecustom--DepositsForSaleOfAssetsCurrent_i02I_maCLzylf_z3TW4bC8aDw" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Deposits for the sale of assets</td><td>&#160;</td>
    <td style="text-align: center">13</td><td style="font-weight: bold">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="LPA:DepositsForSaleOfAssetsCurrent" contextRef="AsOf2022-12-31" id="Fact000275" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,400,000</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_eifrs-full--CurrentTaxLiabilities_i02I_maCLzylf_zAJlO4QhIMU" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Income tax payable</td><td>&#160;</td>
    <td style="text-align: center">20</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:CurrentTaxLiabilities" contextRef="AsOf2023-12-31" id="Fact000277" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,024,865</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_404_ecustom--RetainagePayable_i02I_maCLzylf_zJh8eoDJPZl8" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Retainage payable</td><td>&#160;</td>
    <td style="text-align: center">2n</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="LPA:RetainagePayable" contextRef="AsOf2023-12-31" id="Fact000280" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,737,805</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_402_ecustom--LongTermDebtCurrentPortion_i02I_maCLzylf_zuzZnStuNDlf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Long term debt &#8211; current portion</td><td>&#160;</td>
    <td style="text-align: center">16</td><td>&#160;</td>
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  <tr id="xdx_402_eifrs-full--OtherCurrentLiabilities_i02I_maCLzylf_zGzMz2ytHrA4" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Other current liabilities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">2i</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:OtherCurrentLiabilities" contextRef="AsOf2022-12-31" id="Fact000287" format="ixt:numdotdecimal" decimals="0" unitRef="USD">54,983</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_405_eifrs-full--CurrentLiabilities_i02TI_mtCLzylf_maLz29Q_zEjNqExL5EQ7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt; text-align: left; padding-bottom: 1.5pt">Total current liabilities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:CurrentLiabilities" contextRef="AsOf2023-12-31" id="Fact000289" format="ixt:numdotdecimal" decimals="0" unitRef="USD">34,552,809</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:CurrentLiabilities" contextRef="AsOf2022-12-31" id="Fact000290" format="ixt:numdotdecimal" decimals="0" unitRef="USD">125,655,501</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
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  <tr id="xdx_404_eifrs-full--EquityAttributableToOwnersOfParent_i02TI_mtEATOOzRIJ_maEzYLj_z0K3yQvr82X6" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_405_eifrs-full--Equity_i02TI_maEALzFnh_mtEzYLj_z62RulQynL89" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 20pt; text-align: left; padding-bottom: 1.5pt">Total equity</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_eifrs-full--EquityAndLiabilities_i01TI_mtEALzFnh_z5klCYb1Xd45" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt">TOTAL LIABILITIES AND EQUITY</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt; text-align: center">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>LATAM
LOGISTIC PROPERTIES, S.A. AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="p_014"></span>CONSOLIDATED
STATEMENTS OF CHANGES IN EQUITY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(in
U.S. Dollars)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" id="xdx_30A_114_zL7uwfmDZ3k3" summary="xdx: Statement - Consolidated Statements of Changes in Equity" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr id="xdx_437_c20210101__20211231_eifrs-full--Equity_iS_zfuaN2OWqTP1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_408_eifrs-full--ProfitLoss_z66HVEnhjGif" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0352">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0360">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0361">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0362">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_408_eifrs-full--ComprehensiveIncome_zWIGnGvMUrh2" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_405_eifrs-full--IncreaseDecreaseThroughConversionOfConvertibleInstruments_zfjvYI721T7f" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_408_ecustom--CapitalContributions_zo1Q5iAg55t4" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Capital contributions</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_404_ecustom--DividendsPaidToNoncontrollingInterest_zlVOQ6Htyssc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Distributions paid to non-controlling interest</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt">18</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0399">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0400">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0402">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0403">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0404">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_436_c20220101__20221231_eifrs-full--Equity_iS_z7sTsh3peSd5" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold">BALANCE AS OF DECEMBER 31, 2021</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_987_eifrs-full--NumberOfSharesOutstanding_iS_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__custom--MembershipUnitsMember_zbezDK7hCGN" title="Balance, shares" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0417">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0409">&#8212;</span></td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2021-12-31_ifrs-full_IssuedCapitalMember" id="Fact000410" format="ixt:numdotdecimal" decimals="0" unitRef="USD">168,142,740</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2021-12-31_ifrs-full_RetainedEarningsMember" id="Fact000411" format="ixt:numdotdecimal" decimals="0" unitRef="USD">56,710,702</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr id="xdx_400_eifrs-full--ProfitLoss_zG7EouzeHOO1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Profit for the year</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0421">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0422">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0423">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2022-01-012022-12-31_ifrs-full_RetainedEarningsMember" id="Fact000424" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,028,610</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0425">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2022-01-012022-12-31_ifrs-full_EquityAttributableToOwnersOfParentMember" id="Fact000426" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,028,610</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_40B_eifrs-full--OtherComprehensiveIncome_zytYISIIGvv8" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Other comprehensive loss</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt">2c</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0430">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0431">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0432">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0433">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:OtherComprehensiveIncome" contextRef="From2022-01-012022-12-31_custom_ForeignCurrencyTranslationReserveMember" id="Fact000434" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">13,533,732</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_402_eifrs-full--ComprehensiveIncome_zRFpxQEO0bv7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_409_ecustom--CapitalContributions_z9mqv9ax5eC7" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Capital contributions</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0449">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0450">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0451">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0452">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0453">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_408_ecustom--DividendsPaidToNoncontrollingInterest_zch21J08JzF4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Distributions paid to non-controlling interest</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0457">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0458">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0459">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0460">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0461">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0462">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="LPA:DividendsPaidToNoncontrollingInterest" contextRef="From2022-01-012022-12-31_ifrs-full_NoncontrollingInterestsMember" id="Fact000463" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">2,067,803</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_43F_c20230101__20231231_eifrs-full--Equity_iS_zDLamTsUYVi3" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BALANCE AS OF</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DECEMBER 31, 2022 </b></span></p></td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td id="xdx_981_eifrs-full--NumberOfSharesOutstanding_iS_c20230101__20231231__ifrs-full--ComponentsOfEquityAxis__custom--MembershipUnitsMember_zN30rzKjzNL2" title="Balance, shares" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0475">&#8212;</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0466">&#8212;</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0467">&#8212;</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td id="xdx_98D_eifrs-full--NumberOfSharesOutstanding_iS_c20230101__20231231__ifrs-full--ComponentsOfEquityAxis__ifrs-full--IssuedCapitalMember_zsFsSvoVOmIg" title="Balance, shares" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:NumberOfSharesOutstanding" contextRef="AsOf2022-12-31_ifrs-full_IssuedCapitalMember" id="Fact000477" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">168,142,740</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2022-12-31_custom_ForeignCurrencyTranslationReserveMember" id="Fact000470" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">32,068,047</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2022-12-31_ifrs-full_EquityAttributableToOwnersOfParentMember" id="Fact000471" format="ixt:numdotdecimal" decimals="0" unitRef="USD">200,814,005</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2022-12-31" id="Fact000473" format="ixt:numdotdecimal" decimals="0" unitRef="USD">234,066,470</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
  <tr id="xdx_434_c20230101__20231231_eifrs-full--Equity_iS_z21WE527XMud" style="display: none; vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Balance</b></span></p></td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td id="xdx_986_eifrs-full--NumberOfSharesOutstanding_iS_c20230101__20231231__ifrs-full--ComponentsOfEquityAxis__custom--MembershipUnitsMember_zVu8icFJdR04" title="Balance, shares" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0488">&#8212;</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0479">&#8212;</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0480">&#8212;</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td id="xdx_982_eifrs-full--NumberOfSharesOutstanding_iS_c20230101__20231231__ifrs-full--ComponentsOfEquityAxis__ifrs-full--IssuedCapitalMember_zBB4YejrNDy5" title="Balance, shares" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:NumberOfSharesOutstanding" contextRef="AsOf2022-12-31_ifrs-full_IssuedCapitalMember" id="Fact000490" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">168,142,740</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2022-12-31_ifrs-full_IssuedCapitalMember" id="Fact000481" format="ixt:numdotdecimal" decimals="0" unitRef="USD">168,142,740</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2022-12-31_ifrs-full_EquityAttributableToOwnersOfParentMember" id="Fact000484" format="ixt:numdotdecimal" decimals="0" unitRef="USD">200,814,005</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2022-12-31_ifrs-full_NoncontrollingInterestsMember" id="Fact000485" format="ixt:numdotdecimal" decimals="0" unitRef="USD">33,252,465</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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<tr id="xdx_40D_eifrs-full--ProfitLoss_zqTG9CBxFvxa" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Profit for the year</td><td>&#160;</td>
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  <tr id="xdx_404_ecustom--DividendsPaidToNoncontrollingInterest_zZNNr7LBHkaj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_436_c20230101__20231231_eifrs-full--Equity_iE_zLIzefFOBQag" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_433_c20230101__20231231_eifrs-full--Equity_iE_z1gW0zaSP6W9" style="display: none; vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Balance
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</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>LATAM
LOGISTIC PROPERTIES, S.A. AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="p_015"></span>CONSOLIDATED
STATEMENTS OF CASH FLOWS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(in
U.S. Dollars)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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  <tr id="xdx_405_ecustom--InterestIncome_i02N_di_msAFITPzLmS_z3VxHs6GxCq5" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="LPA:InterestIncome" contextRef="From2023-01-01to2023-12-31" id="Fact000615" format="ixt:numdotdecimal" decimals="0" unitRef="USD">763,208</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="padding-left: 20pt; text-align: left">Income tax expense</td><td>&#160;</td>
    <td style="text-align: center">20</td><td>&#160;</td>
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  <tr id="xdx_40A_ecustom--AdjustmentsForWorkingCapitalAbstract_i02B_z9WRXmoM1gF8" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: center">9</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_401_eifrs-full--AdjustmentsForIncreaseDecreaseInTradeAccountPayable_i03_maAFITPzLmS_zaUnHhKjjwVg" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 30pt; text-align: left">Accounts payable and accrued expenses</td><td>&#160;</td>
    <td style="text-align: center">14</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAccountPayable" contextRef="From2023-01-01to2023-12-31" id="Fact000635" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,963,720</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAccountPayable" contextRef="From2022-01-012022-12-31" id="Fact000636" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,558,595</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAccountPayable" contextRef="From2021-01-012021-12-31" id="Fact000637" format="ixt:numdotdecimal" decimals="0" unitRef="USD">619,206</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_403_eifrs-full--AdjustmentsForIncreaseDecreaseInDepositsFromBanks_i03_maAFITPzLmS_zvlBs3vb16fd" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 30pt; text-align: left">Security deposits</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:AdjustmentsForIncreaseDecreaseInDepositsFromBanks" contextRef="From2023-01-01to2023-12-31" id="Fact000639" format="ixt:numdotdecimal" decimals="0" unitRef="USD">454,556</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:AdjustmentsForIncreaseDecreaseInDepositsFromBanks" contextRef="From2022-01-012022-12-31" id="Fact000640" format="ixt:numdotdecimal" decimals="0" unitRef="USD">346,458</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:AdjustmentsForIncreaseDecreaseInDepositsFromBanks" contextRef="From2021-01-012021-12-31" id="Fact000641" format="ixt:numdotdecimal" decimals="0" unitRef="USD">417,547</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_ecustom--AdjustmentsForIncreaseDecreaseInRetainagePayable_i03_maAFITPzLmS_zGEVtGPtf85" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 30pt; text-align: left">Retainage payable</td><td>&#160;</td>
    <td style="text-align: center">2n</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="LPA:AdjustmentsForIncreaseDecreaseInRetainagePayable" contextRef="From2023-01-01to2023-12-31" id="Fact000643" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,147,401</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="LPA:AdjustmentsForIncreaseDecreaseInRetainagePayable" contextRef="From2022-01-012022-12-31" id="Fact000644" format="ixt:numdotdecimal" decimals="0" unitRef="USD">74,730</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="LPA:AdjustmentsForIncreaseDecreaseInRetainagePayable" contextRef="From2021-01-012021-12-31" id="Fact000645" format="ixt:numdotdecimal" decimals="0" unitRef="USD">663,420</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_401_eifrs-full--AdjustmentsForIncomeTaxExpense_i03_maAFITPzLmS_zLBpyIxYC8f2" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 30pt; text-align: left">Income tax payable</td><td>&#160;</td>
    <td style="text-align: center">20</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:AdjustmentsForIncomeTaxExpense" contextRef="From2023-01-01to2023-12-31" id="Fact000647" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,361,162</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:AdjustmentsForIncomeTaxExpense" contextRef="From2022-01-012022-12-31" id="Fact000648" format="ixt:numdotdecimal" decimals="0" unitRef="USD">539,231</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:AdjustmentsForIncomeTaxExpense" contextRef="From2021-01-012021-12-31" id="Fact000649" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">492,438</ix:nonFraction></td><td style="text-align: left">)</td></tr>
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    <td style="padding-left: 20pt; text-align: left; padding-bottom: 1.5pt">Income tax paid</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt">20</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="LPA:AdjustmentsForIncomeTaxPaid" contextRef="From2023-01-01to2023-12-31" id="Fact000651" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,639,456</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="LPA:AdjustmentsForIncomeTaxPaid" contextRef="From2022-01-012022-12-31" id="Fact000652" format="ixt:numdotdecimal" decimals="0" unitRef="USD">324,624</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: left; padding-bottom: 1.5pt">Net cash provided by operating activities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td>&#160;</td><td>&#160;</td>
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_eifrs-full--CashFlowsFromUsedInInvestingActivitiesAbstract_iB_ztOQKm9hC2n5" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">Cash flows from investing activities:</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_409_ecustom--ProceedsFromCapitalExpenditureOnInvestmentPropertiesClassifiedAsInvestingActivities_i01N_di_msCFFUIz2PN_zrYdYr62VxAg" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt; text-align: left">Capital expenditure on investment properties</td><td>&#160;</td>
    <td style="text-align: center">2j,12</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction name="LPA:ProceedsFromCapitalExpenditureOnInvestmentPropertiesClassifiedAsInvestingActivities" contextRef="From2023-01-01to2023-12-31" id="Fact000663" format="ixt:numdotdecimal" decimals="0" unitRef="USD">28,409,164</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr id="xdx_404_ecustom--PurchaseOfAcquisitionOfInvestmentPropertiesClassifiedAsInvestingActivities_i01N_di_msCFFUIz2PN_ziMyXZ4byZA7" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 20pt; text-align: left">Acquisitions of investment properties, net of closing costs</td><td>&#160;</td>
    <td style="text-align: center">2j,12</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0668">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="LPA:PurchaseOfAcquisitionOfInvestmentPropertiesClassifiedAsInvestingActivities" contextRef="From2021-01-012021-12-31" id="Fact000669" format="ixt:numdotdecimal" decimals="0" unitRef="USD">22,443,229</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40D_eifrs-full--PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_i01N_di_msCFFUIz2PN_zXxiVQhXGDN4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt; text-align: left">Purchase of property and equipment</td><td>&#160;</td>
    <td style="text-align: center">11</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" contextRef="From2023-01-01to2023-12-31" id="Fact000671" format="ixt:numdotdecimal" decimals="0" unitRef="USD">126,476</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" contextRef="From2022-01-012022-12-31" id="Fact000672" format="ixt:numdotdecimal" decimals="0" unitRef="USD">88,487</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr id="xdx_400_ecustom--ProceedsFromAssetsHeldForSaleClassifiedAsInvestingActivities_i01_maCFFUIz2PN_zeF71BoOrGij" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 20pt; text-align: left">Proceeds from sale of asset held for sale</td><td>&#160;</td>
    <td style="text-align: center">2l,13</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="LPA:ProceedsFromAssetsHeldForSaleClassifiedAsInvestingActivities" contextRef="From2023-01-01to2023-12-31" id="Fact000675" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,600,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="LPA:ProceedsFromAssetsHeldForSaleClassifiedAsInvestingActivities" contextRef="From2021-01-012021-12-31" id="Fact000677" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,200,000</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_eifrs-full--ProceedsFromSalesOfInvestmentProperty_i01_maCFFUIz2PN_z85v6oOKZgE3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt; text-align: left">Proceeds from sale of investment properties</td><td>&#160;</td>
    <td style="text-align: center">2j,12</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:ProceedsFromSalesOfInvestmentProperty" contextRef="From2023-01-01to2023-12-31" id="Fact000679" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,778,063</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:ProceedsFromSalesOfInvestmentProperty" contextRef="From2022-01-012022-12-31" id="Fact000680" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,874,753</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0681">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_ecustom--ProceedsFromLoansForAffiliates_i01N_di_msCFFUIz2PN_zkqaLBFSnMJe" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 20pt; text-align: left">Loans to affiliates</td><td>&#160;</td>
    <td style="text-align: center">22</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0683">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="LPA:ProceedsFromLoansForAffiliates" contextRef="From2022-01-012022-12-31" id="Fact000684" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,100,000</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="LPA:ProceedsFromLoansForAffiliates" contextRef="From2021-01-012021-12-31" id="Fact000685" format="ixt:numdotdecimal" decimals="0" unitRef="USD">685,000</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_403_ecustom--ProceedsFromLoansToTenantsForLeaseholdImprovement_i01N_di_msCFFUIz2PN_zCCSXXvohA5f" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt; text-align: left">Loans to tenants for leasehold improvement</td><td>&#160;</td>
    <td style="text-align: center">9</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="LPA:ProceedsFromLoansToTenantsForLeaseholdImprovement" contextRef="From2023-01-01to2023-12-31" id="Fact000687" format="ixt:numdotdecimal" decimals="0" unitRef="USD">389,695</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="LPA:ProceedsFromLoansToTenantsForLeaseholdImprovement" contextRef="From2022-01-012022-12-31" id="Fact000688" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,687,480</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="LPA:ProceedsFromLoansToTenantsForLeaseholdImprovement" contextRef="From2021-01-012021-12-31" id="Fact000689" format="ixt:numdotdecimal" decimals="0" unitRef="USD">801,384</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_405_ecustom--RepaymentsOnLoansToTenants_i01_maCFFUIz2PN_z6Oxio3FtJL" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 20pt; text-align: left">Repayments on loans to tenants</td><td>&#160;</td>
    <td style="text-align: center">9</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="LPA:RepaymentsOnLoansToTenants" contextRef="From2023-01-01to2023-12-31" id="Fact000691" format="ixt:numdotdecimal" decimals="0" unitRef="USD">775,263</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="LPA:RepaymentsOnLoansToTenants" contextRef="From2022-01-012022-12-31" id="Fact000692" format="ixt:numdotdecimal" decimals="0" unitRef="USD">671,937</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="LPA:RepaymentsOnLoansToTenants" contextRef="From2021-01-012021-12-31" id="Fact000693" format="ixt:numdotdecimal" decimals="0" unitRef="USD">407,600</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_402_ecustom--ProceedsFromRestrictedCashEquivalent_i01_maCFFUIz2PN_zblKEfq3SHa2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt; text-align: left; padding-bottom: 1.5pt">Restricted cash equivalent</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt">8</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="LPA:ProceedsFromRestrictedCashEquivalent" contextRef="From2023-01-01to2023-12-31" id="Fact000695" format="ixt:numdotdecimal" decimals="0" unitRef="USD">571,787</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="LPA:ProceedsFromRestrictedCashEquivalent" contextRef="From2022-01-012022-12-31" id="Fact000696" format="ixt:numdotdecimal" decimals="0" unitRef="USD">620,450</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="LPA:ProceedsFromRestrictedCashEquivalent" contextRef="From2021-01-012021-12-31" id="Fact000697" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,812,470</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_403_eifrs-full--CashFlowsFromUsedInInvestingActivities_i01T_mtCFFUIz2PN_maIDICAzP5t_z07xkneYOnzk" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Net cash used in investing activities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:CashFlowsFromUsedInInvestingActivities" contextRef="From2023-01-01to2023-12-31" id="Fact000699" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">23,200,222</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:CashFlowsFromUsedInInvestingActivities" contextRef="From2022-01-012022-12-31" id="Fact000700" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">36,483,936</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:CashFlowsFromUsedInInvestingActivities" contextRef="From2021-01-012021-12-31" id="Fact000701" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">66,861,963</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eifrs-full--CashFlowsFromUsedInFinancingActivitiesAbstract_iB_zK0DZYCPuiYd" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">Cash flows from financing activities:</td><td>&#160;</td>
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_406_eifrs-full--ProceedsFromBorrowingsClassifiedAsFinancingActivities_i01_maCFFUIzzQa_zhDXmFrpoNd4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt; text-align: left">Long term debt borrowing</td><td>&#160;</td>
    <td style="text-align: center">16</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities" contextRef="From2023-01-01to2023-12-31" id="Fact000707" format="ixt:numdotdecimal" decimals="0" unitRef="USD">205,676,643</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities" contextRef="From2022-01-012022-12-31" id="Fact000708" format="ixt:numdotdecimal" decimals="0" unitRef="USD">44,217,867</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities" contextRef="From2021-01-012021-12-31" id="Fact000709" format="ixt:numdotdecimal" decimals="0" unitRef="USD">78,626,400</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_404_eifrs-full--RepaymentsOfBorrowingsClassifiedAsFinancingActivities_i01N_di_msCFFUIzzQa_znf9KVrFif6g" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 20pt; text-align: left">Long term debt repayment</td><td>&#160;</td>
    <td style="text-align: center">16</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" contextRef="From2023-01-01to2023-12-31" id="Fact000711" format="ixt:numdotdecimal" decimals="0" unitRef="USD">152,482,361</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" contextRef="From2022-01-012022-12-31" id="Fact000712" format="ixt:numdotdecimal" decimals="0" unitRef="USD">13,335,183</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" contextRef="From2021-01-012021-12-31" id="Fact000713" format="ixt:numdotdecimal" decimals="0" unitRef="USD">11,860,052</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40B_ecustom--CashPaidForRaisingDebt_i01N_di_msCFFUIzzQa_zaZyBmy1trT5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt; text-align: left">Cash paid for raising debt</td><td>&#160;</td>
    <td style="text-align: center">16</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="LPA:CashPaidForRaisingDebt" contextRef="From2023-01-01to2023-12-31" id="Fact000715" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,175,820</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="LPA:CashPaidForRaisingDebt" contextRef="From2022-01-012022-12-31" id="Fact000716" format="ixt:numdotdecimal" decimals="0" unitRef="USD">41,550</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="LPA:CashPaidForRaisingDebt" contextRef="From2021-01-012021-12-31" id="Fact000717" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,070,987</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40A_ecustom--PaymentsForDebtExtinguishmentCost_i01N_di_msCFFUIzzQa_zIBalQU4I7P4" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 20pt; text-align: left">Debt extinguishment cost paid</td><td>&#160;</td>
    <td style="text-align: center">16</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="LPA:PaymentsForDebtExtinguishmentCost" contextRef="From2023-01-01to2023-12-31" id="Fact000719" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,473,134</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0720">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0721">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_401_ecustom--PaymentsForInterestAndCommitmentFee_i01N_di_msCFFUIzzQa_zDPtjQfZp2Zb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt; text-align: left">Interest and commitment fee paid</td><td>&#160;</td>
    <td style="text-align: center">16</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>LATAM
LOGISTIC PROPERTIES, S.A. AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="p_016"></span>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(in
U.S. Dollars)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000759" name="LPA:DisclosureOfNatureOfBusinessExplanatory"><p id="xdx_804_ecustom--DisclosureOfNatureOfBusinessExplanatory_zuWWV418wIf8" style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_822_zzeER6ZRbONk">NATURE OF BUSINESS</span></b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Latam
Logistic Properties, S.A. (&#8220;LLP&#8221;) is a company organized in accordance with the laws of the
Republic of Panama, constituted as a limited liability company, by public deed dated April 29, 2015, and registered before the Public
Registry of Panama on May 4, 2015. The registered office is located in BMW Plaza, 9th floor, Calle 50, Panama City, Republic of Panama.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Latam
Logistic Properties, S.A., through its affiliates and subsidiaries (jointly referred to as &#8220;the Group&#8221; and individually as
&#8220;Group entities&#8221;), is a fully-integrated, internally managed real estate company that develops, owns and manages a diversified
portfolio of warehouse logistics assets in Central and South America.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated financial statements of the Group as of December 31, 2023 and 2022 and the years ended December 31, 2023, 2022 and 2021
include the consolidated financial information of LLP and its subsidiaries. Information on the Group&#8217;s structure
is provided in Note 2.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000761" name="LPA:DisclosureOfOwnershipExplanatory"><p id="xdx_896_ecustom--DisclosureOfOwnershipExplanatory_zPqE0MJ6qiL6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, and 2022, Latam Logistic Properties, S.A. ownership structure was as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B3_zcdI0YumKTa8" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">SCHEDULE OF OWNERSHIP STRUCTURE</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-left: 0pt">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_985_ecustom--PercentageOfOwnership_iI_pid_dp_uPure_c20221231_zP5EB0qUScPg" title="Ownership percentage" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="LPA:PercentageOfOwnership" contextRef="AsOf2022-12-31" id="Fact000793" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100.0</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0E_z8xZcxmQa8Xj">(1)</sup></span></td><td style="width: 5pt"/><td style="text-align: justify"><span id="xdx_F1D_z87T0GTRHTPc" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote000794" xml:lang="en-US">JREP I Logistics
Acquisition L.P. (&#8220;JREP I&#8221;) is the Group&#8217;s majority shareholder and controlling investor with <span id="xdx_909_ecustom--PercentageOfOwnership_iI_pid_dp_uPure_c20231231__dei--LegalEntityAxis__custom--JREPILogisticsAcquisitionLPMember_z0Q94iGLWaA9" title="Ownership percentage" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE9XTkVSU0hJUCBTVFJVQ1RVUkUgKERldGFpbHMpAA__"><ix:nonFraction name="LPA:PercentageOfOwnership" contextRef="AsOf2023-12-31_custom_JREPILogisticsAcquisitionLPMember" id="Fact000796" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">88.8</ix:nonFraction></span>% ownership. JREP
GP LLC has exclusive management control over JREP I, which was engaged by Jaguar Growth Asset Management LLC to have full control over
JREP I. The ultimate Group&#8217;s capital partner is Jaguar Growth Partners LLC, a New York based private equity fund with ample experience
in real estate developments throughout emerging markets.</ix:footnote></span></td>
</tr></table>

</ix:nonNumeric><p id="xdx_8A7_zU9DHARiGno2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Business
Combination Agreement -</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 15, 2023, two, a Cayman Islands exempted company (&#8220;TWOA&#8221;), announced the execution of a definitive business
combination agreement (&#8220;Business Combination Agreement&#8221;) with LLP, and, by joinder agreements, each of Logistic
Properties of the Americas, a Cayman Islands exempted company (&#8220;Pubco&#8221;), Logistic Properties of the Americas Subco, a
Cayman Islands exempted company and a wholly-owned subsidiary of Pubco (&#8220;SPAC Merger Sub&#8221;), and LPA Panama Group Corp.,
a company incorporated under the laws of Panama and a wholly-owned subsidiary of Pubco (&#8220;Company Merger Sub&#8221;), for a
proposed business combination among the parties (the &#8220;Business Combination&#8221;). Under the Business Combination Agreement,
at the closing of the transactions contemplated by the Business Combination Agreement (the &#8220;Closing&#8221;), among other
matters, (a) SPAC Merger Sub will merge with and into TWOA, with TWOA continuing as the surviving company (the &#8220;SPAC
Merger&#8221;), and, in connection therewith, each issued and outstanding security of TWOA immediately prior to the effective time
of the Mergers (as defined below) (the &#8220;Effective Time&#8221;) will no longer be outstanding and will automatically be
canceled, in exchange for the right of the holder thereof to receive a substantially equivalent security of Pubco; (b) Company
Merger Sub will merge with and into LLP, with LLP continuing as the surviving company (the &#8220;Company Merger,&#8221; and,
together with the SPAC Merger, the &#8220;Mergers&#8221;), and, in connection therewith, the LLP shares issued and outstanding
immediately prior to the Effective Time will be canceled in exchange for the right of the holders thereof to receive ordinary shares
of Pubco (&#8220;Pubco Ordinary Shares&#8221;); and (c) as a result of the Mergers, TWOA and LLP will each become wholly-owned
subsidiaries of Pubco, and Pubco Ordinary Shares will be listed on The New York Stock Exchange (&#8220;NYSE&#8221;) under the symbol
&#8220;LPA&#8221;, all upon the terms and subject to the conditions set forth in the Business Combination Agreement. The Business
Combination was consummated on March 27, 2024. Refer to Note 25 for more details.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 122; Value: 1 -->
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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Conversion
from S.R.L. to S.A</i></b><i>.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 2, 2021, the General Assembly of Shareholders unanimously approved the transformation and conversion of LatAm Logistic Properties,
S.A. from a limited liability company to a corporation, resolution duly registered with the Public Registry of Panama on January 13,
2021 (the &#8220;Conversion&#8221;). In accordance with the bylaws of a limited liability company and up to conversion date on January
2, 2021, the capital structure of Latam Logistic Properties, S.A. was through Membership Units.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group evaluated the facts and circumstances and concluded the Conversion represented a capital restructuring, which was reflected in
the consolidated statements of changes in equity prospectively. Additionally, the Conversion resulted in an exchange of equity interest
that was akin to a stock split. As such, the change in capital stock was reflected retrospectively for earnings per share (&#8220;EPS&#8221;)
purposes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000798" name="ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory"><p id="xdx_80A_eifrs-full--DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory_zOxupx4Iofrl" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_82D_zuevQJZsoFJh">MATERIAL ACCOUNTING POLICY INFORMATION</span></b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000800" name="LPA:DescriptionOfAccountingPolicyForBasisOfAccountingExplanatory"><p id="xdx_845_ecustom--DescriptionOfAccountingPolicyForBasisOfAccountingExplanatory_zBE0olX89O24" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.
<b><i><span id="xdx_86F_zGhqhtBQIax4">Basis of Accounting</span> -</i></b> The consolidated financial statements have been prepared in accordance with International Financial
Reporting Standards as issued by the International Accounting Standards Board (&#8220;IFRS&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; color: #1F3763; text-align: justify; text-indent: -31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated financial statements have been prepared on the historical cost basis except certain investment properties that are measured
at fair value as of end of each reporting period, as explained in the accounting policies below. Historical cost is generally based on
the fair value of the consideration given in exchange for goods and services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group management believes that all adjustments that are required for a proper presentation of the financial information are incorporated
in these consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000802" name="LPA:DescriptionOfAccountingPolicyForGoingConcernExplanatory"><p id="xdx_841_ecustom--DescriptionOfAccountingPolicyForGoingConcernExplanatory_zfI91T7rjDge" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.
<b><i><span id="xdx_869_zCG5vaaxlPv1">Going Concern</span> - </i></b>The accompanying consolidated financial statements are prepared on a going concern basis in accordance
with International Accounting Standard (&#8220;IAS&#8221;) 1 Presentation of Financial Statements, which contemplates the realization
of assets and the satisfaction of liabilities in the normal course of business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; text-align: justify; text-indent: -31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
described further in Note 16, the Group obtained a waiver relating to compliance with the debt service coverage ratio as required by
its loan covenants with Bancolombia. This waiver remains in force through December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
September 2023, the Group restructured its Bancolombia debt to defer principal payments until May 2024, at which point the Group will
have 12 months to pay this accrued principal and interest in full at no additional cost and will subsequently be tested for compliance
with the debt service coverage ratio on June 30, 2024 as required by its debt covenants. The outstanding Bancolombia loan balance as
of December 31, 2023 was $<span id="xdx_907_eifrs-full--LoansPayableInDefault_iI_pn5n6_c20231231_zSvvMegbcXDd" title="Outstanding loan"><ix:nonFraction name="ifrs-full:LoansPayableInDefault" contextRef="AsOf2023-12-31" id="Fact000804" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">41.8</ix:nonFraction></span> million, with $<span id="xdx_908_eifrs-full--LoansPayableInDefault_iI_pn5n6_c20221231_zcAibJ1f9L46" title="Outstanding loan"><ix:nonFraction name="ifrs-full:LoansPayableInDefault" contextRef="AsOf2022-12-31" id="Fact000806" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.1</ix:nonFraction></span> million classified within current liabilities on the consolidated statement of financial
position.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 123; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
the Group has fulfilled all debt service payments required by its lending agreements in all jurisdictions to date, current interest
rates in Colombia make it probable that further debt waivers, restructuring, or repayment will be necessary relating to the
Bancolombia loan prior to May 2024, when principal payments resume on the loan. The Group&#8217;s lending agreements with
Bancolombia are only collateralized by four Colombian investment properties, which were valued at $<span id="xdx_90A_eifrs-full--InvestmentProperty_iI_pn5n6_c20231231__ifrs-full--SignificantInvestmentsInAssociatesAxis__custom--ColombiaCountryMember_zxR7wdSTdfF7" title="Investment properties"><ix:nonFraction name="ifrs-full:InvestmentProperty" contextRef="AsOf2023-12-31_custom_ColombiaCountryMember" id="Fact000808" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">90.3</ix:nonFraction></span>
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million as of December 31, 2023 and 2022, respectively. No other guarantees have been provided by the Group&#8217;s other
subsidiaries that would put the Group&#8217;s operations outside of Colombia at risk in event of foreclosure. While the $<span id="xdx_90D_eifrs-full--Revenue_pn5n6_c20230101__20231231__ifrs-full--SignificantInvestmentsInAssociatesAxis__custom--ColombiaCountryMember_zCnq9Whw8dH6" title="Revenue"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2023-01-012023-12-31_custom_ColombiaCountryMember" id="Fact000812" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">8.0</ix:nonFraction></span>
million in revenue generated by the Group&#8217;s Colombian operations for the year ended December 31, 2023 represents approximately <span id="xdx_901_eifrs-full--PercentageOfEntitysRevenue_pid_dp_uPure_c20230101__20231231__ifrs-full--SignificantInvestmentsInAssociatesAxis__custom--ColombiaCountryMember_zEMIQ8rklDy3" title="Revenue percentage"><ix:nonFraction name="ifrs-full:PercentageOfEntitysRevenue" contextRef="From2023-01-012023-12-31_custom_ColombiaCountryMember" id="Fact000814" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">20.4</ix:nonFraction></span>%
of the Group&#8217;s consolidated revenues for the year, the Group&#8217;s operations outside of Colombia are expected to be
profitable and generate adequate liquidity to provide for continued operations. In the event that the Group is unable to obtain
further debt waivers, restructure the debt, or otherwise repay the Bancolombia loan, there is a possibility Bancolombia may initiate
proceedings to foreclose on its Colombian properties without further recourse. However, this would not create material uncertainty
as to the Group&#8217;s ability to continue as a going concern in regards to its operations outside of Colombia. Additionally, upon
the consummation of the Group&#8217;s merger with TWOA on March 27, 2024, the Group gained access to additional capital which further supports the Group&#8217;s ability to finance ongoing operations. (refer to Note 25 for additional information on the
merger).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000816" name="ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory"><p id="xdx_842_eifrs-full--DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory_z4tJduCTeL6b" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c.
<b><i><span id="xdx_867_zXuXu9MWTZ03">Foreign Currency</span> -</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; text-align: justify; text-indent: -31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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                                            and Presentation Currency -</i></b> The consolidated financial statements are presented in
                                            U.S. dollars (USD), which is the functional currency of Latam Logistic Properties, S.A. and
                                            its subsidiaries, except for the Colombian subsidiaries of Latam Logistic COL OpCo, S.A.
                                            and Latam Logistic COL PropCo Cota I, S.A.S, for which the functional currency is the Colombian
                                            Peso. As of December 31, 2023 and 2022, the sell-exchange rates for a USD to relevant currencies
                                            for the Group $1.00 were the following:</span></td></tr></table>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000818" name="ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory"><p id="xdx_897_eifrs-full--DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory_z5dsom4veYBb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B6_ztEx0TjCJJS4" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">SCHEDULE OF FOREIGN CURRENCY EXCHANGE RATE</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 97%; margin-left: 0.25in">
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: center">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left">Costa Rican Colones (&#8220;CRC&#8221;)</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 14%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CRC <span id="xdx_905_eifrs-full--ClosingForeignExchangeRate_iI_pid_uCRC_c20231231_zuFenxneEGg6" title="Sell exchange rate"><ix:nonFraction name="ifrs-full:ClosingForeignExchangeRate" contextRef="AsOf2023-12-31" id="Fact000820" format="ixt:numdotdecimal" decimals="INF" unitRef="CRC">527</ix:nonFraction></span></span></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Peruvian Soles (&#8220;PEN&#8221;)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PEN <span id="xdx_903_eifrs-full--ClosingForeignExchangeRate_iI_pid_uPEN_c20231231_zLew9oojVJii" title="Sell exchange rate"><ix:nonFraction name="ifrs-full:ClosingForeignExchangeRate" contextRef="AsOf2023-12-31" id="Fact000824" format="ixt:numdotdecimal" decimals="INF" unitRef="PEN">3.713</ix:nonFraction></span></span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Colombian Peso (&#8220;COP&#8221;)</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
average rates for a USD to relevant currencies for the Group $1.00 were the following for the years ended December 31, 2023, 2022, and
2021:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 97%; margin-left: 0.25in">
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: center">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 46%; text-align: left">Costa Rican Colones (&#8220;CRC&#8221;)</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: center">&#160;</td><td style="width: 14%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CRC <span id="xdx_902_eifrs-full--AverageForeignExchangeRate_pid_uCRC_c20230101__20231231_zLFWcBAvNgwd" title="Average foreign exchange rate"><ix:nonFraction name="ifrs-full:AverageForeignExchangeRate" contextRef="From2023-01-01to2023-12-31" id="Fact000832" format="ixt:numdotdecimal" decimals="INF" unitRef="CRC">547</ix:nonFraction></span></span></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Peruvian Soles (&#8220;PEN&#8221;)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Colombian Peso (&#8220;COP&#8221;)</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">COP <span id="xdx_905_eifrs-full--AverageForeignExchangeRate_pid_uCOP_c20230101__20231231_zDWQMzZgu1Z1" title="Average foreign exchange rate"><ix:nonFraction name="ifrs-full:AverageForeignExchangeRate" contextRef="From2023-01-01to2023-12-31" id="Fact000844" format="ixt:numdotdecimal" decimals="INF" unitRef="COP">4,321</ix:nonFraction></span></span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">COP <span id="xdx_909_eifrs-full--AverageForeignExchangeRate_pid_uCOP_c20220101__20221231_zMXl7smc0Oid" title="Average foreign exchange rate"><ix:nonFraction name="ifrs-full:AverageForeignExchangeRate" contextRef="From2022-01-012022-12-31" id="Fact000846" format="ixt:numdotdecimal" decimals="INF" unitRef="COP">4,255</ix:nonFraction></span></span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">COP <span id="xdx_907_eifrs-full--AverageForeignExchangeRate_pid_uCOP_c20210101__20211231_zNoPgU7wLl7d" title="Average foreign exchange rate"><ix:nonFraction name="ifrs-full:AverageForeignExchangeRate" contextRef="From2021-01-012021-12-31" id="Fact000848" format="ixt:numdotdecimal" decimals="INF" unitRef="COP">4,743</ix:nonFraction></span></span></td><td style="text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AE_zC1Q20SP14Dg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foreign
                                            Currency Transactions -</b> Transactions in foreign currencies are translated into the respective
                                            functional currencies of the Group entities at exchange rates at the dates of the transactions.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Monetary
assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rate at the reporting
date. Non-monetary assets and liabilities that are measured at fair value in a foreign currency are translated into the functional currency
at the exchange rate when the fair value was determined. Non-monetary items that are measured based on historical cost in a foreign currency
are translated at the exchange rate at the date of the transaction. Foreign currency differences are generally recognized in profit or
loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foreign
Operations -</b> The assets and liabilities of foreign operations, for which the functional currency is other than the USD are translated
into USD at exchange rates in effect at the date of the consolidated statement of financial position. The income and expenses of foreign
operations are translated at exchange rates at the dates of the transactions. Components of equity are translated into USD at the historical
exchange rates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign
currency differences are recognized in other comprehensive income (OCI) and accumulated in a separate line item in the Group&#8217;s
consolidated statements of changes in equity under &#8220;Foreign currency translation reserve&#8221;, except to the extent that the
translation difference is allocated to non-controlling interests (NCI). When a foreign operation is disposed of in its entirety or partially
such that control, significant influence or joint control is lost, the cumulative amount in the foreign currency translation reserve
account related to that foreign operation is reclassified to profit or loss as part of the gain or loss on disposal. If the Group disposes
of part of its interest in a subsidiary but retains control, then, the relevant proportion of the cumulative amount is reattributed to
non-controlling interests. When the Group disposes only part of an associate while retaining significant influence, the relevant proportion
of the cumulative amount is reclassified to profit or loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000850" name="LPA:DescriptionOfAccountingPolicyForUseOfSignificantJudgementsAndEstimatesExplanatory"><p id="xdx_842_ecustom--DescriptionOfAccountingPolicyForUseOfSignificantJudgementsAndEstimatesExplanatory_zzG7RLsm4fD1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">d.
<b><i><span id="xdx_86B_zy3C5hzRIeNb">Use of Significant Judgements and Estimates</span></i></b> - In preparing the consolidated financial statements, management has made judgments,
estimates, and assumptions that affect the application of the Group&#8217;s accounting policies and the reported amounts of assets, liabilities,
income, and expenses. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognized prospectively.
Actual results may differ from these estimates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; color: #1F3763; text-align: justify; text-indent: -31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following are the critical accounting judgements and key sources of estimation uncertainty, that the management have made in the process
of applying the Group&#8217;s accounting policies and that have the most significant effect on the amounts recognized in financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Leases
                                            </b>- The Group applied the following judgements that significantly affect the determination
                                            of the amount and timing of income from lease contracts:</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 74.7pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Definition
of a lease</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
IFRS 16, a lease is a contract (i.e., an agreement between two or more parties that creates enforceable rights and obligations), or part
of a contract, that conveys the right to use an asset (the underlying asset) for a period of time in exchange for consideration.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: left; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Property
lease classification &#8211; the Group as lessor</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group has entered into leases on its investment property portfolio. The Group has determined, based on an evaluation of the terms and
conditions of the arrangements, such as the lease term not constituting a major part of the economic life of the property and the present
value of the minimum lease payments not amounting to substantially all of the fair value of the property, that it retains substantially
all the risks and rewards incidental to ownership of this property and accounts for the contracts as operating leases.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: left; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Estimating
the incremental borrowing rate &#8211; the Group as lessee</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group cannot readily determine the interest rate implicit in leases where it is the lessee, therefore, it uses its incremental borrowing
rate (IBR) to measure lease liabilities. The IBR is the rate of interest that the Group would have to pay to borrow over a similar term,
and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic
environment. The Group estimates the IBR using observable inputs (such as market interest rates) when available and is required to make
certain entity-specific estimates (such as the subsidiary&#8217;s stand-alone credit rating).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Receivable
                                            from the sale of investment properties</b> &#8211; The receivable from the sale of investment
                                            properties is related to the disposition of an investment property, Latam Parque Logistico
                                            Calle 80 Building 500A, as discussed in detail in Note 12. The receivable balance was initially
                                            determined by applying a discount rate to the expected future proceeds. The discount rate
                                            was estimated based on several Level 2 valuation inputs such as senior unsecured Option Adjusted
                                            Spread (&#8220;OAS&#8221;) and the Colombia sovereign yield curve.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 74.7pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investment
                                            Properties </b>- Investment properties are initially recognized at cost. The Group elects
                                            to subsequently remeasure investment properties at fair value. As of each period end, valuations
                                            for the Group&#8217;s investment properties are generally performed by an external valuation
                                            firm. Note 12 provides detailed information about the key assumptions used in the determination
                                            of the fair value of the investment properties.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 74.7pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Impairment
                                            of Financial Assets </b>&#8211; Allowances for expected credit losses are made based on the
                                            risk of non-payment taking into account aging, previous experience, economic conditions and
                                            forward-looking data, which are evaluated on a quarterly basis. Allowances for tenant notes
                                            receivables are measured as 12-months expected credit losses. Allowances for lease receivables
                                            are measured as lifetime expected credit losses depending on changes in the credit quality
                                            of the counterparty, with 100% of balances being reserved for if a counterparty exhibits
                                            characteristics of default. The definition of default is determined by considering whether
                                            there is a breach of financial covenants or information developed internally or obtained
                                            from external sources.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 74.7pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Control
                                            for partnership agreements &#8211; </b>Management has assessed whether its interest over
                                            investees represents a parent / subsidiary relationship and requires consolidation as per
                                            IFRS 10 control criteria. Control is achieved when the Group is exposed, or has rights, to
                                            variable returns from its involvement with the investee and has the ability to affect those
                                            returns through its power over the investee. Management considers all relevant facts and
                                            circumstances in assessing whether it has power over an investee including contractual arrangement
                                            contained within partnership agreements, rights arising service contracts with other vote
                                            holders for partnership arrangements and decision-making authority for the Group.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 74.7pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000852" name="ifrs-full:DisclosureOfBasisOfConsolidationExplanatory"><p id="xdx_84C_eifrs-full--DisclosureOfBasisOfConsolidationExplanatory_zESaRcZPoFc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">e.
<b><i><span id="xdx_861_zBx7jgTVgeN7">Basis of Consolidation</span></i></b><i> -</i> The consolidated financial statements incorporate the financial statements of the Group
and entities controlled by the Group (its subsidiaries) at the end of each reporting year. Control is achieved when the Group:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; color: #1F3763; text-align: justify; text-indent: -31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Has
                                            the power over the investee;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.35pt; text-indent: -26.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Is
                                            exposed, or has rights, to variable returns from its involvement with the investee; and</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.35pt; text-align: justify; text-indent: -26.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Has
                                            the ability to use its power to affects its returns.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.35pt; text-indent: -26.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of
the three elements of control listed above.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
the Group has less than a majority of the voting rights of an investee, it considers that it has power over the investee when the contractual
rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Group considers
all relevant facts and circumstances in assessing whether or not the Group&#8217;s voting rights in an investee are sufficient to give
it power, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            size of the Group&#8217;s holding of voting rights relative to the size and dispersion of
                                            holdings of the other vote holders;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: -26.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exposure,
                                            or rights, to variable returns from its involvement with the investee</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: -26.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
                                            additional facts and circumstances that indicate that the Group has, or does not have, the
                                            current ability to direct the relevant activities at the time that decisions need to be made
                                            including the ability to use its power over the investee to affect the amount of the investor&#8217;s
                                            returns</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: -26.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidation
of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control. Specifically, the
results of subsidiaries acquired or disposed of during the year are included in profit or loss from the date the Group gains control
until the date when the Group ceases to control the subsidiary. Profit or loss and each component of other comprehensive loss are attributed
to owners of the Group and to the non-controlling interests. Total comprehensive income of the subsidiaries is attributed to the owners
of the Group and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where
necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with the
Group&#8217;s accounting policies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between the members of the Group
are eliminated on consolidation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-controlling
interests in subsidiaries are identified separately from the Group&#8217;s equity therein. Those interests of non-controlling shareholders
that are present ownership interests entitling their holders to a proportionate share of net assets upon liquidation may initially be
measured at fair value or at the non-controlling interests&#8217; proportionate share of the fair value of the acquiree&#8217;s identifiable
net assets. The choice of measurement is made on an acquisition-by-acquisition basis. Other non-controlling interests are initially measured
at fair value. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial
recognition plus the non-controlling interests&#8217; share of subsequent changes in equity. Total comprehensive income is attributed
to non-controlling interests even if this results in the non-controlling interests having a deficit balance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes
in the Group&#8217;s interests in subsidiaries that do not result in a loss of control are accounted for as equity transactions. The
carrying amount of the Group&#8217;s interests and the non-controlling interests are adjusted to reflect the changes in their relative
interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value
of the consideration paid or received is recognized directly in equity and attributed to the owners of the Group.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
the Group loses control of a subsidiary, the gain or loss on disposal recognized in profit or loss is calculated as the difference between
(i) the aggregate of the fair value of the consideration received and the fair value, as of the date control is lost, of any retained
interest in the subsidiary and (ii) the previous carrying amount of the assets (including goodwill), less liabilities of the subsidiary
and any non-controlling interests. All amounts previously recognized in other comprehensive loss in relation to that subsidiary are accounted
for as if the Group had directly disposed of the related assets or liabilities of the subsidiary (i.e. reclassified to profit or loss
or transferred to another category of equity as required/permitted by applicable IFRS Standards). The fair value of any investment retained
in the former subsidiary at the date when control is lost is regarded as the fair value on initial recognition for subsequent accounting
under IFRS 9 Financial Instruments when applicable, or the cost on initial recognition of an investment in an associate or a joint venture.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 127; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000854" name="ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory"><p id="xdx_891_eifrs-full--DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory_zQDDZHRrlq58" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 57pt; text-align: justify"><span id="xdx_8B0_z4XDTekPPOo1" style="display: none">SCHEDULE OF SUBSIDIARIES</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 97%; margin-left: 0.25in">
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    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
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    <td style="width: 42%; text-align: left">Latam Logistic Property Holdings LLC</td><td style="width: 2%">&#160;</td>
    <td style="width: 8%; text-align: center">United States</td><td style="width: 2%">&#160;</td>
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    <td style="text-align: center">Panam&#225;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">Latam Logistic CR HoldCo I, S de R.L.</td><td>&#160;</td>
    <td style="text-align: center">Panam&#225;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_985_eifrs-full--ProportionOfOwnershipInterestInAssociate_pid_dp_uPure_c20230101__20231231__dei--LegalEntityAxis__custom--LatamLogisticCRHoldCoISdeRLMember_zkKsN1TCYz18" title="Ownership interest" style="text-align: right"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInAssociate" contextRef="From2023-01-012023-12-31_custom_LatamLogisticCRHoldCoISdeRLMember" id="Fact000864" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
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    <td style="text-align: left">Latam Logistic Pan HoldCo S de R.L.</td><td>&#160;</td>
    <td style="text-align: center">Panam&#225;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_988_eifrs-full--ProportionOfOwnershipInterestInAssociate_pid_dp_uPure_c20230101__20231231__dei--LegalEntityAxis__custom--LatamLogisticPanHoldCoSdeRLMember_zkvc0BfpRFFf" title="Ownership interest" style="text-align: right"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInAssociate" contextRef="From2023-01-012023-12-31_custom_LatamLogisticPanHoldCoSdeRLMember" id="Fact000868" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
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    <td style="text-align: left">Latam Logistic Pan Holdco El Coyol II S de R.L.</td><td>&#160;</td>
    <td style="text-align: center">Panam&#225;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_986_eifrs-full--ProportionOfOwnershipInterestInAssociate_pid_dp_uPure_c20230101__20231231__dei--LegalEntityAxis__custom--LatamLogisticPanHoldcoElCoyolIISdeRLMember_zYPk0rSOTmEk" title="Ownership interest" style="text-align: right"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInAssociate" contextRef="From2023-01-012023-12-31_custom_LatamLogisticPanHoldcoElCoyolIISdeRLMember" id="Fact000872" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">50</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
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    <td style="text-align: left">Latam Logistic Pan Holdco Cedis Rurales S de R.L.</td><td>&#160;</td>
    <td style="text-align: center">Panam&#225;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_986_eifrs-full--ProportionOfOwnershipInterestInAssociate_pid_dp_uPure_c20230101__20231231__dei--LegalEntityAxis__custom--LatamLogisticPanHoldcoCedisRuralesSdeRLMember_zWjtZgdXMIY2" title="Ownership interest" style="text-align: right"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInAssociate" contextRef="From2023-01-012023-12-31_custom_LatamLogisticPanHoldcoCedisRuralesSdeRLMember" id="Fact000880" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Latam Logistic Pan HoldCo San Joaquin I S de R.L.</td><td>&#160;</td>
    <td style="text-align: center">Panam&#225;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_987_eifrs-full--ProportionOfOwnershipInterestInAssociate_pid_dp_uPure_c20230101__20231231__dei--LegalEntityAxis__custom--LatamLogisticPanHoldCoSanJoaquinISdeRLMember_zuqCs9n6nnX2" title="Ownership interest" style="text-align: right"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInAssociate" contextRef="From2023-01-012023-12-31_custom_LatamLogisticPanHoldCoSanJoaquinISdeRLMember" id="Fact000884" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Latam Logistic Pan Holdco
Verbena I S de R.L. <sup>(1)</sup></span></td><td>&#160;</td>
    <td style="text-align: center">Panam&#225;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_981_eifrs-full--ProportionOfOwnershipInterestInAssociate_pid_dp_uPure_c20230101__20231231__dei--LegalEntityAxis__custom--LatamLogisticPanHoldcoVerbenaISdeRLMember_fKDEp_ziWiBWpEh0t3" title="Ownership interest" style="text-align: right"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInAssociate" contextRef="From2023-01-012023-12-31_custom_LatamLogisticPanHoldcoVerbenaISdeRLMember" id="Fact000888" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">47.6</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98C_eifrs-full--ProportionOfOwnershipInterestInAssociate_pid_dp_uPure_c20220101__20221231__dei--LegalEntityAxis__custom--LatamLogisticPanHoldcoVerbenaISdeRLMember_fKDEp_ztIx9reu3G37" title="Ownership interest" style="text-align: right"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInAssociate" contextRef="From2022-01-012022-12-31_custom_LatamLogisticPanHoldcoVerbenaISdeRLMember" id="Fact000890" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">47.6</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98C_eifrs-full--ProportionOfOwnershipInterestsHeldByNoncontrollingInterests_pid_dp_uPure_c20230101__20231231__dei--LegalEntityAxis__custom--LatamLogisticPanHoldcoVerbenaISdeRLMember_fKDEp_zaozVGidUPr6" title="Non-controlling interest" style="text-align: right"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" contextRef="From2023-01-012023-12-31_custom_LatamLogisticPanHoldcoVerbenaISdeRLMember" id="Fact000892" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">52.4</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98E_eifrs-full--ProportionOfOwnershipInterestsHeldByNoncontrollingInterests_pid_dp_uPure_c20220101__20221231__dei--LegalEntityAxis__custom--LatamLogisticPanHoldcoVerbenaISdeRLMember_fKDEp_zUYYWZ7fDOYi" title="Non-controlling interest" style="text-align: right"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" contextRef="From2022-01-012022-12-31_custom_LatamLogisticPanHoldcoVerbenaISdeRLMember" id="Fact000894" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">52.4</ix:nonFraction></td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Latam Logistic Pan Holdco Verbena II S, S.R.L. <sup>(2)</sup></span></td><td>&#160;</td>
    <td style="text-align: center">Panam&#225;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_984_eifrs-full--ProportionOfOwnershipInterestInAssociate_pid_dp_uPure_c20230101__20231231__dei--LegalEntityAxis__custom--LatamLogisticPanHoldcoVerbenaIISSRLMember_fKDIp_zZSxlcMdpIl8" title="Ownership interest" style="text-align: right"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInAssociate" contextRef="From2023-01-012023-12-31_custom_LatamLogisticPanHoldcoVerbenaIISSRLMember" id="Fact000896" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">47.6</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_983_eifrs-full--ProportionOfOwnershipInterestInAssociate_pid_dp_uPure_c20220101__20221231__dei--LegalEntityAxis__custom--LatamLogisticPanHoldcoVerbenaIISSRLMember_fKDIp_zgCWDnobrD4h" title="Ownership interest" style="text-align: right"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInAssociate" contextRef="From2022-01-012022-12-31_custom_LatamLogisticPanHoldcoVerbenaIISSRLMember" id="Fact000898" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">47.6</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_983_eifrs-full--ProportionOfOwnershipInterestsHeldByNoncontrollingInterests_pid_dp_uPure_c20230101__20231231__dei--LegalEntityAxis__custom--LatamLogisticPanHoldcoVerbenaIISSRLMember_fKDIp_zVhj7FYDbUhk" title="Non-controlling interest" style="text-align: right"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" contextRef="From2023-01-012023-12-31_custom_LatamLogisticPanHoldcoVerbenaIISSRLMember" id="Fact000900" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">52.4</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98D_eifrs-full--ProportionOfOwnershipInterestsHeldByNoncontrollingInterests_pid_dp_uPure_c20220101__20221231__dei--LegalEntityAxis__custom--LatamLogisticPanHoldcoVerbenaIISSRLMember_fKDIp_zhW4F2463sp9" title="Non-controlling interest" style="text-align: right"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" contextRef="From2022-01-012022-12-31_custom_LatamLogisticPanHoldcoVerbenaIISSRLMember" id="Fact000902" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">52.4</ix:nonFraction></td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Latam Logistic Pan Holdco Santiago I, S de R.L.</td><td>&#160;</td>
    <td style="text-align: center">Panam&#225;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_980_eifrs-full--ProportionOfOwnershipInterestInAssociate_pid_dp_uPure_c20230101__20231231__dei--LegalEntityAxis__custom--LatamLogisticPanHoldcoSantiagoISdeRLMember_zUoqbVUCsKui" title="Ownership interest" style="text-align: right"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInAssociate" contextRef="From2023-01-012023-12-31_custom_LatamLogisticPanHoldcoSantiagoISdeRLMember" id="Fact000904" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98A_eifrs-full--ProportionOfOwnershipInterestInAssociate_pid_dp_uPure_c20220101__20221231__dei--LegalEntityAxis__custom--LatamLogisticPanHoldcoSantiagoISdeRLMember_zVe0jWNEyK7g" title="Ownership interest" style="text-align: right"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInAssociate" contextRef="From2022-01-012022-12-31_custom_LatamLogisticPanHoldcoSantiagoISdeRLMember" id="Fact000906" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Latam Logistic Pan Holdco Santo Domingo, S de R.L.</td><td>&#160;</td>
    <td style="text-align: center">Panam&#225;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98E_eifrs-full--ProportionOfOwnershipInterestInAssociate_pid_dp_uPure_c20230101__20231231__dei--LegalEntityAxis__custom--LatamLogisticPanHoldcoSantoDomingoSdeRLMember_zuT9RsNxdkQ4" title="Ownership interest" style="text-align: right"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInAssociate" contextRef="From2023-01-012023-12-31_custom_LatamLogisticPanHoldcoSantoDomingoSdeRLMember" id="Fact000908" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98E_eifrs-full--ProportionOfOwnershipInterestInAssociate_pid_dp_uPure_c20220101__20221231__dei--LegalEntityAxis__custom--LatamLogisticPanHoldcoSantoDomingoSdeRLMember_zybTO0FbPnj1" title="Ownership interest" style="text-align: right"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInAssociate" contextRef="From2022-01-012022-12-31_custom_LatamLogisticPanHoldcoSantoDomingoSdeRLMember" id="Fact000910" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Latam Logistic Pan Holdco Medellin I, S.R.L.</td><td>&#160;</td>
    <td style="text-align: center">Panam&#225;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98B_eifrs-full--ProportionOfOwnershipInterestInAssociate_pid_dp_uPure_c20230101__20231231__dei--LegalEntityAxis__custom--LatamLogisticPanHoldcoMedellinISRLMember_zu0xYZxhgMR8" title="Ownership interest" style="text-align: right"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInAssociate" contextRef="From2023-01-012023-12-31_custom_LatamLogisticPanHoldcoMedellinISRLMember" id="Fact000912" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98D_eifrs-full--ProportionOfOwnershipInterestInAssociate_pid_dp_uPure_c20220101__20221231__dei--LegalEntityAxis__custom--LatamLogisticPanHoldcoMedellinISRLMember_zNW0a66hCe5h" title="Ownership interest" style="text-align: right"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInAssociate" contextRef="From2022-01-012022-12-31_custom_LatamLogisticPanHoldcoMedellinISRLMember" id="Fact000914" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">LatAm Logistic Pan HoldCo Bodegas los Llanos, S.R.L.</td><td>&#160;</td>
    <td style="text-align: center">Panam&#225;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_981_eifrs-full--ProportionOfOwnershipInterestInAssociate_pid_dp_uPure_c20230101__20231231__dei--LegalEntityAxis__custom--LatAmLogisticPanHoldCoBodegaslosLlanosSRLMember_zC8haNKcjura" title="Ownership interest" style="text-align: right"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInAssociate" contextRef="From2023-01-012023-12-31_custom_LatAmLogisticPanHoldCoBodegaslosLlanosSRLMember" id="Fact000916" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_981_eifrs-full--ProportionOfOwnershipInterestInAssociate_pid_dp_uPure_c20220101__20221231__dei--LegalEntityAxis__custom--LatAmLogisticPanHoldCoBodegaslosLlanosSRLMember_zVJtV76y5Rml" title="Ownership interest" style="text-align: right"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInAssociate" contextRef="From2022-01-012022-12-31_custom_LatAmLogisticPanHoldCoBodegaslosLlanosSRLMember" id="Fact000918" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Latam Logistic PER OpCo, S.R.L.</td><td>&#160;</td>
    <td style="text-align: center">Per&#250;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98A_eifrs-full--ProportionOfOwnershipInterestInAssociate_pid_dp_uPure_c20230101__20231231__dei--LegalEntityAxis__custom--LatamLogisticPEROpCoSRLMember_zEcHPh8G1Moc" title="Ownership interest" style="text-align: right"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInAssociate" contextRef="From2023-01-012023-12-31_custom_LatamLogisticPEROpCoSRLMember" id="Fact000920" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98F_eifrs-full--ProportionOfOwnershipInterestInAssociate_pid_dp_uPure_c20220101__20221231__dei--LegalEntityAxis__custom--LatamLogisticPEROpCoSRLMember_zOEwXeQXfoBe" title="Ownership interest" style="text-align: right"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInAssociate" contextRef="From2022-01-012022-12-31_custom_LatamLogisticPEROpCoSRLMember" id="Fact000922" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Latam Logistic PER PropCo Lurin I, S. de R.L.</td><td>&#160;</td>
    <td style="text-align: center">Per&#250;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_985_eifrs-full--ProportionOfOwnershipInterestInAssociate_pid_dp_uPure_c20230101__20231231__dei--LegalEntityAxis__custom--LatamLogisticPERPropCoLurinISdeRLMember_zHSaAls3p8gj" title="Ownership interest" style="text-align: right"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInAssociate" contextRef="From2023-01-012023-12-31_custom_LatamLogisticPERPropCoLurinISdeRLMember" id="Fact000924" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_981_eifrs-full--ProportionOfOwnershipInterestInAssociate_pid_dp_uPure_c20220101__20221231__dei--LegalEntityAxis__custom--LatamLogisticPERPropCoLurinISdeRLMember_zmeCKDqJG4lf" title="Ownership interest" style="text-align: right"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInAssociate" contextRef="From2022-01-012022-12-31_custom_LatamLogisticPERPropCoLurinISdeRLMember" id="Fact000926" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Latam Logistic PER PropCo Lurin II, S. de R.L.</td><td>&#160;</td>
    <td style="text-align: center">Per&#250;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98E_eifrs-full--ProportionOfOwnershipInterestInAssociate_pid_dp_uPure_c20230101__20231231__dei--LegalEntityAxis__custom--LatamLogisticPERPropCoLurinIISdeRLMember_zhSs4APLpQZc" title="Ownership interest" style="text-align: right"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInAssociate" contextRef="From2023-01-012023-12-31_custom_LatamLogisticPERPropCoLurinIISdeRLMember" id="Fact000928" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_986_eifrs-full--ProportionOfOwnershipInterestInAssociate_pid_dp_uPure_c20220101__20221231__dei--LegalEntityAxis__custom--LatamLogisticPERPropCoLurinIISdeRLMember_zVqI4pT6wcx6" title="Ownership interest" style="text-align: right"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInAssociate" contextRef="From2022-01-012022-12-31_custom_LatamLogisticPERPropCoLurinIISdeRLMember" id="Fact000930" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Latam Logistic PER PropCo Lurin III, S. de R.L.</td><td>&#160;</td>
    <td style="text-align: center">Per&#250;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_985_eifrs-full--ProportionOfOwnershipInterestInAssociate_pid_dp_uPure_c20230101__20231231__dei--LegalEntityAxis__custom--LatamLogisticPERPropCoLurinIIISdeRLMember_ztmSN2sgcbZ5" title="Ownership interest" style="text-align: right"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInAssociate" contextRef="From2023-01-012023-12-31_custom_LatamLogisticPERPropCoLurinIIISdeRLMember" id="Fact000932" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98D_eifrs-full--ProportionOfOwnershipInterestInAssociate_pid_dp_uPure_c20220101__20221231__dei--LegalEntityAxis__custom--LatamLogisticPERPropCoLurinIIISdeRLMember_zLzru0eLyj7" title="Ownership interest" style="text-align: right"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInAssociate" contextRef="From2022-01-012022-12-31_custom_LatamLogisticPERPropCoLurinIIISdeRLMember" id="Fact000934" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Parque Log&#237;stico Callao, S.R.L.</td><td>&#160;</td>
    <td style="text-align: center">Per&#250;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_987_eifrs-full--ProportionOfOwnershipInterestInAssociate_pid_dp_uPure_c20230101__20231231__dei--LegalEntityAxis__custom--ParqueLogisticoCallaoSRLMember_zuU65ITreqyk" title="Ownership interest" style="text-align: right"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInAssociate" contextRef="From2023-01-012023-12-31_custom_ParqueLogisticoCallaoSRLMember" id="Fact000936" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">40</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_981_eifrs-full--ProportionOfOwnershipInterestInAssociate_pid_dp_uPure_c20220101__20221231__dei--LegalEntityAxis__custom--ParqueLogisticoCallaoSRLMember_zCmS3621D5p2" title="Ownership interest" style="text-align: right"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInAssociate" contextRef="From2022-01-012022-12-31_custom_ParqueLogisticoCallaoSRLMember" id="Fact000938" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">50</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Latam Logistic COL OpCo, S.A.
<sup>(3)</sup></span></td><td>&#160;</td>
    <td style="text-align: center">Colombia</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_982_eifrs-full--ProportionOfOwnershipInterestInAssociate_pid_dp_uPure_c20230101__20231231__dei--LegalEntityAxis__custom--LatamLogisticCOLOpCoSAMember_fKDMp_zRGONkTNqFm2" title="Ownership interest" style="text-align: right"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInAssociate" contextRef="From2023-01-012023-12-31_custom_LatamLogisticCOLOpCoSAMember" id="Fact000944" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98C_eifrs-full--ProportionOfOwnershipInterestInAssociate_pid_dp_uPure_c20220101__20221231__dei--LegalEntityAxis__custom--LatamLogisticCOLOpCoSAMember_fKDMp_zodq2Q2Sc7Y4" title="Ownership interest" style="text-align: right"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInAssociate" contextRef="From2022-01-012022-12-31_custom_LatamLogisticCOLOpCoSAMember" id="Fact000946" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Latam Logistic COL PropCo Cota I, S.A.S.</td><td>&#160;</td>
    <td style="text-align: center">Colombia</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_986_eifrs-full--ProportionOfOwnershipInterestInAssociate_pid_dp_uPure_c20230101__20231231__dei--LegalEntityAxis__custom--LatamLogisticCOLPropCoCotaISASMember_zGQFtaNvTA25" title="Ownership interest" style="text-align: right"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInAssociate" contextRef="From2023-01-012023-12-31_custom_LatamLogisticCOLPropCoCotaISASMember" id="Fact000948" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_987_eifrs-full--ProportionOfOwnershipInterestInAssociate_pid_dp_uPure_c20220101__20221231__dei--LegalEntityAxis__custom--LatamLogisticCOLPropCoCotaISASMember_zlnNpoBmXUf4" title="Ownership interest" style="text-align: right"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInAssociate" contextRef="From2022-01-012022-12-31_custom_LatamLogisticCOLPropCoCotaISASMember" id="Fact000950" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Latam Logistic CR OpCo, S.R.L.</td><td>&#160;</td>
    <td style="text-align: center">Costa Rica</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_989_eifrs-full--ProportionOfOwnershipInterestInAssociate_pid_dp_uPure_c20230101__20231231__dei--LegalEntityAxis__custom--LatamLogisticCROpCoSRLMember_zKHESDWOamhb" title="Ownership interest" style="text-align: right"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInAssociate" contextRef="From2023-01-012023-12-31_custom_LatamLogisticCROpCoSRLMember" id="Fact000952" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_982_eifrs-full--ProportionOfOwnershipInterestInAssociate_pid_dp_uPure_c20220101__20221231__dei--LegalEntityAxis__custom--LatamLogisticCROpCoSRLMember_ziWChp2GCZoc" title="Ownership interest" style="text-align: right"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInAssociate" contextRef="From2022-01-012022-12-31_custom_LatamLogisticCROpCoSRLMember" id="Fact000954" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Latam Logistic CR PropCo Alajuela I, S.R.L.</td><td>&#160;</td>
    <td style="text-align: center">Costa Rica</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_989_eifrs-full--ProportionOfOwnershipInterestInAssociate_pid_dp_uPure_c20230101__20231231__dei--LegalEntityAxis__custom--LatamLogisticCRPropCoAlajuelaISRLMember_zpqJiRdKgCe1" title="Ownership interest" style="text-align: right"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInAssociate" contextRef="From2023-01-012023-12-31_custom_LatamLogisticCRPropCoAlajuelaISRLMember" id="Fact000956" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98F_eifrs-full--ProportionOfOwnershipInterestInAssociate_pid_dp_uPure_c20220101__20221231__dei--LegalEntityAxis__custom--LatamLogisticCRPropCoAlajuelaISRLMember_zB7tB9U6Z64f" title="Ownership interest" style="text-align: right"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInAssociate" contextRef="From2022-01-012022-12-31_custom_LatamLogisticCRPropCoAlajuelaISRLMember" id="Fact000958" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Latam Propco El Coyol Dos S de R.L.</td><td>&#160;</td>
    <td style="text-align: center">Costa Rica</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_983_eifrs-full--ProportionOfOwnershipInterestInAssociate_pid_dp_uPure_c20230101__20231231__dei--LegalEntityAxis__custom--LatamPropcoElCoyolDosSdeRLMember_zHwsIzPFghR4" title="Ownership interest" style="text-align: right"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInAssociate" contextRef="From2023-01-012023-12-31_custom_LatamPropcoElCoyolDosSdeRLMember" id="Fact000960" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">50</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_988_eifrs-full--ProportionOfOwnershipInterestInAssociate_pid_dp_uPure_c20220101__20221231__dei--LegalEntityAxis__custom--LatamPropcoElCoyolDosSdeRLMember_zfqS26ewke6g" title="Ownership interest" style="text-align: right"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInAssociate" contextRef="From2022-01-012022-12-31_custom_LatamPropcoElCoyolDosSdeRLMember" id="Fact000962" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">50</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98C_eifrs-full--ProportionOfOwnershipInterestsHeldByNoncontrollingInterests_pid_dp_uPure_c20230101__20231231__dei--LegalEntityAxis__custom--LatamPropcoElCoyolDosSdeRLMember_z5IrYNn5ED4d" title="Non-controlling interest" style="text-align: right"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" contextRef="From2023-01-012023-12-31_custom_LatamPropcoElCoyolDosSdeRLMember" id="Fact000964" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">50</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_983_eifrs-full--ProportionOfOwnershipInterestsHeldByNoncontrollingInterests_pid_dp_uPure_c20220101__20221231__dei--LegalEntityAxis__custom--LatamPropcoElCoyolDosSdeRLMember_zIxMIFu2FdRl" title="Non-controlling interest" style="text-align: right"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" contextRef="From2022-01-012022-12-31_custom_LatamPropcoElCoyolDosSdeRLMember" id="Fact000966" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">50</ix:nonFraction></td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Latam Logistic Propco Bodegas San Joaqu&#237;n S de R.L.</td><td>&#160;</td>
    <td style="text-align: center">Costa Rica</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_983_eifrs-full--ProportionOfOwnershipInterestInAssociate_pid_dp_uPure_c20230101__20231231__dei--LegalEntityAxis__custom--LatamLogisticPropcoBodegasSanJoaquinSdeRLMember_zf0C0E7f6RZ9" title="Ownership interest" style="text-align: right"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInAssociate" contextRef="From2023-01-012023-12-31_custom_LatamLogisticPropcoBodegasSanJoaquinSdeRLMember" id="Fact000968" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_981_eifrs-full--ProportionOfOwnershipInterestInAssociate_pid_dp_uPure_c20220101__20221231__dei--LegalEntityAxis__custom--LatamLogisticPropcoBodegasSanJoaquinSdeRLMember_zP9vdn3mwYHi" title="Ownership interest" style="text-align: right"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInAssociate" contextRef="From2022-01-012022-12-31_custom_LatamLogisticPropcoBodegasSanJoaquinSdeRLMember" id="Fact000970" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Latam Logistic Propco Cedis Rurales Costa Rica S de R.L.</td><td>&#160;</td>
    <td style="text-align: center">Costa Rica</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98B_eifrs-full--ProportionOfOwnershipInterestInAssociate_pid_dp_uPure_c20230101__20231231__dei--LegalEntityAxis__custom--LatamLogisticPropcoCedisRuralesCostaRicaSdeRLMember_ziX2VpXMQduj" title="Ownership interest" style="text-align: right"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInAssociate" contextRef="From2023-01-012023-12-31_custom_LatamLogisticPropcoCedisRuralesCostaRicaSdeRLMember" id="Fact000972" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_982_eifrs-full--ProportionOfOwnershipInterestInAssociate_pid_dp_uPure_c20220101__20221231__dei--LegalEntityAxis__custom--LatamLogisticPropcoCedisRuralesCostaRicaSdeRLMember_z1IhkaLSjwc8" title="Ownership interest" style="text-align: right"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInAssociate" contextRef="From2022-01-012022-12-31_custom_LatamLogisticPropcoCedisRuralesCostaRicaSdeRLMember" id="Fact000974" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">3101784433, S.R.L.</td><td>&#160;</td>
    <td style="text-align: center">Costa Rica</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_989_eifrs-full--ProportionOfOwnershipInterestInAssociate_pid_dp_uPure_c20230101__20231231__dei--LegalEntityAxis__custom--SRLMember_zpLXQwN7gfr8" title="Ownership interest" style="text-align: right"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInAssociate" contextRef="From2023-01-012023-12-31_custom_SRLMember" id="Fact000976" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">23.6</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_983_eifrs-full--ProportionOfOwnershipInterestInAssociate_pid_dp_uPure_c20220101__20221231__dei--LegalEntityAxis__custom--SRLMember_zB2wj9wMasYd" title="Ownership interest" style="text-align: right"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInAssociate" contextRef="From2022-01-012022-12-31_custom_SRLMember" id="Fact000978" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">23.6</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_988_eifrs-full--ProportionOfOwnershipInterestsHeldByNoncontrollingInterests_pid_dp_uPure_c20230101__20231231__dei--LegalEntityAxis__custom--SRLMember_z0jvo0EhHph9" title="Non-controlling interest" style="text-align: right"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" contextRef="From2023-01-012023-12-31_custom_SRLMember" id="Fact000980" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">76.4</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98B_eifrs-full--ProportionOfOwnershipInterestsHeldByNoncontrollingInterests_pid_dp_uPure_c20220101__20221231__dei--LegalEntityAxis__custom--SRLMember_zuQ9bwkR7eZi" title="Non-controlling interest" style="text-align: right"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" contextRef="From2022-01-012022-12-31_custom_SRLMember" id="Fact000982" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">76.4</ix:nonFraction></td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Latam Logistic PropCo Bodegas los Llanos S de R.L.</td><td>&#160;</td>
    <td style="text-align: center">Costa Rica</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_986_eifrs-full--ProportionOfOwnershipInterestInAssociate_pid_dp_uPure_c20230101__20231231__dei--LegalEntityAxis__custom--LatamLogisticPropCoBodegaslosLlanosSdeRLMember_z62mEDR4h7G" title="Ownership interest" style="text-align: right"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInAssociate" contextRef="From2023-01-012023-12-31_custom_LatamLogisticPropCoBodegaslosLlanosSdeRLMember" id="Fact000984" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_986_eifrs-full--ProportionOfOwnershipInterestInAssociate_pid_dp_uPure_c20220101__20221231__dei--LegalEntityAxis__custom--LatamLogisticPropCoBodegaslosLlanosSdeRLMember_zgW1E6DkhLrl" title="Ownership interest" style="text-align: right"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInAssociate" contextRef="From2022-01-012022-12-31_custom_LatamLogisticPropCoBodegaslosLlanosSdeRLMember" id="Fact000986" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Latam Logistic CR Zona Franca, S. de R.L.</td><td>&#160;</td>
    <td style="text-align: center">Costa Rica</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_982_eifrs-full--ProportionOfOwnershipInterestInAssociate_pid_dp_uPure_c20230101__20231231__dei--LegalEntityAxis__custom--LatamLogisticCRZonaFrancaSdeRLMember_zhrKPqGQxiSf" title="Ownership interest" style="text-align: right"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInAssociate" contextRef="From2023-01-012023-12-31_custom_LatamLogisticCRZonaFrancaSdeRLMember" id="Fact000988" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_983_eifrs-full--ProportionOfOwnershipInterestInAssociate_pid_dp_uPure_c20220101__20221231__dei--LegalEntityAxis__custom--LatamLogisticCRZonaFrancaSdeRLMember_zwUq05hgxgll" title="Ownership interest" style="text-align: right"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInAssociate" contextRef="From2022-01-012022-12-31_custom_LatamLogisticCRZonaFrancaSdeRLMember" id="Fact000990" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Latam Logistics SLV OpCo S.A. de C.V.</td><td>&#160;</td>
    <td style="text-align: center">El Salvador</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98A_eifrs-full--ProportionOfOwnershipInterestInAssociate_pid_dp_uPure_c20230101__20231231__dei--LegalEntityAxis__custom--LatamLogisticsSLVOpCoSAdeCVMember_z55Ojd0fhiD9" title="Ownership interest" style="text-align: right"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInAssociate" contextRef="From2023-01-012023-12-31_custom_LatamLogisticsSLVOpCoSAdeCVMember" id="Fact000992" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_980_eifrs-full--ProportionOfOwnershipInterestInAssociate_pid_dp_uPure_c20220101__20221231__dei--LegalEntityAxis__custom--LatamLogisticsSLVOpCoSAdeCVMember_z8lduc87WXu" title="Ownership interest" style="text-align: right"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInAssociate" contextRef="From2022-01-012022-12-31_custom_LatamLogisticsSLVOpCoSAdeCVMember" id="Fact000994" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.025in"><span id="xdx_F0D_zY74jNlUH7d6" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_F18_zyhCSW7DAUIf" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote000995" xml:lang="en-US">Formerly
                                            known as Latam Logistic Propco Pedregal Panam&#225; S de R.L.</ix:footnote></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"/><td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_F0A_zFmOGaajSH8g" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_F18_zQagjcj99r63" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote000996" xml:lang="en-US">Formerly
                                            known as Latam Logistic Pan Holdco Pedregal Panam&#225; S de R.L.</ix:footnote></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"/><td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_F0B_z6PrLhfPXL0g" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_F1B_zWEM8BcfGTAi" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote000997" xml:lang="en-US">Formerly
                                            known as Latam Logistic COL OpCo, S.A.S.</ix:footnote></span></td></tr></table>

</ix:nonNumeric><p id="xdx_8AC_z6WbVekv5Lcl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; text-align: justify; text-indent: -31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000999" name="ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory"><p id="xdx_84B_eifrs-full--DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory_zfva80OUH3Ek" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">f.
<b><i><span id="xdx_86B_zgWExoQsjGI9">Financial Instruments</span></i></b> &#8211; All regular way purchases or sales of financial assets are recognized and derecognized on
a trade date basis. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within
the time frame established by regulation or convention in the marketplace. All recognized financial assets are measured subsequently
in their entirety at either amortized cost or fair value, depending on the classification of the financial assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; color: #1F3763; text-align: justify; text-indent: -31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Classification
of Financial Assets</b> &#8211; Financial assets that meet the following conditions are measured subsequently at amortized cost:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            financial asset is held within a business model whose objective is to hold financial assets
                                            in order to collect contractual cash flows; and</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.5pt; text-align: justify; text-indent: -0.4in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            contractual terms of the financial asset give rise on specified dates to cash flows that
                                            are solely payments of principal and interest on the principal amount outstanding.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.5pt; text-align: justify; text-indent: -0.4in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
assets that meet the following conditions are measured subsequently at fair value through other comprehensive income (FVTOCI):</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            financial asset is held within a business model whose objective is achieved by both collecting
                                            contractual cash flows and selling the financial assets; and</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            contractual terms of the financial asset give rise on specified dates to cash flows that
                                            are solely payments of principal and interest on the principal amount outstanding.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.5pt; text-align: justify; text-indent: -0.4in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By
default, all other financial assets are measured subsequently at fair value through profit or loss (FVTPL). Despite the foregoing, the
Group may make the following irrevocable election/designation at initial recognition of a financial asset:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Group may irrevocably elect to present subsequent changes in fair value of an equity investment
                                            in other comprehensive income if certain criteria are met; and</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Group may irrevocably designate a financial asset that meets the amortized cost or FVTOCI
                                            criteria as measured at FVTPL if doing so eliminates or significantly reduces an accounting
                                            mismatch.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Amortized
Cost and Effective Interest Method</b> <i>&#8211; </i>The effective interest method is a method of calculating the amortized cost of a
financial asset and of allocating interest income over the relevant year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
financial assets other than purchased or originated credit-impaired financial assets, the effective interest rate is the rate that exactly
discounts estimated future cash receipts (including all fees and points paid or received that form an integral part of the effective
interest rate, transaction costs and other premiums or discounts) excluding expected credit losses, through the expected life of the
financial asset, or, where appropriate, a shorter period, to the gross carrying amount of the financial asset on initial recognition.
For purchased or originated credit-impaired financial assets, a credit-adjusted effective interest rate is calculated by discounting
the estimated future cash flows, including expected credit losses, to the amortized cost of the financial asset on initial recognition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amortized cost of a financial asset is the amount at which the financial asset is measured at initial recognition minus the principal
repayments, plus the cumulative amortization using the effective interest method of any difference between that initial amount and the
maturity amount, adjusted for any loss allowance. The gross carrying amount of a financial asset is the amortized cost of a financial
asset before adjusting for any loss allowance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
financial assets other than purchased or originated credit-impaired financial assets, interest income is calculated by applying the effective
interest rate to the gross carrying amount of a financial asset, except for financial assets that have subsequently become credit-impaired.
For financial assets that have subsequently become credit-impaired, interest income is recognized by applying the effective interest
rate to the amortized cost of the financial asset. If, in subsequent reporting years, the credit risk on the credit-impaired financial
instrument improves so that the financial asset is no longer credit-impaired, interest income is recognized by applying the effective
interest rate to the gross carrying amount of the financial asset.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Impairment
of Financial Assets</b> &#8211; The Group recognizes a loss allowance for expected credit losses (&#8220;ECL&#8221;) on lease receivables,
tenant notes receivables as well as due from affiliates. The amount of ECL is updated at each reporting date to reflect changes in credit
risk since initial recognition of the respective financial instrument.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Measurement
of Expected Credit Losses - For lease receivables, the Group performs an assessment for all tenants to evaluate their current financial
state and historical payment behavior. For tenants who show indicators of financial difficulties, the Group creates a specific reserve
for those tenants covering 100% of their outstanding balance. For lease receivables where tenants are not specifically reserved for,
the Group applies a lifetime ECL using a provision matrix. Lifetime ECL represents the expected credit losses that will result from all
possible default events over the expected life of a financial instrument.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
tenant notes receivables and due from affiliates, the Group assess and monitors if there has been a significant increase in credit risk
since initial recognition. If the credit risk on the financial instrument has not increased significantly since initial recognition,
the Group measures the loss allowance at an amount equal to 12-month ECL; otherwise, the Group recognizes lifetime ECL. Based on the
result of the assessment for the year ended December 31, 2023 and 2022, the Group concluded there has not been a significant increase
in credit risk since initial recognition for tenant notes receivables and due from affiliates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group only extends such financial arrangements to tenants who have successfully undergone the comprehensive background check procedures.
Occasionally, the Group extends loans to related party, or affiliate, where the Group conducts a thorough examination of borrower&#8217;s
reputation, credit history, and payment record. The Group applies continuous monitoring whereby tenants are evaluated on a monthly basis
to ensure there are no indicators that may suggest an increase in credit risk.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
to there not being a significant increase in credit risk, the Group measures the loss allowance for tenant notes receivables and due
from affiliates at an amount equal to 12-month ECL, which represents the portion of lifetime ECL that is expected to result from default
events on a financial instrument that are possible within 12 months after the reporting date. The 12-month ECL are estimated using the
probability of default approach, which is a function of the probability of default, loss given default (i.e., the magnitude of the loss
if there is a default) and the exposure at default. The assessment of the probability of default and loss given default is based on historical
data adjusted by forward-looking information. As for the exposure at default, for financial assets, this is represented by the assets&#8217;
gross carrying amount at the reporting date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group writes off a financial asset when there is information indicating that the debtor is in a financial difficulty and there is no
realistic prospect of recovery, e.g., when the debtor has been placed under liquidation or has entered into bankruptcy proceedings. Financial
assets written off may still be subject to enforcement activities under the Group&#8217;s recovery procedures, taking into account legal
advice where appropriate. Any recoveries made are recognized in profit or loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Refer
below for the definition of terms:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Significant
                                            Increase in Credit Risk - </i>In assessing whether the credit risk on a financial instrument
                                            has increased significantly since initial recognition, the Group compares the risk of a default
                                            occurring on the financial instrument at the reporting date with the risk of a default occurring
                                            on the financial instrument at the date of initial recognition. In making this assessment,
                                            the Group considers both quantitative and qualitative information that is reasonable and
                                            supportable, including historical experience and forward-looking information that is available
                                            without undue cost or effort.</span></td></tr></table>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Definition
                                            of Default </i>&#8211; The Group considers the following as constituting an event of default
                                            for internal credit risk management purposes as historical experience indicates that financial
                                            assets that meet either of the following criteria are generally not recoverable:</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
                                            there is a breach of financial covenants by the debtor; or</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information
                                            developed internally or obtained from external sources indicates that the debtor is unlikely
                                            to pay its creditors, including the Group, in full (without taking into account any collateral
                                            held by the Group).</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Irrespective
of the above analysis, the Group considers that default has occurred when a financial asset is more than 90 days past due unless the
Group has reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iii.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Credit
                                            &#8211; impaired Financial Assets </i>&#8211; A financial asset is credit-impaired when one
                                            or more events that have a detrimental impact on the estimated future cash flows of that
                                            financial asset have occurred. Evidence that a financial asset is credit-impaired includes
                                            observable data about the following events:</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Significant
                                            financial difficulty of the issuer or the borrower;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
                                            breach of contract, such as a default or past due event (see (ii) above);</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            lender(s) of the borrower, for economic or contractual reasons relating to the borrower&#8217;s
                                            financial difficulty, having granted to the borrower a concession(s) that the lender(s) would
                                            not otherwise consider;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
                                            is becoming probable that the borrower will enter bankruptcy or other financial reorganization;
                                            or</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            disappearance of an active market for that financial asset because of financial difficulties.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iv.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Recognition
                                            of Expected Credit Losses </i>&#8211; The Group recognizes an impairment gain or loss in
                                            profit or loss for all financial instruments with a corresponding adjustment to their carrying
                                            amount through a loss allowance account. The Group records a provision for possible loss
                                            if the collection of a receivable balance is considered doubtful. As of December 31, 2023
                                            and 2022, the Group recorded an allowance for expected credit losses related to receivables
                                            from clients of $<span id="xdx_900_eifrs-full--AllowanceAccountForCreditLossesOfFinancialAssets_iI_c20231231_z1wocUyLhwS1" title="Allowance for expected credit losses"><ix:nonFraction name="ifrs-full:AllowanceAccountForCreditLossesOfFinancialAssets" contextRef="AsOf2023-12-31" id="Fact001001" format="ixt:numdotdecimal" decimals="0" unitRef="USD">946,006</ix:nonFraction></span> and $<span id="xdx_90E_eifrs-full--AllowanceAccountForCreditLossesOfFinancialAssets_iI_c20221231_z64t8YDpskR" title="Allowance for expected credit losses"><ix:nonFraction name="ifrs-full:AllowanceAccountForCreditLossesOfFinancialAssets" contextRef="AsOf2022-12-31" id="Fact001003" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,772,977</ix:nonFraction></span>, respectively.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">v.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Concentration
                                            of Credit Risk &#8211;</i> There are no individual customers that make up <span id="xdx_900_ecustom--ConcentrationOfCreditRisk_pid_dp_uPure_c20230101__20231231__ifrs-full--CounterpartiesAxis__custom--NoIndividualMember_zjxLv30JCqOl" title="Concentration of credit risk"><span id="xdx_90F_ecustom--ConcentrationOfCreditRisk_pid_dp_uPure_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--NoIndividualMember_zWLXZ8CAXNlb" title="Concentration of credit risk"><span id="xdx_90F_ecustom--ConcentrationOfCreditRisk_pid_dp_uPure_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--NoIndividualMember_zQ0IrspyQy8e" title="Concentration of credit risk"><ix:nonFraction name="LPA:ConcentrationOfCreditRisk" contextRef="From2023-01-012023-12-31_custom_NoIndividualMember" id="Fact001005" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure"><ix:nonFraction name="LPA:ConcentrationOfCreditRisk" contextRef="From2022-01-012022-12-31_custom_NoIndividualMember" id="Fact001007" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure"><ix:nonFraction name="LPA:ConcentrationOfCreditRisk" contextRef="From2021-01-012021-12-31_custom_NoIndividualMember" id="Fact001009" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span></span>% or more of
                                            the Group&#8217;s revenue for the years ended December 31, 2023, 2022 and 2021.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Classification
of Financial Liabilities</b> &#8211; All financial liabilities are measured subsequently at amortized cost using the effective interest
method.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial
Liabilities Measured Subsequently at Amortized Cost</b> &#8211; Debt instruments that meet the following conditions are measured subsequently
at amortized cost:</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
liabilities that are not (i) contingent consideration of an acquirer in a business combination, (ii) held-for-trading, or (iii) designated
as at FVTPL, are measured subsequently at amortized cost using the effective interest method.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
effective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over
the relevant year. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees
and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts)
through the expected life of the financial liability, or (where appropriate) a shorter period, to the amortized cost of a financial liability.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Embedded
derivatives</b> - An embedded derivative is a component of a hybrid contract that also includes a non-derivative host&#8201;with the
effect that some of the cash flows of the combined instrument vary in a way similar to a stand-alone derivative.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Derivatives
embedded in hybrid contracts with hosts that are not financial assets within the scope of IFRS 9 (e.g., financial liabilities) are treated
as separate derivatives when they meet the definition of a derivative, their risks and characteristics are not closely related to those
of the host contracts and the host contracts are not measured at fair value through profit or loss (FVTPL). Further, such derivatives
are initially recognized at fair value and the residual amount is the initial carrying value of the host contract liability. If an embedded
derivative is identified, it is presented as a non-current asset or a non-current liability if the remaining maturity of the hybrid instrument
to which the embedded derivative relates is more than 12 months and is not expected to be realized or settled within 12 months.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derecognition
of Financial Liabilities</b> &#8211; The Group derecognizes financial liabilities when, and only when, the Group&#8217;s obligations
are discharged, cancelled or have expired. The difference between the carrying amount of the financial liability derecognized and the
consideration paid and payable is recognized in profit or loss.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
the Group exchanges with the existing lender one debt instrument into another one with the substantially different terms, such exchange
is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. Similarly,
the Group accounts for substantial modification of terms of an existing liability or part of it as an extinguishment of the original
financial liability and the recognition of a new liability. It is assumed that the terms are substantially different if the discounted
present value of the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original
effective rate is at least 10 percent different from the discounted present value of the remaining cash flows of the original financial
liability. If the modification is not substantial, the difference between: (1) the carrying amount of the liability before the modification
under the effective interest rate method; and (2) the present value of the cash flows after modification (discounted using the effective
interest rate before the modification) should be recognized in profit or loss as the modification gain or loss within other gains and
losses.</span></p>

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</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001011" name="ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory"><p id="xdx_84C_eifrs-full--DescriptionOfAccountingPolicyForLeasesExplanatory_zRYOZVdk74eh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.
<b><i><span id="xdx_86B_zxmF5u8Qkmkk">Leases</span> </i></b>- The Group evaluates if a contract contains a lease at the commencement date. The Group recognizes a right-of-use
asset and a corresponding lease liability regarding all lease contracts in which it is a lessee, except for short-term leases (term of
12 months or less) and leases of low value assets, such as personal computers and small office furniture devices. For these leases, the
Group recognizes the lease payments as an operating lease under the straight-line method through the valid term of the lease, unless
other method is more representative of the pattern in which economic benefits from the use of the underlying asset is diminished.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; color: #1F3763; text-align: justify; text-indent: -31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lease
liability is initially measured at present value of the lease payments that are not paid on the commencement date, discounted from the
implicit interest rate in the contract. If this rate cannot be readily determined, the Group shall use incremental rates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
lease payments included in the measurement of lease liability consist of:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fixed
                                            payments, including in substance fixed payments, less any lease incentives received;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Variable
                                            lease payments that depend on an index or a rate, initially measured using the index or rate
                                            at the commencement date;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount
                                            expected to be paid by the lessee under residual value guarantees;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            exercise price of a purchase option if the lessee is reasonably certain to exercise that
                                            option; and</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payments
                                            of penalties for terminating the lease if the lease term reflects the lessee exercising an
                                            option to terminate the lease.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lease
liability is included in the other current and non-current liabilities in the consolidated statement of financial position.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lease
liability is subsequently measured by increasing the carrying amount to reflect the interest earned on the liability lease (using the
effective interest method) and reducing the carrying amount to reflect the lease payments made.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Right-of-use
assets consist of the amount of the initial measurement of the corresponding lease liability, the lease payments made on or before the
commencement date, less any lease incentive received and any initial direct cost. The subsequent valuation is the cost less the accumulated
depreciation and impairment losses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Right-of-use
assets are depreciated over the shorter period between the lease period and the useful life of the underlying asset. If a lease transfers
the ownership of the underlying asset, or the cost of the right-of-use asset reflects that the Group plans to exercise a purchase option,
the right-of-use asset will be depreciated over the useful life. Depreciation starts on the date of the commencement of the lease.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
right-of-use assets are shown as a separate component in the statement of financial position.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
practical expedient, IFRS 16 allows a lessee to not separate the non-lease components and instead account for any lease components and
its associated non-lease components as a single lease component. The Group has not used this practical expedient. For a contract that
contains a lease component and one or more additional lease or non-lease components, the Group allocates the consideration in the contract
to each lease component on the basis of the relative stand-alone price of the lease component and the aggregate stand-alone price of
the non-lease components.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001013" name="LPA:DescriptionOfAccountingPolicyForInvestmentPropertiesExplanatory"><p id="xdx_846_ecustom--DescriptionOfAccountingPolicyForInvestmentPropertiesExplanatory_zK64FIefCU9i" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">j.
<b><i><span id="xdx_86C_zfWBxyBiLytd">Investment Properties</span></i></b> - Investment properties are buildings and lands held to obtain rent, surpluses, or both. Investment
properties are initially recorded at cost, including transaction costs. Subsequent to initial recognition, investment properties are
measured at fair value at least on annual basis. Fair value is determined by the commercial value of each real property performed by
an independent appraiser. The commercial value of each real property is calculated using a combination of methods including present value
of the net cash flows that are expected in the future and direct capitalization for operating properties and properties under development
and comparable for land. Gains and losses arising from changes in the fair value of investment properties are recognized in profit and
loss in the period in which they arise. Note 12 provides detailed information about the key assumptions used in the determination of
the fair value of the investment properties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 59.05pt; text-align: justify; text-indent: -31.7pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group categorizes its investment properties into three groups: land bank, properties under development and operating properties. The
land bank category encompasses land acquisitions made by the Group, including land purchase expenses, along with certain allocated permit
and infrastructure costs. The investment properties transition to properties under development once the Group secures construction permits
for land development and initiates construction activities. Subsequently, they are reclassified as operating properties once they achieve
a state of &#8220;stabilization&#8221;. The Group defines stabilization as the earlier of the point at which a developed property has
been completed for one year, or when it reaches a 90% occupancy rate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
described below, the Group recognizes rental income using the straight-line method. Any temporary difference between the recognized rental
income and the amount billed is recorded in the rent leveling balance sheet account. The temporary difference between cash and accrual
payments will ultimately be reversed and eliminated by the end of the lease. The Group concludes that rent leveling constitutes an integral
component of the fair value of the investment properties because the expected cash flows of the leases are already reflected in the fair
value of the investment properties. Therefore, the recognition of rental revenue on a straight-line basis over the lease term would require
an adjustment to the fair value of the investment property to avoid double counting.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
investment property is derecognized upon disposal or when the investment property is permanently withdrawn from used and no future economic
benefits are expected form the disposal. Any gain or loss arising on derecognition of the property (calculated as the difference between
the net sale proceeds and the carrying amount of the asset) is included in profit or loss in the period in which the property is derecognized.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001015" name="ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory"><p id="xdx_845_eifrs-full--DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory_zpyNvukKeWUd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">k.
<b><i><span id="xdx_860_z0MdlLdIRSP5">Fair value measurements</span></i></b> - Fair value is the price that would be received to sell an asset or paid to transfer a liability
in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable
or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Group takes into account
the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset
or liability at the measurement date. Fair value for measurement and/or disclosure purposes in these financial statements is determined
on such a basis, except for leasing transactions that are within the scope of IFRS 16, and measurements that have some similarities to
fair value but are not fair value, such as net realizable value in IAS 2 <i>Inventories </i>or value in use in IAS 36 <i>Impairment of
Assets</i>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; color: #1F3763; text-align: justify; text-indent: -31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, for financial reporting purposes, fair value measurements are categorized into Level 1, 2 or 3 based on the degree to which
the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety,
which are described as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Level
                                            1</b> - Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities
                                            that the entity can access at the measurement date.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Level
                                            2</b> - Inputs are inputs, other than quoted prices included within Level 1, that are observable
                                            for the asset or liability, either directly or indirectly; and</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Level
                                            3</b> - Inputs are unobservable inputs for the asset or liability, among others, statistics
                                            information, and own Group&#8217;s information, in some instances based on the information
                                            provided by some independent experts.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group has a control framework established in relation to the measurement of fair values. This includes the supervision of management
of all significant fair value measurements, including the fair values of level 3.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s management regularly reviews the significant unobservable variables and the valuation adjustments. If a third-party information,
such as broker quotes or pricing services, is used to measure fair values, supervision includes evidence obtained from third parties
to support the conclusion that those valuations meet the requirements of IFRS, including the level within the hierarchy of fair value
within these valuations should be classified.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001017" name="ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory"><p id="xdx_844_eifrs-full--DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory_z14DX5lb2Us8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">l.
<b><i><span id="xdx_863_zmn6gQmDRQRj">Assets Held for Sale</span> </i></b>- The Group classifies non-current assets and disposal groups as held for sale if their carrying amounts
will be recovered principally through a sale transaction rather than through continuing use. The criteria for held for sale classification
is regarded as met when the sale is highly probable, and the non-current asset or disposal group is available for immediate sale in its
present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will
be made or that the decision to sell will be withdrawn. The Group should be committed to the plan to sell the asset and the sale is expected
to be completed within 1 year from the date of the classification.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; color: #1F3763; text-align: justify; text-indent: -31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
investment properties measured at fair value that are classified as held for sale, the Group continues to measure the investment properties
under the fair value model.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assets
and liabilities classified as held for sale are presented separately in the statement of financial position.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001019" name="ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue"><p id="xdx_841_eifrs-full--DescriptionOfAccountingPolicyForRecognitionOfRevenue_z8rScmpxMNT6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">m.
<b><i><span id="xdx_869_zKhDpdcGNS6h">Revenue Recognition</span> -</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; text-align: justify; text-indent: -31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investment
Property Rental Income</b> - The Group earns rental income from acting as a lessor of operating properties in arrangements which do not
transfer substantially all of the risks and rewards incidental to ownership of an investment property. Rental income is recognized under
the requirements of IFRS 16, <i>Leases</i> (&#8220;IFRS 16&#8221;) and revenue on the non-lease components is recognized under the requirements
of IFRS 15, <i>Revenue from Contracts with Customers </i>(&#8220;IFRS 15&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s leases with tenants (customers) under agreements are classified as operating leases. The Group recognizes the total minimum
lease payments provided for under the leases on a straight-line basis over the lease term.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Lease
components</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
right to use an asset represents a separate lease component from other lease components if two criteria are met:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.
The lessee can benefit from the use of the asset either on its own or together with other readily available resources.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.
The underlying asset must not be highly dependent on or highly interrelated with other underlying assets in the contract.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group generally identifies the right to use the warehouses and underlying land as lease components in its lease contracts with tenants
based on the above two criteria. In some cases, the Group might also grant tenants the right to use dedicated parking spots, or other
types of assets, which could also be considered as lease components.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Non-lease
components</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
identifying non-lease components, the Group considers whether a good or service is transferred to the lessee. Typically, maintenance
activities, including common area maintenance (&#8220;CAM,&#8221; e.g., cleaning a lobby of a building, property management services,
general repairs), provided by the lessor along with utilities are considered non-lease components because they represent goods or services
transferred to the Group separately from the right to use the underlying asset.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group applies IFRS 15 to allocate the consideration in the contract between lease and non-lease components, on the basis of stand-alone
selling prices. Stand-alone selling price represents the price at which an entity would sell a good or service on a stand-alone (or separate)
basis at contract inception.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Principal/agent
considerations for non-lease components</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the identified non-lease components that are accounted for under IFRS 15, the Group concludes that they should in general be presented
gross in the consolidated statement of profit or loss and other comprehensive loss, because the Group is typically acting as a principal,
because the Group controls the promised good or service before the it transfers the good or service to a customer. The Group is itself
contractually obliged to provide these services to its tenants and is ultimately responsible for fulfilling the promise to provide the
services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Rental
Revenues in the consolidated statements of profit or loss and other comprehensive loss.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disaggregation
of rental revenue arising from contracts with customers from other sources of revenue is disclosed in Note 4.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group performs credit analyses of our customers prior to the execution of the leases and continue these analyses for each individual
lease on an ongoing basis in order to ensure the collectability of rental revenue. The Group recognizes revenue to the extent that amounts
are determined to be collectible.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other
</b>&#8211; Other sources of revenue consists of fees earned from customers which are determined in accordance with the terms specific
to each customer arrangement. The third-party development fees are recognized as revenue under the requirements of IFRS 15 when they
are earned under the agreement with the customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001021" name="LPA:DescriptionOfAccountingPolicyForRetainagePayableExplanatory"><p id="xdx_840_ecustom--DescriptionOfAccountingPolicyForRetainagePayableExplanatory_zIDrooVz2zdd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">n.
<b><i>Retainage Payable </i></b>- Construction contract retainage represents payments which have been partially withheld from subcontractors
pending the completion of a project or other contractual conditions. The Group accrues a liability for construction retainage throughout
the construction phase, based on the percentage of completion of the construction. Such liability is subsequently released upon completion
of construction when the retainage is paid.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; color: #1F3763; text-align: justify; text-indent: -31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001023" name="ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory"><p id="xdx_847_eifrs-full--DescriptionOfAccountingPolicyForIncomeTaxExplanatory_zCY5gXqauOBa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">o.
<b><i><span id="xdx_865_z3QfShuw8fR8">Income Tax</span></i></b> - Income tax expense comprises current and deferred tax. It is recognized in profit or loss except to the extent
that it relates to a business combination, or items recognized directly in equity or in other comprehensive income.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; color: #1F3763; text-align: justify; text-indent: -31.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Current
                                            Tax</b> - Current tax comprises the expected tax payable or receivable on the taxable income
                                            or loss for the period and any adjustment to tax payable or receivable in respect of previous
                                            periods.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amount of current tax payable or receivable is the best estimate of the tax amount expected to be paid or received that reflects uncertainty
related to income taxes, if any. It is measured using tax rates enacted or substantively enacted as of the date of the consolidated statement
of financial position. Current assets and liabilities are offset only if certain criteria are met.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Deferred
                                            Tax</b> - Deferred tax is recognized in respect of temporary differences between the carrying
                                            amounts of assets and liabilities for financial reporting purposes and the amounts used for
                                            tax purposes. Deferred tax is not recognized for:</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8211;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Temporary
                                            differences on the initial recognition of assets or liabilities in a transaction that is
                                            not a business combination and that affects neither accounting nor taxable profit or loss;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8211;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Temporary
                                            differences related to investments in subsidiaries and associates to the extent that the
                                            Group is able to control the timing of the reversal of the temporary differences and it is
                                            probable that it will not reverse in the foreseeable future; and,</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8211;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxable
                                            temporary differences arising on the initial recognition of goodwill.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
tax assets are recognized for unused tax losses, unused tax credits and deductible temporary differences to the extent that it is probable
that future taxable profits will be available, against which they can be used. Deferred tax assets are reviewed at each reporting date
and are reduced to the extent that it is no longer probable that the related tax benefit will be realized; such reductions are reversed
when the probability of future taxable profits improves.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unrecognized
deferred tax assets are reassessed at each reporting date and recognized to the extent that it has become probable that future taxable
profits will be available against which they can be used.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted
or substantively enacted at the reporting date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
measurement of deferred tax reflects the tax consequences that would follow from the manner in which the Group expects, at the reporting
date, to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets and liabilities are offset only if
certain criteria are met.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric></ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001025" name="LPA:DisclosureOfNewAndAmendedIfrsAccountingStandardsExplanatory"><p id="xdx_806_ecustom--DisclosureOfNewAndAmendedIfrsAccountingStandardsExplanatory_zFhSgzX4Skr" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_826_zoq7a9nTg4Ld">NEW AND AMENDED IFRS ACCOUNTING STANDARDS</span></b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>New
                                            and amended IFRS Accounting Standards That are Effective for the Current Year</i></b></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -0.35in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accounting policies adopted and methods of computation followed are consistent with those of the previous financial year, except for
items disclosed below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are several new amendments to standards and interpretations which are applicable for the first time in the current year, but many are
either not relevant or do not have an impact on the consolidated financial statements of the Group. The Group has not early adopted any
standard, interpretation or amendment that has been issued but is not yet effective, except for the ones specifically disclosed, as outlined
below.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Amendments
                                            to IFRS 3 Reference to the Conceptual Framework </i></b>- The Group has adopted the amendments
                                            to IFRS 3 Business Combinations for the first time in the current year. The amendments update
                                            IFRS 3 so that it refers to the 2018 Conceptual Framework instead of the 1989 Framework.
                                            They also add to IFRS 3 a requirement that, for obligations within the scope of IAS 37 Provisions,
                                            Contingent Liabilities and Contingent Assets, an acquirer applies IAS 37 to determine whether
                                            at the acquisition date a present obligation exists as a result of past events. For a levy
                                            that would be within the scope of IFRIC 21 Levies, the acquirer applies IFRIC 21 to determine
                                            whether the obligating event that gives rise to a liability to pay the levy has occurred
                                            by the acquisition date. The adoption of the amendment has no material impact to the Group.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Amendments
                                            to IAS 16 Property, Plant and Equipment - Proceeds before Intended Use </i></b>- The Group
                                            has adopted the amendments to IAS 16 for the first time in the current year. The amendments
                                            prohibit deducting from the cost of an item of property, plant and equipment any proceeds
                                            from selling items produced before that asset is available for use, i.e. proceeds while bringing
                                            the asset to the location and condition necessary for it to be capable of operating in the
                                            manner intended by management. Consequently, an entity recognizes such sales proceeds and
                                            related costs in profit or loss. The entity measures the cost of those items in accordance
                                            with IAS 2 <i>Inventories</i>.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amendments also clarify the meaning of &#8220;testing whether an asset is functioning properly&#8221;. IAS 16 now specifies this as assessing
whether the technical and physical performance of the asset is such that it is capable of being used in the production or supply of goods
or services, for rental to others, or for administrative purposes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
not presented separately in the statement of comprehensive income, the financial statements shall disclose the amounts of proceeds and
cost included in profit or loss that relate to items produced that are not an output of the entity&#8217;s ordinary activities, and which
line item(s) in the statement of comprehensive income include(s) such proceeds and cost. The adoption of the amendments has no material
impact to the Group.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Amendments
                                            to IAS 37 Onerous Contracts - Cost of Fulfilling a Contract </i></b>- The Group has adopted
                                            the amendments to IAS 37 for the first time in the current year. The amendments specify that
                                            the cost of fulfilling a contract comprises the costs that relate directly to the contract.
                                            Costs that relate directly to a contract consist of both the incremental costs of fulfilling
                                            that contract (examples would be direct labour or materials) and an allocation of other costs
                                            that relate directly to fulfilling contracts (an example would be the allocation of the depreciation
                                            charge for an item of property, plant and equipment used in fulfilling the contract). The
                                            adoption of the amendment has no material impact to the Group.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Amendments
                                            to IAS 12 Income Taxes</i></b> - The amendments require an exception to IAS 12, whereby an
                                            entity does not recognize or disclose information about deferred tax assets and liabilities
                                            specifically related to tax laws that have been enacted or substantively enacted to implement
                                            the Organization for Economic Co-operation and Development&#8217;s international tax reform
                                            recommendations known as the Pillar Two model rules. The Group has applied the exception
                                            which was effective upon the issuance of the amendments and did not have any DTAs or DTLs
                                            on December 31, 2023 that had not been recognized as a result of the application of this
                                            exception. The adoption of the amendment has no material impact to the Group.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.5pt; text-align: justify; text-indent: -27pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Amendments
                                            to IAS 1 - Presentation of Financial Statements - Classification of Liabilities as Current
                                            or Non-Current (&#8220;2020 Amendment&#8221;)</i></b> - The amendments clarify that the classification
                                            of liabilities as current or non-current is based on rights that are in existence at the
                                            end of the reporting period, specify that classification is unaffected by expectations about
                                            whether an entity will exercise its right to defer settlement of a liability, explain that
                                            rights are in existence if covenants are complied with at the end of the reporting period,
                                            and introduce a definition of &#8220;settlement&#8221; to make clear that settlement refers
                                            to the transfer to the counterparty of cash, equity instruments, other assets or services.
                                            The Group has early adopted the amendment as of January 1, 2023 together with the 2022 Amendment
                                            mentioned below.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.5pt; text-indent: -27pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Amendments
                                            to IAS 1 - Presentation of Financial Statements - Non-Current Liabilities with Covenants
                                            (&#8220;2022 Amendment&#8221;)</i></b> - The amendments specify that only covenants that
                                            an entity is required to comply with on or before the end of the reporting period affect
                                            the entity&#8217;s right to defer settlement of a liability for at least twelve months after
                                            the reporting date (and therefore must be considered in assessing the classification of the
                                            liability as current or non-current). Such covenants affect whether the right exists at the
                                            end of the reporting period, even if compliance with the covenant is assessed only after
                                            the reporting date (e.g. a covenant based on the entity&#8217;s financial position at the
                                            reporting date that is assessed for compliance only after the reporting date).</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.5pt; text-indent: -27pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
IASB also specifies that the right to defer settlement of a liability for at least twelve months after the reporting date is not affected
if an entity only has to comply with a covenant after the reporting period. However, if the entity&#8217;s right to defer settlement
of a liability is subject to the entity complying with covenants within twelve months after the reporting period, an entity discloses
information that enables users of financial statements to understand the risk of the liabilities becoming repayable within twelve months
after the reporting period. This would include information about the covenants (including the nature of the covenants and when the entity
is required to comply with them), the carrying amount of related liabilities and facts and circumstances, if any, that indicate that
the entity may have difficulties complying with the covenants.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.5pt; text-align: justify; text-indent: -27pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group early adopted the amendment as of January 1, 2023. Note 16 contains the detail disclosures related to the Group&#8217;s compliance
with debt covenants.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.5pt; text-align: justify; text-indent: -27pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Amendments
                                            to IAS 1 - Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality
                                            Judgements - </b>The IASB amended IAS 1 to require entities to disclose their material rather
                                            than their significant accounting policies. The amendments define what is &#8216;material
                                            accounting policy information&#8217; and explain how to identify when accounting policy information
                                            is material. They further clarify that immaterial accounting policy information does not
                                            need to be disclosed. If it is disclosed, it should not obscure material accounting information.
                                            To support this amendment, the IASB also amended IFRS Practice Statement 2 Making Materiality
                                            Judgements to provide guidance on how to apply the concept of materiality to accounting policy
                                            disclosures.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.5pt; text-indent: -27pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Amendments
                                            to IAS 8 - Accounting Policies Changes in Accounting Estimates and Errors - </b>The amendment
                                            to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors clarifies how companies
                                            should distinguish changes in accounting policies from changes in accounting estimates. The
                                            distinction is important, because changes in accounting estimates are applied prospectively
                                            to future transactions and other future events, whereas changes in accounting policies are
                                            generally applied retrospectively to past transactions and other past events as well as the
                                            current period. The adoption of the amendment has no material impact to the Group.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.5pt; text-align: justify; text-indent: -27pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Amendments
                                            to IAS 12 Income Taxes - Deferred Tax related to Assets and Liabilities arising from a Single
                                            Transaction -</b> The amendments to IAS 12 Income Taxes require companies to recognize deferred
                                            tax on transactions that, on initial recognition, give rise to equal amounts of taxable and
                                            deductible temporary differences. They will typically apply to transactions such as leases
                                            of lessees and decommissioning obligations, and will require the recognition of additional
                                            deferred tax assets and liabilities. The amendment should be applied to transactions that
                                            occur on or after the beginning of the earliest comparative period presented. In addition,
                                            entities should recognize deferred tax assets (to the extent that it is probable that they
                                            can be utilized) and deferred tax liabilities at the beginning of the earliest comparative
                                            period for all deductible and taxable temporary differences associated with: (i) right-of-use
                                            assets and lease liabilities; and (ii) decommissioning, restoration and similar liabilities,
                                            and the corresponding amounts recognized as part of the cost of the related assets. The cumulative
                                            effect of recognizing these adjustments is recognized in retained earnings, or another component
                                            of equity, as appropriate. The adoption of the amendment has no material impact to the Group.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0; background-color: white"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>New
                                            and amended IFRS Accounting Standards issued but not yet Effective</i></b> - At the date
                                            of authorization of these financial statements, the Group has not applied the following new
                                            and revised IFRS Accounting Standards that have been issued but are not yet effective:</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -0.35in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Amendments
                                            to IAS 21 &#8211; Lack of exchangeability</b> &#8211; The amendments to IAS 21 require companies
                                            to assess whether a currency is exchangeable and how it should determine a spot exchange
                                            rate when exchangeability is lacking. Specifically, the amendment state that when a currency
                                            is not exchangeable into another currency, the entity is required to estimate the spot exchange
                                            rate at the measurement date and will need to disclose information about the effect on entity&#8217;s
                                            financial performance, financial position, and cash flows. The amendments will be effective
                                            for annual reporting periods beginning on or after 1 January 2025. The directors of the Group
                                            anticipate that the application of these amendments may have an impact on the Group&#8217;s
                                            consolidated financial statements in future periods should such transactions arise.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Amendments
                                            to IFRS 10</b> - Consolidated Financial Statements and IAS 28 Investments in Associates and
                                            Joint Ventures - Sale or Contribution of Assets between an Investor and its Associate or
                                            Joint Venture - The amendments to IFRS 10 and IAS 28 deal with situations where there is
                                            a sale or contribution of assets between an investor and its associate or joint venture.
                                            Specifically, the amendments state that gains or losses resulting from the loss of control
                                            of a subsidiary that does not contain a business in a transaction with an associate or a
                                            joint venture that is accounted for using the equity method, are recognised in the parent&#8217;s
                                            profit or loss only to the extent of the unrelated investors&#8217; interests in that associate
                                            or joint venture. Similarly, gains and losses resulting from the remeasurement of investments
                                            retained in any former subsidiary (that has become an associate or a joint venture that is
                                            accounted for using the equity method) to fair value are recognised in the former parent&#8217;s
                                            profit or loss only to the extent of the unrelated investors&#8217; interests in the new
                                            associate or joint venture.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            effective date of the amendments has yet to be set by the IASB; however, earlier application
                                            of the amendments is permitted. The directors of the Group anticipate that the application
                                            of these amendments may have an impact on the Group&#8217;s consolidated financial statements
                                            in future periods should such transactions arise.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001027" name="ifrs-full:DisclosureOfRevenueExplanatory"><p id="xdx_802_eifrs-full--DisclosureOfRevenueExplanatory_zIVT6VJcVIA" style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>4.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_82C_z2n2tHzjqfB9">REVENUE</span></b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001029" name="ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory"><p id="xdx_890_eifrs-full--DisclosureOfRevenueFromContractsWithCustomersExplanatory_zIhfhxLpt8Y3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s revenue was as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt/107% Aptos; margin: 0 0 8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BB_zIMn68aeHz41" style="display: none">SCHEDULE
OF REVENUE</span></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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<tr style="vertical-align: bottom">
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  <tr id="xdx_401_eifrs-full--Revenue_iT_mtRz5l8_zYQedTw7QNYf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">Total revenue</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2023-01-01to2023-12-31" id="Fact001047" format="ixt:numdotdecimal" decimals="0" unitRef="USD">39,436,343</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8A6_zTQwrwPf2dzl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
7 contains further information of the Group&#8217;s revenue based on segment and geography.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group, through its subsidiaries, has entered into various operating leases agreements with customers for the rental of its investment
properties. Most of the Group&#8217;s lease agreements associated with the investment properties contain an initial lease term from <span id="xdx_906_ecustom--OperatingLeaseTerm_dtY_c20230101__20231231__srt--RangeAxis__ifrs-full--BottomOfRangeMember_zXrRqzB3zfg7" title="Operating leases term"><ix:nonNumeric contextRef="From2023-01-012023-12-31_ifrs-full_BottomOfRangeMember" format="ixt-sec:duryear" id="Fact001051" name="LPA:OperatingLeaseTerm">5</ix:nonNumeric></span>
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lease term remaining on leases in the operating properties and properties under development, based on square feet of all leases in effect
as of December 31, 2023, 2022 and 2021 was <span id="xdx_904_eifrs-full--WeightedAverageDurationOfDefinedBenefitObligation2019_dtY_c20230101__20231231_zb7p2prKsbm8" title="Weighted average lease term"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:duryear" id="Fact001055" name="ifrs-full:WeightedAverageDurationOfDefinedBenefitObligation2019">5.3</ix:nonNumeric></span> years, <span id="xdx_90C_eifrs-full--WeightedAverageDurationOfDefinedBenefitObligation2019_dtY_c20220101__20221231_zHs58FK3oWih" title="Weighted average lease term"><ix:nonNumeric contextRef="From2022-01-012022-12-31" format="ixt-sec:duryear" id="Fact001057" name="ifrs-full:WeightedAverageDurationOfDefinedBenefitObligation2019">6.3</ix:nonNumeric></span> years and <span id="xdx_900_eifrs-full--WeightedAverageDurationOfDefinedBenefitObligation2019_dtY_c20210101__20211231_zIOKDU5ELdYl" title="Weighted average lease term"><ix:nonNumeric contextRef="From2021-01-012021-12-31" format="ixt-sec:duryear" id="Fact001059" name="ifrs-full:WeightedAverageDurationOfDefinedBenefitObligation2019">8.0</ix:nonNumeric></span> years, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
leases are based on a minimum rental payment in USD for properties located in Costa Rica and Peru, and COP for properties in Colombia,
plus maintenance fees and recoverable expenses, and guarantee deposits associated with the agreements, which are commonly used for covering
any repair, improvement tasks or as a final payment when the lease agreement ends.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001061" name="LPA:DisclosureOfLeasesPaymentsOfOperatingLeasesExplanatory"><p id="xdx_897_ecustom--DisclosureOfLeasesPaymentsOfOperatingLeasesExplanatory_zdSAo4KeTgFl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the Group&#8217;s minimum lease payments under non-cancellable operating leases as of December 31, 2023:</span></p>

<p style="font: 10pt/107% Aptos; margin: 0 0 8pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B8_zemDj8ambZ16">SCHEDULE
OF MIMIMUM LEASE PAYMENTS UNDER NON-CANCELLABLE OPERATING LEASES</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_494_20231231_zCfCYw5G4II3" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr id="xdx_409_ecustom--OperatingLeasesNonCancellableMinimumPaymentsDueInTwelveMonths_iI_maOLNCMzK4D_zr4XwrwSua7g" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 82%; text-align: left">2024</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right"><ix:nonFraction name="LPA:OperatingLeasesNonCancellableMinimumPaymentsDueInTwelveMonths" contextRef="AsOf2023-12-31" id="Fact001063" format="ixt:numdotdecimal" decimals="0" unitRef="USD">38,723,655</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_403_ecustom--OperatingLeasesNonCancellableMinimumPaymentsDueInTwoYears_iI_maOLNCMzK4D_zodphsY9xv2d" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">2025</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="LPA:OperatingLeasesNonCancellableMinimumPaymentsDueInTwoYears" contextRef="AsOf2023-12-31" id="Fact001065" format="ixt:numdotdecimal" decimals="0" unitRef="USD">35,919,432</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_ecustom--OperatingLeasesNonCancellableMinimumPaymentsDueInThreeYears_iI_maOLNCMzK4D_zqdwnYRoAE2a" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">2026</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="LPA:OperatingLeasesNonCancellableMinimumPaymentsDueInThreeYears" contextRef="AsOf2023-12-31" id="Fact001067" format="ixt:numdotdecimal" decimals="0" unitRef="USD">32,869,113</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_ecustom--OperatingLeasesNonCancellableMinimumPaymentsDueInFourYears_iI_maOLNCMzK4D_zGxLb6ACOtv2" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">2027</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="LPA:OperatingLeasesNonCancellableMinimumPaymentsDueInFourYears" contextRef="AsOf2023-12-31" id="Fact001069" format="ixt:numdotdecimal" decimals="0" unitRef="USD">29,297,600</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_ecustom--OperatingLeasesNonCancellableMinimumPaymentsDueInFiveYears_iI_maOLNCMzK4D_z5m1xBrrkmhe" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">2028</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="LPA:OperatingLeasesNonCancellableMinimumPaymentsDueInFiveYears" contextRef="AsOf2023-12-31" id="Fact001071" format="ixt:numdotdecimal" decimals="0" unitRef="USD">21,488,945</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_403_ecustom--OperatingLeasesNonCancellableMinimumPaymentsDueThereafter_iI_maOLNCMzK4D_z2pcTuOjhYy2" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt">Thereafter</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="LPA:OperatingLeasesNonCancellableMinimumPaymentsDueThereafter" contextRef="AsOf2023-12-31" id="Fact001073" format="ixt:numdotdecimal" decimals="0" unitRef="USD">69,406,401</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_400_ecustom--OperatingLeasesNonCancellableMinimumPaymentsDue_iTI_mtOLNCMzK4D_zluiqXSJJCM3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="LPA:OperatingLeasesNonCancellableMinimumPaymentsDue" contextRef="AsOf2023-12-31" id="Fact001075" format="ixt:numdotdecimal" decimals="0" unitRef="USD">227,705,146</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8A0_zZNDzptNbjmh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.05pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>


<ix:exclude><!-- Field: Page; Sequence: 142; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>COVID-19
Rent Relief</i></b> - The COVID-19 outbreak has disrupted financial markets and the ultimate impact on global, national and local economies
is uncertain. Existing and potential customers of the logistics facilities may be adversely affected by the decrease in economic activity,
which in turn could temporarily disrupt their business and have a negative impact on the Group. Any prolonged economic downturn, escalation
of the outbreak or disruption in the financial markets may adversely affect the Group financial condition and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.05pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
response to the COVID-19 pandemic, the Group provided to some of the customers rent concessions, as a deferral of the rent payment with
a rent repayment schedule within the following 12 months and with no significant impact on revenue recognition. Through December 31,
2023, all of these deferrals were repaid.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001077" name="LPA:DisclosureOfInvestmentPropertyOperatingExpensesExplanatory"><p id="xdx_802_ecustom--DisclosureOfInvestmentPropertyOperatingExpensesExplanatory_zNE8ESBaUs8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_827_zyvpka3CiGJh">INVESTMENT PROPERTY OPERATING EXPENSES</span></b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
property operating expenses include the direct operating expenses of the property such as repair and maintenance, property management,
property taxes, utilities, and other property related costs. Property operating expenses are mostly recovered through the rental recoveries
charged to the tenants. The Group does not incur significant direct property operating costs from investment properties under development
that did not generate rental income during the period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001079" name="LPA:DisclosureOfDetailedInformationAboutInvestmentPropertyOperatingExpensesExplanatory"><p id="xdx_897_ecustom--DisclosureOfDetailedInformationAboutInvestmentPropertyOperatingExpensesExplanatory_zFA5FKyR9Qcf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rental
property operating expenses were as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B5_zLUn00WQhSyb" style="display: none">SCHEDULE
OF RENTAL
PROPERTY OPERATING EXPENSES</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom; background-color: White">
    <td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td id="xdx_49E_20230101__20231231_zGtyMfOKRYG2" style="display: none; text-align: center">&#160;</td><td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td id="xdx_490_20220101__20221231_za0GeLWprF63" style="display: none; text-align: center">&#160;</td><td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td id="xdx_49B_20210101__20211231_zvYxzF4dUZO" style="display: none; text-align: center">&#160;</td><td style="display: none; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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    <td>&#160;</td><td>&#160;</td>
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    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td></tr>
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    <td style="width: 46%; text-align: left">Repair and maintenance</td><td style="width: 2%">&#160;</td>
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  <tr id="xdx_401_eifrs-full--PropertyManagementExpense_maDOEFIzNmF_zbKr6B58KDuc" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Property management</td><td>&#160;</td>
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    <td style="text-align: left">Real estate taxes</td><td>&#160;</td>
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  <tr id="xdx_407_ecustom--AdjustmentForExpectedCreditLosses_iN_di_msDOEFIzNmF_zBPRRrGCHxfc" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Adjustment for expected credit losses</td><td>&#160;</td>
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  <tr id="xdx_408_ecustom--OtherPropertyRelatedExpenses_maDOEFIzNmF_zkRTagxAMFZc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Other property related expenses</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="LPA:OtherPropertyRelatedExpenses" contextRef="From2023-01-01to2023-12-31" id="Fact001097" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,085,494</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_406_eifrs-full--DirectOperatingExpenseFromInvestmentProperty_iT_mtDOEFIzNmF_zwgA4VPWeEl3" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="ifrs-full:DirectOperatingExpenseFromInvestmentProperty" contextRef="From2023-01-01to2023-12-31" id="Fact001101" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,142,950</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="ifrs-full:DirectOperatingExpenseFromInvestmentProperty" contextRef="From2022-01-012022-12-31" id="Fact001102" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,407,439</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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  </table>

</ix:nonNumeric><p id="xdx_8A9_zG7EXyhPFPoi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001105" name="ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory"><p id="xdx_803_eifrs-full--DisclosureOfOtherOperatingIncomeExpenseExplanatory_zY3wfDd3qMUa" style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_826_zBZx7x101mQ4">OTHER INCOME AND OTHER EXPENSES</span></b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001107" name="ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory"><p id="xdx_89F_eifrs-full--DisclosureOfOtherOperatingIncomeExplanatory_znxw6KE0NDsb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
income for the years ended December 31, 2023, 2022 and 2021 were as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BF_z9GFOqBH81Of" style="display: none">SCHEDULE
OF OTHER INCOME</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom; background-color: White">
    <td style="display: none; padding-bottom: 1.5pt">&#160;</td><td style="display: none; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; display: none; text-align: left">&#160;</td><td id="xdx_49E_20230101__20231231_zNsjRETRlxVb" style="border-bottom: Black 1.5pt solid; display: none; text-align: right">&#160;</td><td style="display: none; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="display: none; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; display: none; text-align: left">&#160;</td><td id="xdx_494_20220101__20221231_z0csy99a3xJj" style="border-bottom: Black 1.5pt solid; display: none; text-align: right">&#160;</td><td style="display: none; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="display: none; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; display: none; text-align: left">&#160;</td><td id="xdx_49E_20210101__20211231_z53d2kATk9A5" style="border-bottom: Black 1.5pt solid; display: none; text-align: right">&#160;</td><td style="display: none; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td></tr>
  <tr id="xdx_40A_eifrs-full--InterestRevenueExpense_maOIzMXx_zx66yjLLZc9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 46%; text-align: left">Interest income</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right"><ix:nonFraction name="ifrs-full:InterestRevenueExpense" contextRef="From2023-01-01to2023-12-31" id="Fact001109" format="ixt:numdotdecimal" decimals="0" unitRef="USD">300,189</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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    <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8AE_zRSHv6RU4VWe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001121" name="ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory"><p id="xdx_892_eifrs-full--DisclosureOfOtherOperatingExpenseExplanatory_zhF8RHUQ7DMa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
expenses for the years ended December 31, 2023, 2022 and 2021 were as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B9_zQzgMSjnXZAe" style="display: none">SCHEDULE
OF OTHER EXPENSES</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td id="xdx_496_20230101__20231231_zKUiLrdUACI7" style="display: none; text-align: center">&#160;</td><td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td id="xdx_493_20220101__20221231_zXI9iiT11uZa" style="display: none; text-align: center">&#160;</td><td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
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<tr style="vertical-align: bottom">
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</ix:nonNumeric><p id="xdx_8A9_zQ4U4sK2JfA3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 143; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001139" name="ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory"><p id="xdx_80F_eifrs-full--DisclosureOfEntitysReportableSegmentsExplanatory_z0OVrZcfERIh" style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_827_zDsjEOH9sjF1">SEGMENT REPORTING</span></b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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defined as components of an enterprise for which separate financial information is evaluated regularly by the chief operating decision
maker (&#8220;CODM&#8221;), the Group&#8217;s Chief Executive Officer, in deciding how to allocate resources and assess the Group&#8217;s
financial and operational performance. The CODM receives information and evaluates the business from a geographic perspective and reviews
the Group&#8217;s internal reporting by geography in order to assess performance and allocate resources. As a result, the Group has determined
the business operates in three distinct operating segments based on geography.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
three geographic segments, Colombia, Peru, and Costa Rica primarily derive revenue from various operating lease agreements with customers
for the rental of warehouses. Each of these locations and corresponding operations are presented and managed separately. The operating
segments are each reportable segments, and aggregation of segments is not applied. Unallocated revenue consists of other revenue streams
earned by operating subsidiaries that are not allocated to segments for CODM&#8217;s review. Unallocated expenses consist of certain
corporate general and administrative expenses that are not allocated to segments for CODM&#8217;s review, as well as financing costs
for the bridge loan held by the parent entity.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accounting policies of the segments are the same as those described in the summary of significant accounting policies. There was no inter-segment
revenue for the years ended December 31, 2023, 2022 and 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
tables below present information by segment presented to the CODM and reconciliations to the Group&#8217;s consolidated amounts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001143" name="ifrs-full:DisclosureOfOperatingSegmentsExplanatory"><p id="xdx_894_eifrs-full--DisclosureOfOperatingSegmentsExplanatory_zmLeTnVleVE5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group evaluates the performance of its reportable segments based on net operating income. Segment net operating income consists of segment
investment property rental revenue less segment investment property operating expense.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><span id="xdx_8BC_zpJH3gt32Ic2" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">SCHEDULE
OF REPORTABLE SEGMENTS BASED ON NET OPERATING INCOME</span>&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="font-weight: bold">Revenue:</td><td>&#160;</td>
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    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
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  <tr id="xdx_40A_eifrs-full--Revenue_hifrs-full--SegmentsAxis__ifrs-full--ReportableSegmentsMember__srt--StatementGeographicalAxis__country--CO_z1CJO2Pl0kIf" style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_407_ecustom--InvestmentPropertyOperatingExpense_iN_di_hifrs-full--SegmentsAxis__ifrs-full--ReportableSegmentsMember__srt--StatementGeographicalAxis__country--CO_zZy9WuoZ2T53" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40C_ecustom--InvestmentPropertyOperatingExpense_iN_di_hifrs-full--SegmentsAxis__ifrs-full--ReportableSegmentsMember__srt--StatementGeographicalAxis__country--PE_z7jihUKnhOt1" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="LPA:InvestmentPropertyOperatingExpense" contextRef="From2023-01-012023-12-31_ifrs-full_ReportableSegmentsMember_country_PE" id="Fact001173" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,476,086</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr id="xdx_402_ecustom--InvestmentPropertyOperatingExpense_iN_di_hifrs-full--SegmentsAxis__ifrs-full--ReportableSegmentsMember__srt--StatementGeographicalAxis__country--CR_z3Gd9gN9fP6i" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_405_ecustom--InvestmentPropertyOperatingExpense_iN_di_msPLFOAzbPq_zgo7K4tYC0D1" style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="LPA:InvestmentPropertyOperatingExpense" contextRef="From2021-01-012021-12-31" id="Fact001183" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,087,365</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_404_ecustom--InvestmentPropertyOperatingExpense_iN_di_msPLFOAzbPq_zIr7cSx5fQDh" style="display: none; vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; padding-bottom: 1.5pt">Investment property operating expense</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="LPA:InvestmentPropertyOperatingExpense" contextRef="From2023-01-01to2023-12-31" id="Fact001185" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,142,950</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="LPA:InvestmentPropertyOperatingExpense" contextRef="From2022-01-012022-12-31" id="Fact001186" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,407,439</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="LPA:InvestmentPropertyOperatingExpense" contextRef="From2021-01-012021-12-31" id="Fact001187" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,087,365</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eifrs-full--ProfitLossFromOperatingActivities_iT_hifrs-full--SegmentsAxis__ifrs-full--ReportableSegmentsMember__srt--StatementGeographicalAxis__country--CO_zfl1oNieANCc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Colombia</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:ProfitLossFromOperatingActivities" contextRef="From2023-01-012023-12-31_ifrs-full_ReportableSegmentsMember_country_CO" id="Fact001189" format="ixt:numdotdecimal" decimals="0" unitRef="USD">7,049,037</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:ProfitLossFromOperatingActivities" contextRef="From2022-01-012022-12-31_ifrs-full_ReportableSegmentsMember_country_CO" id="Fact001190" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,091,485</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_406_eifrs-full--ProfitLossFromOperatingActivities_iT_hifrs-full--SegmentsAxis__ifrs-full--ReportableSegmentsMember__srt--StatementGeographicalAxis__country--PE_z9g4Q4bBTXT3" style="vertical-align: bottom; background-color: White">
    <td>Peru</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:ProfitLossFromOperatingActivities" contextRef="From2023-01-012023-12-31_ifrs-full_ReportableSegmentsMember_country_PE" id="Fact001193" format="ixt:numdotdecimal" decimals="0" unitRef="USD">7,784,111</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:ProfitLossFromOperatingActivities" contextRef="From2022-01-012022-12-31_ifrs-full_ReportableSegmentsMember_country_PE" id="Fact001194" format="ixt:numdotdecimal" decimals="0" unitRef="USD">7,062,677</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:ProfitLossFromOperatingActivities" contextRef="From2021-01-012021-12-31_ifrs-full_ReportableSegmentsMember_country_PE" id="Fact001195" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,207,047</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_401_eifrs-full--ProfitLossFromOperatingActivities_iT_hifrs-full--SegmentsAxis__ifrs-full--ReportableSegmentsMember__srt--StatementGeographicalAxis__country--CR_z12PrC67q215" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Costa Rica</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:ProfitLossFromOperatingActivities" contextRef="From2023-01-012023-12-31_ifrs-full_ReportableSegmentsMember_country_CR" id="Fact001197" format="ixt:numdotdecimal" decimals="0" unitRef="USD">19,351,681</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:ProfitLossFromOperatingActivities" contextRef="From2021-01-012021-12-31_ifrs-full_ReportableSegmentsMember_country_CR" id="Fact001199" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,999,655</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_eifrs-full--ProfitLossFromOperatingActivities_iT_mtPLFOAzbPq_z7qCTtisJFC7" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; padding-bottom: 1.5pt">Total</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:ProfitLossFromOperatingActivities" contextRef="From2022-01-012022-12-31" id="Fact001202" format="ixt:numdotdecimal" decimals="0" unitRef="USD">26,483,130</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:ProfitLossFromOperatingActivities" contextRef="From2021-01-012021-12-31" id="Fact001203" format="ixt:numdotdecimal" decimals="0" unitRef="USD">21,466,566</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_401_eifrs-full--ProfitLossFromOperatingActivities_iT_mtPLFOAzbPq_z3tHxd1ipLtj" style="display: none; vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_408_eifrs-full--AdministrativeExpense_iN_di_hifrs-full--SegmentsAxis__ifrs-full--ReportableSegmentsMember__srt--StatementGeographicalAxis__country--PE_zBseFgLcdwq1" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:AdministrativeExpense" contextRef="From2021-01-012021-12-31_ifrs-full_ReportableSegmentsMember_country_PE" id="Fact001215" format="ixt:numdotdecimal" decimals="0" unitRef="USD">721,501</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40C_eifrs-full--AdministrativeExpense_iN_di_hifrs-full--SegmentsAxis__ifrs-full--ReportableSegmentsMember__srt--StatementGeographicalAxis__country--CR_zCAHLHhK46S9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_408_eifrs-full--AdministrativeExpense_iN_di_hifrs-full--SegmentsAxis__ifrs-full--ReportableSegmentsMember__srt--StatementGeographicalAxis__custom--UnallocatedRevenueMember_zUJqn7rTJBn3" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_405_eifrs-full--AdministrativeExpense_iN_di_zxJtxlhg8CHh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; padding-bottom: 1.5pt">Total</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_400_eifrs-full--AdministrativeExpense_iN_di_zlgiKlJQ1N05" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; padding-bottom: 1.5pt">General and administrative</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:AdministrativeExpense" contextRef="From2023-01-01to2023-12-31" id="Fact001229" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,508,862</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:AdministrativeExpense" contextRef="From2021-01-012021-12-31" id="Fact001231" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,394,201</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Financing costs</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eifrs-full--FinanceCosts_iN_di_hifrs-full--SegmentsAxis__ifrs-full--ReportableSegmentsMember__srt--StatementGeographicalAxis__country--CO_zDlaAULVwW9l" style="vertical-align: bottom; background-color: White">
    <td>Colombia</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:FinanceCosts" contextRef="From2023-01-012023-12-31_ifrs-full_ReportableSegmentsMember_country_CO" id="Fact001233" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,068,416</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:FinanceCosts" contextRef="From2022-01-012022-12-31_ifrs-full_ReportableSegmentsMember_country_CO" id="Fact001234" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,267,603</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:FinanceCosts" contextRef="From2021-01-012021-12-31_ifrs-full_ReportableSegmentsMember_country_CO" id="Fact001235" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,753,390</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_401_eifrs-full--FinanceCosts_iN_di_hifrs-full--SegmentsAxis__ifrs-full--ReportableSegmentsMember__srt--StatementGeographicalAxis__country--PE_zEJFzdNNUWG5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Peru</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:FinanceCosts" contextRef="From2023-01-012023-12-31_ifrs-full_ReportableSegmentsMember_country_PE" id="Fact001237" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,431,535</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:FinanceCosts" contextRef="From2022-01-012022-12-31_ifrs-full_ReportableSegmentsMember_country_PE" id="Fact001238" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,997,204</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:FinanceCosts" contextRef="From2021-01-012021-12-31_ifrs-full_ReportableSegmentsMember_country_PE" id="Fact001239" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,421,466</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_400_eifrs-full--FinanceCosts_iN_di_hifrs-full--SegmentsAxis__ifrs-full--ReportableSegmentsMember__srt--StatementGeographicalAxis__country--CR_zr3GmEHkOEac" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Costa Rica</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:FinanceCosts" contextRef="From2023-01-012023-12-31_ifrs-full_ReportableSegmentsMember_country_CR" id="Fact001241" format="ixt:numdotdecimal" decimals="0" unitRef="USD">17,611,113</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:FinanceCosts" contextRef="From2022-01-012022-12-31_ifrs-full_ReportableSegmentsMember_country_CR" id="Fact001242" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,483,685</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:FinanceCosts" contextRef="From2021-01-012021-12-31_ifrs-full_ReportableSegmentsMember_country_CR" id="Fact001243" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,620,317</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40B_eifrs-full--FinanceCosts_iN_di_hifrs-full--SegmentsAxis__ifrs-full--ReportableSegmentsMember__srt--StatementGeographicalAxis__custom--UnallocatedRevenueMember_zyXPi8jbeZN7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Corporate and other</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1245">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:FinanceCosts" contextRef="From2022-01-012022-12-31_ifrs-full_ReportableSegmentsMember_custom_UnallocatedRevenueMember" id="Fact001246" format="ixt:numdotdecimal" decimals="0" unitRef="USD">18,234</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:FinanceCosts" contextRef="From2021-01-012021-12-31_ifrs-full_ReportableSegmentsMember_custom_UnallocatedRevenueMember" id="Fact001247" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,385</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_402_eifrs-full--FinanceCosts_iN_di_zbCB6HTkKt1b" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; padding-bottom: 1.5pt">Total</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:FinanceCosts" contextRef="From2023-01-01to2023-12-31" id="Fact001249" format="ixt:numdotdecimal" decimals="0" unitRef="USD">31,111,064</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:FinanceCosts" contextRef="From2022-01-012022-12-31" id="Fact001250" format="ixt:numdotdecimal" decimals="0" unitRef="USD">11,766,726</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_40E_eifrs-full--FinanceCosts_iN_di_zMDkaR3wGNKf" style="display: none; vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; padding-bottom: 1.5pt">Financing costs</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:FinanceCosts" contextRef="From2023-01-01to2023-12-31" id="Fact001253" format="ixt:numdotdecimal" decimals="0" unitRef="USD">31,111,064</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:FinanceCosts" contextRef="From2022-01-012022-12-31" id="Fact001254" format="ixt:numdotdecimal" decimals="0" unitRef="USD">11,766,726</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:FinanceCosts" contextRef="From2021-01-012021-12-31" id="Fact001255" format="ixt:numdotdecimal" decimals="0" unitRef="USD">9,799,558</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
</table>

</ix:nonNumeric><p id="xdx_8A9_zcKL5uJ3Bdb5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001257" name="LPA:DisclosureOfReconcilesSegmentNetOperatingIncomeToProfitBeforeTaxesExplanatory"><p id="xdx_89D_ecustom--DisclosureOfReconcilesSegmentNetOperatingIncomeToProfitBeforeTaxesExplanatory_zEgfq7B7bE24" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table reconciles segment net operating income to profit before taxes for the years ended December 31, 2023, 2022 and 2021:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BF_zMRpDG0tWOm3" style="display: none">SCHEDULE OF RECONCILES SEGMENT NET OPERATING INCOME TO PROFIT BEFORE TAXES</span>&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="padding-left: 10pt; text-align: left">Interest income from affiliates</td><td>&#160;</td>
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  <tr id="xdx_409_eifrs-full--ProfitLossBeforeTax_iT_mtPLBTzuKN_z5vS4Fum1TEf" style="vertical-align: bottom; background-color: White">
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</ix:nonNumeric><p id="xdx_8A2_zPvhy5a5h4B2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>


<ix:exclude><!-- Field: Page; Sequence: 145; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Segment
Assets and Liabilities</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the purposes of monitoring segment performance and allocating resources between segments, the CODM monitors select assets and liabilities
attributable to each segment. The following table summarizes the Group&#8217;s total assets and liabilities by reportable operating segment
as of December 31, 2023 and 2022:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="width: 64%">Colombia</td><td style="width: 2%">&#160;</td>
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  <tr id="xdx_406_eifrs-full--InvestmentProperty_iI_hifrs-full--SegmentsAxis__ifrs-full--ReportableSegmentsMember__srt--StatementGeographicalAxis__country--PE_zBiaTSEuHcT6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Peru</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:InvestmentProperty" contextRef="AsOf2023-12-31_ifrs-full_ReportableSegmentsMember_country_PE" id="Fact001312" format="ixt:numdotdecimal" decimals="0" unitRef="USD">127,350,614</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_403_eifrs-full--InvestmentProperty_iI_hifrs-full--SegmentsAxis__ifrs-full--ReportableSegmentsMember__srt--StatementGeographicalAxis__country--CR_z8RBg6doEhj8" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Costa Rica</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_407_eifrs-full--InvestmentProperty_iI_zetH0HdCFQDh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; padding-bottom: 1.5pt">Total</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_400_eifrs-full--InvestmentProperty_iI_zoFsQkDEQjK" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; padding-bottom: 1.5pt">Investment properties</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:InvestmentProperty" contextRef="AsOf2023-12-31" id="Fact001321" format="ixt:numdotdecimal" decimals="0" unitRef="USD">514,172,281</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:InvestmentProperty" contextRef="AsOf2022-12-31" id="Fact001322" format="ixt:numdotdecimal" decimals="0" unitRef="USD">449,036,633</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Reconciling items:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eifrs-full--CashAndCashEquivalents_iI_zugPJJJlPFRd" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Cash and cash equivalents</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:CashAndCashEquivalents" contextRef="AsOf2023-12-31" id="Fact001324" format="ixt:numdotdecimal" decimals="0" unitRef="USD">35,242,363</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:CashAndCashEquivalents" contextRef="AsOf2022-12-31" id="Fact001325" format="ixt:numdotdecimal" decimals="0" unitRef="USD">14,988,112</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_eifrs-full--CurrentReceivablesDueFromAssociates_iI_zQMjpHlQBzH8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Due from affiliates</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:CurrentReceivablesDueFromAssociates" contextRef="AsOf2023-12-31" id="Fact001327" format="ixt:numdotdecimal" decimals="0" unitRef="USD">9,463,164</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:CurrentReceivablesDueFromAssociates" contextRef="AsOf2022-12-31" id="Fact001328" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,798,945</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_ecustom--LeaseAndOtherReceivablesCurrent_iI_zuGPmqelJVX2" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Lease and other receivables, net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="LPA:LeaseAndOtherReceivablesCurrent" contextRef="AsOf2023-12-31" id="Fact001330" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,557,988</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="LPA:LeaseAndOtherReceivablesCurrent" contextRef="AsOf2022-12-31" id="Fact001331" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,516,525</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_405_ecustom--ReceivableFromSaleOfInvestmentPropertiesShortTerm_iI_z8D16zj3Bzj5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Receivable from the sale of investment properties - short term</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="LPA:ReceivableFromSaleOfInvestmentPropertiesShortTerm" contextRef="AsOf2023-12-31" id="Fact001333" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,072,391</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1334">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_402_ecustom--AssetHeldForSale_iI_z96Heze0Agy2" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Asset held for sale</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1336">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="LPA:AssetHeldForSale" contextRef="AsOf2022-12-31" id="Fact001337" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,977,147</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_ecustom--PrepaidConstructionCosts_iI_zch3zy02Fgzh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Prepaid construction costs</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="LPA:PrepaidConstructionCosts" contextRef="AsOf2023-12-31" id="Fact001339" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,123,590</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="LPA:PrepaidConstructionCosts" contextRef="AsOf2022-12-31" id="Fact001340" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,317,383</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_eifrs-full--OtherCurrentAssets_iI_zFgHjtWyceii" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Other current assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:OtherCurrentAssets" contextRef="AsOf2023-12-31" id="Fact001342" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,443,518</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:OtherCurrentAssets" contextRef="AsOf2022-12-31" id="Fact001343" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,708,313</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_ecustom--TenantNotesReceivablesLongTermNet_iI_zXSlRzM1qD7i" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Tenant notes receivables - long term, net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="LPA:TenantNotesReceivablesLongTermNet" contextRef="AsOf2023-12-31" id="Fact001345" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,002,315</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="LPA:TenantNotesReceivablesLongTermNet" contextRef="AsOf2022-12-31" id="Fact001346" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,796,584</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_ecustom--ReceivableFromSaleOfInvestmentPropertiesLongTerm_iI_zLJM1suypxkl" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Receivable from the sale of investment properties - long term</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="LPA:ReceivableFromSaleOfInvestmentPropertiesLongTerm" contextRef="AsOf2023-12-31" id="Fact001348" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,147,507</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1349">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_ecustom--RestrictedCashEquivalent_iI_zhNWRnImOJx6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Restricted cash equivalent</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="LPA:RestrictedCashEquivalent" contextRef="AsOf2023-12-31" id="Fact001351" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,681,110</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="LPA:RestrictedCashEquivalent" contextRef="AsOf2022-12-31" id="Fact001352" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,252,897</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_eifrs-full--PropertyPlantAndEquipment_iI_zyr0lix8iFlc" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Property and equipment, net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2023-12-31" id="Fact001354" format="ixt:numdotdecimal" decimals="0" unitRef="USD">354,437</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2022-12-31" id="Fact001355" format="ixt:numdotdecimal" decimals="0" unitRef="USD">427,719</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_405_ecustom--DeferredTaxAssetsNoncurrent_iI_zuCabD3Qc0v5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Deferred tax asset</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="LPA:DeferredTaxAssetsNoncurrent" contextRef="AsOf2023-12-31" id="Fact001357" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,345,859</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="LPA:DeferredTaxAssetsNoncurrent" contextRef="AsOf2022-12-31" id="Fact001358" format="ixt:numdotdecimal" decimals="0" unitRef="USD">239,281</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_406_eifrs-full--OtherNoncurrentAssets_iI_zVu9E4HqdV9g" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Other non-current assets</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:OtherNoncurrentAssets" contextRef="AsOf2023-12-31" id="Fact001360" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,218,787</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:OtherNoncurrentAssets" contextRef="AsOf2022-12-31" id="Fact001361" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,559,330</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eifrs-full--Assets_iI_zSN4WxNxaWM8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; font-weight: bold; text-align: left">Total assets</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:Assets" contextRef="AsOf2023-12-31" id="Fact001363" format="ixt:numdotdecimal" decimals="0" unitRef="USD">590,825,310</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:Assets" contextRef="AsOf2022-12-31" id="Fact001364" format="ixt:numdotdecimal" decimals="0" unitRef="USD">497,618,869</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Segment long-term debt</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_401_eifrs-full--LongtermBorrowings_iI_hifrs-full--SegmentsAxis__ifrs-full--ReportableSegmentsMember__srt--StatementGeographicalAxis__country--CO_z6GeYExnCLTa" style="vertical-align: bottom; background-color: White">
    <td>Colombia</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:LongtermBorrowings" contextRef="AsOf2023-12-31_ifrs-full_ReportableSegmentsMember_country_CO" id="Fact001366" format="ixt:numdotdecimal" decimals="0" unitRef="USD">47,654,090</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:LongtermBorrowings" contextRef="AsOf2022-12-31_ifrs-full_ReportableSegmentsMember_country_CO" id="Fact001367" format="ixt:numdotdecimal" decimals="0" unitRef="USD">55,260,326</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_eifrs-full--LongtermBorrowings_iI_hifrs-full--SegmentsAxis__ifrs-full--ReportableSegmentsMember__srt--StatementGeographicalAxis__country--PE_zGHhJMKT6uo9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Peru</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:LongtermBorrowings" contextRef="AsOf2023-12-31_ifrs-full_ReportableSegmentsMember_country_PE" id="Fact001369" format="ixt:numdotdecimal" decimals="0" unitRef="USD">61,260,237</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:LongtermBorrowings" contextRef="AsOf2022-12-31_ifrs-full_ReportableSegmentsMember_country_PE" id="Fact001370" format="ixt:numdotdecimal" decimals="0" unitRef="USD">35,662,360</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_404_eifrs-full--LongtermBorrowings_iI_hifrs-full--SegmentsAxis__ifrs-full--ReportableSegmentsMember__srt--StatementGeographicalAxis__country--CR_zNdpRRzOVSe2" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Costa Rica</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_402_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_zoYSsgyMb3Ei" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_404_eifrs-full--CurrentDepositsFromCustomers_iI_z4nGmiXCJIc6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40B_eifrs-full--CurrentTaxLiabilitiesCurrent_iI_zJNAqzsPte0k" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_40F_ecustom--RetainagePayable_iI_zIHclLc157M5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Retainage payable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="LPA:RetainagePayable" contextRef="AsOf2023-12-31" id="Fact001390" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,737,805</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_404_eifrs-full--OtherCurrentLiabilities_iI_zPxMbJI6m2l7" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Other current liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:OtherCurrentLiabilities" contextRef="AsOf2023-12-31" id="Fact001393" format="ixt:numdotdecimal" decimals="0" unitRef="USD">959,539</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_40D_ecustom--DeferredTaxLiability_iI_zT0zsazivtSd" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Deferred tax liability</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="LPA:DeferredTaxLiability" contextRef="AsOf2023-12-31" id="Fact001396" format="ixt:numdotdecimal" decimals="0" unitRef="USD">37,451,338</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="LPA:DeferredTaxLiability" contextRef="AsOf2022-12-31" id="Fact001397" format="ixt:numdotdecimal" decimals="0" unitRef="USD">37,215,884</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_ecustom--SecurityDeposits_iI_zyMj31bakWy9" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Security deposits</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="LPA:SecurityDeposits" contextRef="AsOf2023-12-31" id="Fact001399" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,790,554</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_40C_eifrs-full--OtherNoncurrentLiabilities_iI_zRWk2RvSVN9b" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Other non-current liabilities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:OtherNoncurrentLiabilities" contextRef="AsOf2023-12-31" id="Fact001402" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,936,555</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:OtherNoncurrentLiabilities" contextRef="AsOf2022-12-31" id="Fact001403" format="ixt:numdotdecimal" decimals="0" unitRef="USD">590,740</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_405_eifrs-full--Liabilities_iI_zBkAEKqtwBrc" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; font-weight: bold; text-align: left; padding-bottom: 1.5pt">Total liabilities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:Liabilities" contextRef="AsOf2023-12-31" id="Fact001405" format="ixt:numdotdecimal" decimals="0" unitRef="USD">329,882,393</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:Liabilities" contextRef="AsOf2022-12-31" id="Fact001406" format="ixt:numdotdecimal" decimals="0" unitRef="USD">263,552,399</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8AC_zkvCmChyjbU9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Geographic
Area Information</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001408" name="ifrs-full:DisclosureOfGeographicalAreasExplanatory"><p id="xdx_897_eifrs-full--DisclosureOfGeographicalAreasExplanatory_zczQyvRk94Gc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B6_z6HqukLO407e" style="display: none">SCHEDULE OF GEOGRAPHIC AREA INFORMATION</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_496_20231231_zWsABqUscDDj" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_49E_20221231_zyWlssJd7THa" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Long-lived assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_406_eifrs-full--NoncurrentAssetsOtherThanFinancialInstrumentsDeferredTaxAssetsPostemploymentBenefitAssetsAndRightsArisingUnderInsuranceContracts_iI_hifrs-full--SegmentsAxis__ifrs-full--ReportableSegmentsMember__srt--StatementGeographicalAxis__country--CO_zHBZAAZcR1Qj" style="vertical-align: bottom; background-color: White">
    <td style="width: 64%">Colombia</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right"><ix:nonFraction name="ifrs-full:NoncurrentAssetsOtherThanFinancialInstrumentsDeferredTaxAssetsPostemploymentBenefitAssetsAndRightsArisingUnderInsuranceContracts" contextRef="AsOf2023-12-31_ifrs-full_ReportableSegmentsMember_country_CO" id="Fact001410" format="ixt:numdotdecimal" decimals="0" unitRef="USD">131,147,272</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right"><ix:nonFraction name="ifrs-full:NoncurrentAssetsOtherThanFinancialInstrumentsDeferredTaxAssetsPostemploymentBenefitAssetsAndRightsArisingUnderInsuranceContracts" contextRef="AsOf2022-12-31_ifrs-full_ReportableSegmentsMember_country_CO" id="Fact001411" format="ixt:numdotdecimal" decimals="0" unitRef="USD">107,807,334</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_eifrs-full--NoncurrentAssetsOtherThanFinancialInstrumentsDeferredTaxAssetsPostemploymentBenefitAssetsAndRightsArisingUnderInsuranceContracts_iI_hifrs-full--SegmentsAxis__ifrs-full--ReportableSegmentsMember__srt--StatementGeographicalAxis__country--PE_zsJRhKk16fYi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Peru</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:NoncurrentAssetsOtherThanFinancialInstrumentsDeferredTaxAssetsPostemploymentBenefitAssetsAndRightsArisingUnderInsuranceContracts" contextRef="AsOf2023-12-31_ifrs-full_ReportableSegmentsMember_country_PE" id="Fact001413" format="ixt:numdotdecimal" decimals="0" unitRef="USD">127,416,698</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:NoncurrentAssetsOtherThanFinancialInstrumentsDeferredTaxAssetsPostemploymentBenefitAssetsAndRightsArisingUnderInsuranceContracts" contextRef="AsOf2022-12-31_ifrs-full_ReportableSegmentsMember_country_PE" id="Fact001414" format="ixt:numdotdecimal" decimals="0" unitRef="USD">105,448,377</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_eifrs-full--NoncurrentAssetsOtherThanFinancialInstrumentsDeferredTaxAssetsPostemploymentBenefitAssetsAndRightsArisingUnderInsuranceContracts_iI_hifrs-full--SegmentsAxis__ifrs-full--ReportableSegmentsMember__srt--StatementGeographicalAxis__country--CR_zAa4wITr11u7" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Costa Rica</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:NoncurrentAssetsOtherThanFinancialInstrumentsDeferredTaxAssetsPostemploymentBenefitAssetsAndRightsArisingUnderInsuranceContracts" contextRef="AsOf2023-12-31_ifrs-full_ReportableSegmentsMember_country_CR" id="Fact001416" format="ixt:numdotdecimal" decimals="0" unitRef="USD">256,000,132</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:NoncurrentAssetsOtherThanFinancialInstrumentsDeferredTaxAssetsPostemploymentBenefitAssetsAndRightsArisingUnderInsuranceContracts" contextRef="AsOf2022-12-31_ifrs-full_ReportableSegmentsMember_country_CR" id="Fact001417" format="ixt:numdotdecimal" decimals="0" unitRef="USD">236,471,570</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_401_eifrs-full--NoncurrentAssetsOtherThanFinancialInstrumentsDeferredTaxAssetsPostemploymentBenefitAssetsAndRightsArisingUnderInsuranceContracts_iI_zTyBlFbI7aEg" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; padding-bottom: 1.5pt">Total</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:NoncurrentAssetsOtherThanFinancialInstrumentsDeferredTaxAssetsPostemploymentBenefitAssetsAndRightsArisingUnderInsuranceContracts" contextRef="AsOf2023-12-31" id="Fact001419" format="ixt:numdotdecimal" decimals="0" unitRef="USD">514,564,102</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:NoncurrentAssetsOtherThanFinancialInstrumentsDeferredTaxAssetsPostemploymentBenefitAssetsAndRightsArisingUnderInsuranceContracts" contextRef="AsOf2022-12-31" id="Fact001420" format="ixt:numdotdecimal" decimals="0" unitRef="USD">449,727,281</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_eifrs-full--NoncurrentAssetsOtherThanFinancialInstrumentsDeferredTaxAssetsPostemploymentBenefitAssetsAndRightsArisingUnderInsuranceContracts_iI_zEObPY6UmyOh" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; padding-bottom: 1.5pt">Long-lived assets</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:NoncurrentAssetsOtherThanFinancialInstrumentsDeferredTaxAssetsPostemploymentBenefitAssetsAndRightsArisingUnderInsuranceContracts" contextRef="AsOf2023-12-31" id="Fact001422" format="ixt:numdotdecimal" decimals="0" unitRef="USD">514,564,102</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:NoncurrentAssetsOtherThanFinancialInstrumentsDeferredTaxAssetsPostemploymentBenefitAssetsAndRightsArisingUnderInsuranceContracts" contextRef="AsOf2022-12-31" id="Fact001423" format="ixt:numdotdecimal" decimals="0" unitRef="USD">449,727,281</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
</table>

</ix:nonNumeric><p id="xdx_8A8_znOtC1HYVS5h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001425" name="ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory"><p id="xdx_807_eifrs-full--DisclosureOfRestrictedCashAndCashEquivalentsExplanatory_zakWt3vYZkai" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>8.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_82F_zgAKbQNvQin5">CASH, CASH EQUIVALENTS AND RESTRICTED CASH</span></b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
equivalents are considered by the Group to be highly liquid investments such as short-term deposits with banks, the maturity of which
do not exceed three months at the time of deposit and which are not restricted. Such deposits bear interest at a negligible interest rate
and the book value of these assets approximates their fair value. Available cash are held in bank accounts and overnight deposits.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s cash are predominantly denominated in USD and, in part, in COP, PEN and CRC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001427" name="LPA:DisclosureOfDetailedInformationAboutCashAndCashEquivalentsExplanatory"><p id="xdx_893_ecustom--DisclosureOfDetailedInformationAboutCashAndCashEquivalentsExplanatory_zDAzSZZurpY9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
and cash equivalents were as follows as of December 31, 2023, and 2022:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B0_zjez2DVvNqa2">SCHEDULE
OF CASH AND CASH EQUIVALENTS</span>&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid">(in USD)</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_499_20231231_zODW8fntsT63" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_49B_20221231_zUpcHXD0Yof5" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Bank accounts:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_403_eifrs-full--CashAndCashEquivalents_iI_hsrt--CurrencyAxis__currency--COP_zAoifH10ZkGj" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; width: 64%; text-align: left">In COP</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right"><ix:nonFraction name="ifrs-full:CashAndCashEquivalents" contextRef="AsOf2023-12-31_currency_COP" id="Fact001429" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,445,179</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right"><ix:nonFraction name="ifrs-full:CashAndCashEquivalents" contextRef="AsOf2022-12-31_currency_COP" id="Fact001430" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,117,352</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_401_eifrs-full--CashAndCashEquivalents_iI_hsrt--CurrencyAxis__currency--CRC_zvRdkvUslKRg" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">In CRC</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:CashAndCashEquivalents" contextRef="AsOf2023-12-31_currency_CRC" id="Fact001432" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,599</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:CashAndCashEquivalents" contextRef="AsOf2022-12-31_currency_CRC" id="Fact001433" format="ixt:numdotdecimal" decimals="0" unitRef="USD">15,287</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eifrs-full--CashAndCashEquivalents_iI_hsrt--CurrencyAxis__currency--PEN_z7bOcHzKGdP3" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">In PEN</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:CashAndCashEquivalents" contextRef="AsOf2023-12-31_currency_PEN" id="Fact001435" format="ixt:numdotdecimal" decimals="0" unitRef="USD">479,057</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:CashAndCashEquivalents" contextRef="AsOf2022-12-31_currency_PEN" id="Fact001436" format="ixt:numdotdecimal" decimals="0" unitRef="USD">237,240</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_eifrs-full--CashAndCashEquivalents_iI_hsrt--CurrencyAxis__currency--USD_ze8YgEqo6Lvd" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">In USD</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:CashAndCashEquivalents" contextRef="AsOf2023-12-31_currency_USD" id="Fact001438" format="ixt:numdotdecimal" decimals="0" unitRef="USD">33,311,528</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:CashAndCashEquivalents" contextRef="AsOf2022-12-31_currency_USD" id="Fact001439" format="ixt:numdotdecimal" decimals="0" unitRef="USD">13,618,233</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_406_eifrs-full--CashAndCashEquivalents_iI_zBxd2vmPbeHi" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="ifrs-full:CashAndCashEquivalents" contextRef="AsOf2023-12-31" id="Fact001441" format="ixt:numdotdecimal" decimals="0" unitRef="USD">35,242,363</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="ifrs-full:CashAndCashEquivalents" contextRef="AsOf2022-12-31" id="Fact001442" format="ixt:numdotdecimal" decimals="0" unitRef="USD">14,988,112</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A1_z0Se3zZjXFml" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023 and 2022, cash disclosed in the consolidated statements of financial position and in the consolidated statements
of cash flows included $<span id="xdx_907_eifrs-full--Cash_iI_c20231231_zQPeaMK6dHub" title="Cash"><ix:nonFraction name="ifrs-full:Cash" contextRef="AsOf2023-12-31" id="Fact001444" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,993,045</ix:nonFraction></span> and $<span id="xdx_908_eifrs-full--Cash_iI_c20221231_zdGqh2tDdvW1" title="Cash"><ix:nonFraction name="ifrs-full:Cash" contextRef="AsOf2022-12-31" id="Fact001446" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,465,008</ix:nonFraction></span>, respectively, that were held in partnership entities in which the ownership is shared
with other private investors. These cash deposits were designated for the sole purpose of investing in development and operations of
the properties held by the partnership entities and were therefore not available for general use by other entities within the Group.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the Group had short-term and long-term restricted cash equivalent related to additional guarantees for the Group&#8217;s debt
and corporate credit cards. As disclosed in Note 16, certain debt agreements require the Group to maintain cash in a restricted bank
account in order to comply with conditions over minimum debt service coverage. The funds can only be used for debt service repayments
for the associated debt agreement. Certificates of Deposit have maturities ranging from 3 to 12 months and renew until the outstanding
balance for the associated debt agreement is liquidated.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, and 2022, the Group&#8217;s total restricted cash equivalents amounted to $<span id="xdx_90F_ecustom--RestrictedCashEquivalent_iI_c20231231_zwKvgBfl0y7l" title="Restricted cash equivalents"><ix:nonFraction name="LPA:RestrictedCashEquivalent" contextRef="AsOf2023-12-31" id="Fact001448" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,681,110</ix:nonFraction></span> (of which $<span id="xdx_903_eifrs-full--CurrentRestrictedCashAndCashEquivalents_iI_c20231231_zU81SSUdi1De" title="Restricted cash equivalents - short-term"><ix:nonFraction name="ifrs-full:CurrentRestrictedCashAndCashEquivalents" contextRef="AsOf2023-12-31" id="Fact001450" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,000,000</ix:nonFraction></span> was classified
as short-term) and $<span id="xdx_900_ecustom--RestrictedCashEquivalent_iI_c20221231_zO836k9PFHpj" title="Restricted cash equivalents"><ix:nonFraction name="LPA:RestrictedCashEquivalent" contextRef="AsOf2022-12-31" id="Fact001452" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,252,897</ix:nonFraction></span> (all was classified as long-term), respectively. The classification of restricted cash equivalents as short-term
or long-term aligns with the corresponding loan agreements&#8217; classification on the consolidated statements of financial position,
reflecting the terms of restriction.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Non-cash
transactions</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes
in assets and liabilities arising from investing and financing activities not requiring cash relate to an increase in accrued payables
for investment properties of $<span id="xdx_90D_eifrs-full--ChangesInInvestmentProperty_c20230101__20231231_zQ4xD7fruKnb" title="Accrued payables for investment properties"><ix:nonFraction name="ifrs-full:ChangesInInvestmentProperty" contextRef="From2023-01-01to2023-12-31" id="Fact001454" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,078,508</ix:nonFraction></span>, $<span id="xdx_90C_eifrs-full--ChangesInInvestmentProperty_c20220101__20221231_zZxFQP1WD6h8" title="Accrued payables for investment properties"><ix:nonFraction name="ifrs-full:ChangesInInvestmentProperty" contextRef="From2022-01-012022-12-31" id="Fact001456" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,247,256</ix:nonFraction></span> and $<span id="xdx_906_eifrs-full--ChangesInInvestmentProperty_c20210101__20211231_zHKc8pPL7jAi" title="Accrued payables for investment properties"><ix:nonFraction name="ifrs-full:ChangesInInvestmentProperty" contextRef="From2021-01-012021-12-31" id="Fact001458" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,891,858</ix:nonFraction></span> in the years ended December 31, 2023, 2022 and 2021, respectively,
an increase for new lease liabilities for $<span id="xdx_90A_ecustom--IncreaseForNewLeaseLiabilities_c20230101__20231231_zMqmJZ1zmVNj" title="Increase for new lease liabilities"><ix:nonFraction name="LPA:IncreaseForNewLeaseLiabilities" contextRef="From2023-01-01to2023-12-31" id="Fact001460" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,623,092</ix:nonFraction></span>, $<span id="xdx_904_ecustom--IncreaseForNewLeaseLiabilities_c20220101__20221231_zHyTswVEx7gf" title="Increase for new lease liabilities"><ix:nonFraction name="LPA:IncreaseForNewLeaseLiabilities" contextRef="From2022-01-012022-12-31" id="Fact001462" format="ixt:numdotdecimal" decimals="0" unitRef="USD">376,325</ix:nonFraction></span> and $<span id="xdx_903_ecustom--IncreaseForNewLeaseLiabilities_c20210101__20211231_zLg7ChBsBes8" title="Increase for new lease liabilities"><ix:nonFraction name="LPA:IncreaseForNewLeaseLiabilities" contextRef="From2021-01-012021-12-31" id="Fact001464" format="ixt:numdotdecimal" decimals="0" unitRef="USD">0</ix:nonFraction></span> in the years ended December 31, 2023, 2022 and 2021, respectively.
Additionally, in relation to the sale of investment properties, Latam Parque Logistico Calle 80 Building 500A in the year ended December
31, 2023, the Group records non-cash activities for an increase in receivables from the sale of $<span id="xdx_90C_ecustom--IncreaseInReceivablesFromSale_iI_c20231231_zc7IhWaY1Fr1" title="Increase in receivables from the sale"><ix:nonFraction name="LPA:IncreaseInReceivablesFromSale" contextRef="AsOf2023-12-31" id="Fact001466" format="ixt:numdotdecimal" decimals="0" unitRef="USD">7,577,092</ix:nonFraction></span> and decrease of long-term
debt of $<span id="xdx_909_ecustom--DecreaseOfLongtermDebt_iI_c20231231_zIrp6snUoQFk" title="Decrease of long-term debt"><ix:nonFraction name="LPA:DecreaseOfLongtermDebt" contextRef="AsOf2023-12-31" id="Fact001468" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,299,867</ix:nonFraction></span> related to settlement of the loan with ITA&#218; Corpbanca Colombia, S.A. (&#8220;<b>ITA&#218;</b>&#8221;), refer
to Note 12 for transaction details related to the sale. Furthermore, the Group records a non-cash capital contribution from a non-controlling
partner of $<span id="xdx_90B_ecustom--NoncashCapitalContributionFromNoncontrollingPartner_iI_c20231231_zuJB8YuxSGM3" title="Non-cash capital contribution from a non-controlling partner"><ix:nonFraction name="LPA:NoncashCapitalContributionFromNoncontrollingPartner" contextRef="AsOf2023-12-31" id="Fact001470" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,162</ix:nonFraction></span> in the year ended December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 147; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001472" name="LPA:DisclosureOfLeaseAndOtherReceivablesNetExplanatory"><p id="xdx_802_ecustom--DisclosureOfLeaseAndOtherReceivablesNetExplanatory_z1a2VzM2S8T8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>9.
<span id="xdx_824_zweC458DUEya">LEASE AND OTHER RECEIVABLES, NET </span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001474" name="LPA:DisclosureOfLeaseAndOtherReceivablesExplanatory"><p id="xdx_89D_ecustom--DisclosureOfLeaseAndOtherReceivablesExplanatory_z0tVoRJqADGh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, and 2022, lease and other receivables, net were as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B2_zbghBm7RBOMk" style="display: none">SCHEDULE
OF LEASE AND OTHER RECEIVABLES, NET</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 3%">(a)</td><td style="width: 2%">&#160;</td>
    <td style="width: 60%; text-align: left">Lease receivables, net</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td id="xdx_986_eifrs-full--FinanceLeaseReceivables_iI_c20231231_zX1fz7xFvKZ2" title="Lease receivables, net" style="width: 13%; text-align: right"><ix:nonFraction name="ifrs-full:FinanceLeaseReceivables" contextRef="AsOf2023-12-31" id="Fact001476" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,703,760</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td id="xdx_989_eifrs-full--FinanceLeaseReceivables_iI_c20221231_zyPmViIgBdY2" title="Lease receivables, net" style="width: 14%; text-align: right"><ix:nonFraction name="ifrs-full:FinanceLeaseReceivables" contextRef="AsOf2022-12-31" id="Fact001478" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,644,555</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>(b)</td><td>&#160;</td>
    <td style="text-align: left">Tenant notes receivables - short term, net</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">Others</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98D_eifrs-full--OtherReceivables_iI_c20231231_ze9ytbQcKlC5" title="Others" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:OtherReceivables" contextRef="AsOf2023-12-31" id="Fact001484" format="ixt:numdotdecimal" decimals="0" unitRef="USD">49,479</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: left; padding-bottom: 1.5pt">Tenant notes receivable - long term, net</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_982_ecustom--TenantNotesReceivableLongTermNet_iI_c20231231_zO1U1wG8KGQh" title="Tenant notes receivable - long term, net" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="LPA:TenantNotesReceivableLongTermNet" contextRef="AsOf2023-12-31" id="Fact001492" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,002,315</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_987_ecustom--TenantNotesReceivableLongTermNet_iI_c20221231_zT5Nl1XBkse8" title="Tenant notes receivable - long term, net" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="LPA:TenantNotesReceivableLongTermNet" contextRef="AsOf2022-12-31" id="Fact001494" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,796,584</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="text-align: left; padding-bottom: 2.5pt">Lease and other receivables, net</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_982_ecustom--LeaseAndOtherReceivablesNet_iI_c20231231_zK1pTD09rR34" title="Lease and other receivables, net" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="LPA:LeaseAndOtherReceivablesNet" contextRef="AsOf2023-12-31" id="Fact001496" format="ixt:numdotdecimal" decimals="0" unitRef="USD">9,560,303</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_987_ecustom--LeaseAndOtherReceivablesNet_iI_c20221231_zoXr0b1YH6o6" title="Lease and other receivables, net" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="LPA:LeaseAndOtherReceivablesNet" contextRef="AsOf2022-12-31" id="Fact001498" format="ixt:numdotdecimal" decimals="0" unitRef="USD">9,313,109</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A4_zz3hVmg2iar" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -28.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
  <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Lease Receivables</i></b> - The average credit period
on rents is 30 days. No interest is charged on outstanding lease receivables.</span></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -28.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group always measures the expected credit loss for lease receivables, net of cash security deposits, at an amount equal to lifetime ECL.
The expected credit losses on lease receivables are estimated using a provision matrix by reference to past default experience of the
debtor, default trend report from third-party reputable credit rating agency (i.e., Moody&#8217;s), and an analysis of the debtor&#8217;s
current financial position, adjusted for factors that are specific to the debtors, general economic conditions of the industry in which
the debtors operate and an assessment of both the current as well as the forecast direction of conditions at the reporting date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
measure the expected credit losses, lease receivables have been grouped based on shared credit risk characteristics and the days past
due. The Group adopts a two-part reserve method: 1) with a specific reserve at 100% against all lease receivables from tenant who has
shown indicators of severe financial difficulty, such as consecutive months of rent non-payment, or if the tenant is undergoing liquidation
or bankruptcy proceedings. 2) with a general reserve recognizing expected credit loss allowance of <span id="xdx_909_eifrs-full--ExpectedCreditLossRate_iI_pid_dp_c20231231_zV8CcUlQl7rd" title="Expected credit loss allowance rate"><ix:nonFraction name="ifrs-full:ExpectedCreditLossRate" contextRef="AsOf2023-12-31" id="Fact001500" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% against all lease receivables
over 90 days outstanding and percentage reflecting Moody&#8217;s average one-year default rate for all companies against lease receivables
that are less than 90 days outstanding, net of cash security deposits. The lifetime ECL is calculated as gross carrying amount net of
security deposit and multiply by loss rate described above. None of the lease receivables that have been written off is subject to enforcement
activities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001502" name="ifrs-full:DisclosureOfReconciliationOfChangesInLossAllowanceAndExplanationOfChangesInGrossCarryingAmountForFinancialInstrumentsExplanatory"><p id="xdx_898_eifrs-full--DisclosureOfReconciliationOfChangesInLossAllowanceAndExplanationOfChangesInGrossCarryingAmountForFinancialInstrumentsExplanatory_zOxfggVjNDcc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
gross carrying amount and loss allowance provision for lease receivables was as follows as of December 31, 2023 and 2022:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B3_zlCZsV8Putb9" style="display: none">SCHEDULE
OF GROSS CARRYING AMOUNT AND LOSS ALLOWANCE PROVISION FOR LEASE RECEIVABLES</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_49E_20231231_z8vwbfqEmHHl" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_498_20221231_zQ6lhpI5mb3b" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr id="xdx_403_ecustom--LeaseReceivablesGrossCarryingAmount_iI_maFLRzmk4_zrKrO408W0Eh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left">Gross carrying amount</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><ix:nonFraction name="LPA:LeaseReceivablesGrossCarryingAmount" contextRef="AsOf2023-12-31" id="Fact001504" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,535,565</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><ix:nonFraction name="LPA:LeaseReceivablesGrossCarryingAmount" contextRef="AsOf2022-12-31" id="Fact001505" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,290,892</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_402_ecustom--LeaseReceivablesOnLossAllowanceProvision_iNI_di_msFLRzmk4_zzlFwEj1dvPb" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Loss allowance provision</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="LPA:LeaseReceivablesOnLossAllowanceProvision" contextRef="AsOf2023-12-31" id="Fact001507" format="ixt:numdotdecimal" decimals="0" unitRef="USD">831,805</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="LPA:LeaseReceivablesOnLossAllowanceProvision" contextRef="AsOf2022-12-31" id="Fact001508" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,646,337</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_400_eifrs-full--FinanceLeaseReceivables_iTI_mtFLRzmk4_zJYWobJ2HFUh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">Lease receivables, net</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="ifrs-full:FinanceLeaseReceivables" contextRef="AsOf2023-12-31" id="Fact001510" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,703,760</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="ifrs-full:FinanceLeaseReceivables" contextRef="AsOf2022-12-31" id="Fact001511" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,644,555</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A9_z5vu4xjITN6c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -28.1pt">&#160;</p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
  <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Tenant Notes Receivables -</i></b> The Group finances
some of its specific tenant improvements that customers request. As of December 31, 2023, loans outstanding to tenants bear weighted
average annual interest rate of <span id="xdx_90D_ecustom--WeightedAverageAnnualInterestRate_pid_dp_c20230101__20231231_zbxZaVRb29r2" title="Weighted average annual interest rate"><ix:nonFraction name="LPA:WeightedAverageAnnualInterestRate" contextRef="From2023-01-01to2023-12-31" id="Fact001513" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10.7</ix:nonFraction></span>% and had a weighted average remaining loan term of <span id="xdx_90F_ecustom--WeightedAverageRemainingContractualLifeOfRemainingLoanTerm_dtY_c20230101__20231231_ze20m54u9vbj" title="Weighted average remaining loan term"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:duryear" id="Fact001515" name="LPA:WeightedAverageRemainingContractualLifeOfRemainingLoanTerm">7.2</ix:nonNumeric></span> years.</span></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -28.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2022, loans outstanding to tenants bears a weighted average annual interest rate of <span id="xdx_903_ecustom--WeightedAverageAnnualInterestRate_pid_dp_c20220101__20221231_zSjuPjYDI9H6" title="Weighted average annual interest rate"><ix:nonFraction name="LPA:WeightedAverageAnnualInterestRate" contextRef="From2022-01-012022-12-31" id="Fact001517" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10.7</ix:nonFraction></span>% and have a weighted average
remaining loan term of <span id="xdx_900_ecustom--WeightedAverageRemainingContractualLifeOfRemainingLoanTerm_dtY_c20220101__20221231_zZrg8Iz1xxRe" title="Weighted average remaining loan term"><ix:nonNumeric contextRef="From2022-01-012022-12-31" format="ixt-sec:duryear" id="Fact001519" name="LPA:WeightedAverageRemainingContractualLifeOfRemainingLoanTerm">8.1</ix:nonNumeric></span> years.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group always measures the expected credit loss allowance for tenant notes receivables at an amount equal to 12-month ECL. The expected
12-month ECL on tenant notes receivables are estimated using the probability of default approach, which is a function of the probability
of default, loss given default (i.e. the magnitude of the loss if there is a default) and the exposure at default. The assessment of
the probability of default and loss given default is based on historical data adjusted by forward looking information. As for the exposure
at default, for financial assets, this is represented by the gross carrying amount at the reporting date. None of the tenant notes have
exhibited a significant increase in credit risk.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001521" name="LPA:DisclosureOfGrossCarryingAmountAndLossAllowanceProvisionForTenantNotesReceivablesExplanatory"><p id="xdx_898_ecustom--DisclosureOfGrossCarryingAmountAndLossAllowanceProvisionForTenantNotesReceivablesExplanatory_zNnpTDet4tb8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
gross carrying amount and loss allowance provision for tenant notes receivables as of December 31, 2023 and 2022 was as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B7_zv7WVZCh8807" style="display: none">SCHEDULE
OF GROSS CARRYING AMOUNT AND LOSS ALLOWANCE PROVISION FOR TENANT NOTES RECEIVABLES</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_491_20231231_z5R51dzPCS57" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_496_20221231_zj3GM8JJLMue" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr id="xdx_401_ecustom--GrossCarryingAmountShortTerm_iI_z2G72v3XFeNk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40C_ecustom--AllowanceProvisionShortTerm_iNI_di_zwlV8icCMmQk" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Loss allowance provision - short term</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="LPA:AllowanceProvisionShortTerm" contextRef="AsOf2023-12-31" id="Fact001526" format="ixt:numdotdecimal" decimals="0" unitRef="USD">13,501</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="LPA:AllowanceProvisionShortTerm" contextRef="AsOf2022-12-31" id="Fact001527" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,615</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_403_ecustom--TenantNotesReceivablesShortTermNet_iI_z0tInBfWeBQa" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">Tenant notes receivables - short term, net</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="LPA:TenantNotesReceivablesShortTermNet" contextRef="AsOf2023-12-31" id="Fact001529" format="ixt:numdotdecimal" decimals="0" unitRef="USD">804,749</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="LPA:TenantNotesReceivablesShortTermNet" contextRef="AsOf2022-12-31" id="Fact001530" format="ixt:numdotdecimal" decimals="0" unitRef="USD">751,908</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_ecustom--GrossCarryingAmountLongTerm_iI_zFuZkBomeSub" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Gross carrying amount - long term</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="LPA:GrossCarryingAmountLongTerm" contextRef="AsOf2023-12-31" id="Fact001532" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,103,015</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="LPA:GrossCarryingAmountLongTerm" contextRef="AsOf2022-12-31" id="Fact001533" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,910,609</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_400_ecustom--AllowanceProvisionLongTerm_iNI_di_zf9ZjiGdvdK4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Loss allowance provision - long term</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="LPA:AllowanceProvisionLongTerm" contextRef="AsOf2023-12-31" id="Fact001535" format="ixt:numdotdecimal" decimals="0" unitRef="USD">100,700</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_401_ecustom--TenantNotesReceivablesLongTermNet_iI_zCVlRh8SQiva" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt">Tenant notes receivables - long term, net</td><td style="padding-bottom: 2.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8A2_z7p2GtON2nA3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001541" name="LPA:DisclosureOfCreditLossAllowanceProvisionForLeaseReceivablesAndTenantNotesReceivablesExplanatory"><p id="xdx_891_ecustom--DisclosureOfCreditLossAllowanceProvisionForLeaseReceivablesAndTenantNotesReceivablesExplanatory_zniX3TcF1ygg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
expected credit loss allowance provision for lease receivables and tenant notes receivables as of December 31, 2023, 2022 and 2021 reconciled
to the opening loss allowance for that provision as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B8_zMQb2eV7W6Qk" style="display: none">SCHEDULE
OF CREDIT LOSS ALLOWANCE PROVISION FOR LEASE RECEIVABLES AND TENANT NOTES RECEIVABLES</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in">
  <tr style="display: none; vertical-align: bottom; background-color: White">
    <td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td id="xdx_4B3_ifrs-full--ClassesOfFinancialInstrumentsAxis_ifrs-full--LeaseReceivablesMember_z76n8Hbf4YK2" style="display: none; text-align: center">&#160;</td><td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td id="xdx_4B0_ifrs-full--ClassesOfFinancialInstrumentsAxis_custom--TenantsNotesReceivablesMember_zuqXlXnitE1i" style="display: none; text-align: center">&#160;</td><td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td id="xdx_4B6_zLcm8qWgngHi" style="display: none; text-align: center">&#160;</td><td style="display: none; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Lease Receivables</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr id="xdx_439_c20230101__20231231_ecustom--CreditLossAllowanceProvision_iS_zeXbFtXaXfZ4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%; text-align: left">Beginning balance</td><td style="width: 2%">&#160;</td>
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    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right"><ix:nonFraction name="LPA:CreditLossAllowanceProvision" contextRef="AsOf2022-12-31_custom_TenantsNotesReceivablesMember" id="Fact001544" format="ixt:numdotdecimal" decimals="0" unitRef="USD">126,640</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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  <tr id="xdx_43A_c20230101__20231231_ecustom--AdjustmentsInLoanLossAllowanceRecognizedInProfitOrLossDuringYear_iN_di_zFhUJUTIqfPa" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Adjustments in loan loss allowance recognized in profit or loss during the year</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="LPA:AdjustmentsInLoanLossAllowanceRecognizedInProfitOrLossDuringYear" contextRef="From2023-01-012023-12-31_ifrs-full_LeaseReceivablesMember" id="Fact001547" format="ixt:numdotdecimal" decimals="0" unitRef="USD">81,017</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="LPA:AdjustmentsInLoanLossAllowanceRecognizedInProfitOrLossDuringYear" contextRef="From2023-01-012023-12-31_custom_TenantsNotesReceivablesMember" id="Fact001548" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,706</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="LPA:AdjustmentsInLoanLossAllowanceRecognizedInProfitOrLossDuringYear" contextRef="From2023-01-01to2023-12-31" id="Fact001549" format="ixt:numdotdecimal" decimals="0" unitRef="USD">87,723</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_434_c20230101__20231231_ecustom--ReceivablesWrittenoffDuringYearAsUncollectible_iN_di_zpIXCCbpAp23" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Receivables written-off during the year as uncollectible</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="LPA:ReceivablesWrittenoffDuringYearAsUncollectible" contextRef="From2023-01-012023-12-31_ifrs-full_LeaseReceivablesMember" id="Fact001551" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,733,515</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="LPA:ReceivablesWrittenoffDuringYearAsUncollectible" contextRef="From2023-01-012023-12-31_custom_TenantsNotesReceivablesMember" id="Fact001552" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,733</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="LPA:ReceivablesWrittenoffDuringYearAsUncollectible" contextRef="From2023-01-01to2023-12-31" id="Fact001553" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,739,248</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_436_c20230101__20231231_ecustom--CreditLossAllowanceProvision_iE_zDBvE27bDVpg" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt">Ending balance</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="LPA:CreditLossAllowanceProvision" contextRef="AsOf2023-12-31_ifrs-full_LeaseReceivablesMember" id="Fact001555" format="ixt:numdotdecimal" decimals="0" unitRef="USD">831,805</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="LPA:CreditLossAllowanceProvision" contextRef="AsOf2023-12-31_custom_TenantsNotesReceivablesMember" id="Fact001556" format="ixt:numdotdecimal" decimals="0" unitRef="USD">114,201</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="LPA:CreditLossAllowanceProvision" contextRef="AsOf2023-12-31" id="Fact001557" format="ixt:numdotdecimal" decimals="0" unitRef="USD">946,006</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in">
  <tr style="display: none; vertical-align: bottom; background-color: White">
    <td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td id="xdx_4B3_ifrs-full--ClassesOfFinancialInstrumentsAxis_ifrs-full--LeaseReceivablesMember_zx3Znqn9EeB3" style="display: none; text-align: center">&#160;</td><td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td id="xdx_4B0_ifrs-full--ClassesOfFinancialInstrumentsAxis_custom--TenantsNotesReceivablesMember_z0zZXop9jCDd" style="display: none; text-align: center">&#160;</td><td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td id="xdx_4B7_zMbSQf0ShZCa" style="display: none; text-align: center">&#160;</td><td style="display: none; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Lease Receivables</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Tenants Notes Receivables</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr id="xdx_433_c20220101__20221231_ecustom--CreditLossAllowanceProvision_iS_ztmK5zAiFMV1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%; text-align: left">Beginning balance</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right"><ix:nonFraction name="LPA:CreditLossAllowanceProvision" contextRef="AsOf2021-12-31_ifrs-full_LeaseReceivablesMember" id="Fact001559" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,294,649</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right"><ix:nonFraction name="LPA:CreditLossAllowanceProvision" contextRef="AsOf2021-12-31_custom_TenantsNotesReceivablesMember" id="Fact001560" format="ixt:numdotdecimal" decimals="0" unitRef="USD">62,089</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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  <tr id="xdx_435_c20220101__20221231_ecustom--AdjustmentsInLoanLossAllowanceRecognizedInProfitOrLossDuringYear_iN_di_zA9dOCs9ivpc" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Adjustments in loan loss allowance recognized in profit or loss during the year</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="LPA:AdjustmentsInLoanLossAllowanceRecognizedInProfitOrLossDuringYear" contextRef="From2022-01-012022-12-31_ifrs-full_LeaseReceivablesMember" id="Fact001563" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,406,439</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_438_c20220101__20221231_ecustom--ReceivablesWrittenoffDuringYearAsUncollectible_iN_di_zf8MVtjnJUpi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Receivables written-off during the year as uncollectible</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="LPA:ReceivablesWrittenoffDuringYearAsUncollectible" contextRef="From2022-01-012022-12-31_ifrs-full_LeaseReceivablesMember" id="Fact001567" format="ixt:numdotdecimal" decimals="0" unitRef="USD">54,751</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1568">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="LPA:ReceivablesWrittenoffDuringYearAsUncollectible" contextRef="From2022-01-012022-12-31" id="Fact001569" format="ixt:numdotdecimal" decimals="0" unitRef="USD">54,751</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_43C_c20220101__20221231_ecustom--CreditLossAllowanceProvision_iE_zhj24WsUXMa9" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt">Ending balance</td><td style="padding-bottom: 2.5pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<tr id="xdx_434_c20210101__20211231_ecustom--AdjustmentsInLoanLossAllowanceRecognizedInProfitOrLossDuringYear_iN_di_z0vwbWdauSH5" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_43C_c20210101__20211231_ecustom--ReceivablesWrittenoffDuringYearAsUncollectible_iN_di_zYQxoMWPGk6b" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1589">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_433_c20210101__20211231_ecustom--CreditLossAllowanceProvision_iE_z19ziYpzzM0b" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt">Ending balance</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="LPA:CreditLossAllowanceProvision" contextRef="AsOf2021-12-31_ifrs-full_LeaseReceivablesMember" id="Fact001591" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,294,649</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="display: none; padding-bottom: 1.5pt">Balance</td><td style="display: none; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; display: none; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; display: none; text-align: right"><ix:nonFraction name="LPA:CreditLossAllowanceProvision" contextRef="AsOf2021-12-31_ifrs-full_LeaseReceivablesMember" id="Fact001595" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,294,649</ix:nonFraction></td><td style="display: none; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="display: none; padding-bottom: 1.5pt">&#160;</td>
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</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

</ix:nonNumeric><p id="xdx_8A4_zN73PSDOH5v7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


<ix:exclude><!-- Field: Page; Sequence: 148; Options: NewSection; Value: 33 -->
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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001599" name="ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory"><p id="xdx_808_eifrs-full--DisclosureOfOtherCurrentAssetsExplanatory_zFO7xz4vjfVe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.
<span id="xdx_82A_zthBIk4JroMf">OTHER CURRENT ASSETS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001601" name="LPA:DisclosureOfDetailsOfOtherCurrentAssetsExplanatory"><p id="xdx_897_ecustom--DisclosureOfDetailsOfOtherCurrentAssetsExplanatory_zER64M3CCSBb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
details of other current assets as of December 31, 2023 and December 31, 2022 were as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BC_zPWXm6uMC191" style="display: none">SCHEDULE
OF DETAILS OF OTHER CURRENT ASSETS</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_49A_20231231_zDVulPLeKUtb" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_499_20221231_zDym8Vj39rld" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr id="xdx_40F_eifrs-full--ValueAddedTaxReceivables_iI_maOCAzH5u_zyyadRPHxXD6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left">Value added tax receivable</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><ix:nonFraction name="ifrs-full:ValueAddedTaxReceivables" contextRef="AsOf2023-12-31" id="Fact001603" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,207,983</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><ix:nonFraction name="ifrs-full:ValueAddedTaxReceivables" contextRef="AsOf2022-12-31" id="Fact001604" format="ixt:numdotdecimal" decimals="0" unitRef="USD">179,566</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_403_eifrs-full--CurrentTaxAssets_iI_maOCAzH5u_zLKAyeXeLwkf" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Prepaid taxes</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:CurrentTaxAssets" contextRef="AsOf2023-12-31" id="Fact001606" format="ixt:numdotdecimal" decimals="0" unitRef="USD">651,925</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:CurrentTaxAssets" contextRef="AsOf2022-12-31" id="Fact001607" format="ixt:numdotdecimal" decimals="0" unitRef="USD">816,138</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_403_ecustom--Others_iI_maOCAzH5u_zPe0tlQUbEE9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt">Other</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="LPA:Others" contextRef="AsOf2023-12-31" id="Fact001609" format="ixt:numdotdecimal" decimals="0" unitRef="USD">583,610</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="LPA:Others" contextRef="AsOf2022-12-31" id="Fact001610" format="ixt:numdotdecimal" decimals="0" unitRef="USD">712,609</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_eifrs-full--OtherCurrentAssets_iTI_mtOCAzH5u_zB39WNTOn8X3" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="ifrs-full:OtherCurrentAssets" contextRef="AsOf2023-12-31" id="Fact001612" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,443,518</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="ifrs-full:OtherCurrentAssets" contextRef="AsOf2022-12-31" id="Fact001613" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,708,313</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric></ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001615" name="ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory"><p id="xdx_808_eifrs-full--DisclosureOfPropertyPlantAndEquipmentExplanatory_zjUB6pmv5gUh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>11.
<span id="xdx_82C_za2kipWkcAO8">PROPERTY AND EQUIPMENT, NET</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001617" name="ifrs-full:DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory"><p id="xdx_899_eifrs-full--DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory_zUv609rxI9Rc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property
and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses. As of December 31, 2023, and
2022, the Group&#8217;s property and equipment, net were as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B9_zEhABjihiMl9" style="display: none">SCHEDULE
OF PROPERTY AND EQUIPMENT, NET</span></span></span></p>

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  <tr id="xdx_43B_c20220101__20221231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--AccumulatedDepreciationMember_eifrs-full--PropertyPlantAndEquipment_iS_zhOWlhh2p9l7" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_409_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_hifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--AccumulatedDepreciationMember_zzFokP0ZMBV6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:RetirementsPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_custom_AccumulatedDepreciationMember_ifrs-full_LeaseholdImprovementsMember" id="Fact001688" format="ixt:numdotdecimal" decimals="0" unitRef="USD">123,475</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_custom_AccumulatedDepreciationMember_ifrs-full_ComputerEquipmentMember" id="Fact001693" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,861</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_435_c20230101__20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--AccumulatedDepreciationMember_eifrs-full--PropertyPlantAndEquipment_iS_zCa6ySgbIsOd" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2022-12-31_custom_AccumulatedDepreciationMember_ifrs-full_ComputerEquipmentMember" id="Fact001699" format="ixt:numdotdecimal" decimals="0" unitRef="USD">116,275</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2022-12-31_custom_AccumulatedDepreciationMember_ifrs-full_LeaseholdImprovementsMember" id="Fact001700" format="ixt:numdotdecimal" decimals="0" unitRef="USD">137,384</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_438_c20230101__20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--AccumulatedDepreciationMember_eifrs-full--PropertyPlantAndEquipment_iS_zyiQNp4Zapj6" style="display: none; vertical-align: bottom; background-color: White">
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    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2022-12-31_custom_AccumulatedDepreciationMember_custom_FurnitureAndOfficeEquipmentMember" id="Fact001704" format="ixt:numdotdecimal" decimals="0" unitRef="USD">172,699</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2022-12-31_custom_AccumulatedDepreciationMember_ifrs-full_LeaseholdImprovementsMember" id="Fact001706" format="ixt:numdotdecimal" decimals="0" unitRef="USD">137,384</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2022-12-31_custom_AccumulatedDepreciationMember" id="Fact001707" format="ixt:numdotdecimal" decimals="0" unitRef="USD">435,186</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_40E_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_hifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--AccumulatedDepreciationMember_zZTUXvP6pr55" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_custom_AccumulatedDepreciationMember_custom_FurnitureAndOfficeEquipmentMember" id="Fact001710" format="ixt:numdotdecimal" decimals="0" unitRef="USD">49,188</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_custom_AccumulatedDepreciationMember_ifrs-full_ComputerEquipmentMember" id="Fact001711" format="ixt:numdotdecimal" decimals="0" unitRef="USD">34,866</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_custom_AccumulatedDepreciationMember_ifrs-full_LeaseholdImprovementsMember" id="Fact001712" format="ixt:numdotdecimal" decimals="0" unitRef="USD">19,486</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_custom_AccumulatedDepreciationMember" id="Fact001713" format="ixt:numdotdecimal" decimals="0" unitRef="USD">107,229</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_985_eifrs-full--PropertyPlantAndEquipment_iE_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__ifrs-full--VehiclesMember_z4JX4aqH7Hll" title="Property and equipment, ending balance" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2023-12-31_ifrs-full_VehiclesMember" id="Fact001749" format="ixt:numdotdecimal" decimals="0" unitRef="USD">24,943</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_982_eifrs-full--PropertyPlantAndEquipment_iE_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__ifrs-full--LeaseholdImprovementsMember_zEHxgiRet1W1" title="Property and equipment, ending balance" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2023-12-31_ifrs-full_LeaseholdImprovementsMember" id="Fact001755" format="ixt:numdotdecimal" decimals="0" unitRef="USD">88,227</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98E_eifrs-full--PropertyPlantAndEquipment_iE_c20230101__20231231_zBsKYS3yFtw6" title="Property and equipment, ending balance" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2023-12-31" id="Fact001757" format="ixt:numdotdecimal" decimals="0" unitRef="USD">354,437</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A8_z1w9ry8RS4If" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group recorded losses of $<span id="xdx_907_eifrs-full--GainsLossesOnDisposalsOfPropertyPlantAndEquipment_iN_di_c20230101__20231231_z4DC7AK9G911" title="Loss on disposal of property and equipment"><ix:nonFraction name="ifrs-full:GainsLossesOnDisposalsOfPropertyPlantAndEquipment" contextRef="From2023-01-01to2023-12-31" id="Fact001759" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">83,389</ix:nonFraction></span>, $<span id="xdx_907_eifrs-full--GainsLossesOnDisposalsOfPropertyPlantAndEquipment_iN_di_c20220101__20221231_zSKJhnjIAEtf" title="Loss on disposal of property and equipment"><ix:nonFraction name="ifrs-full:GainsLossesOnDisposalsOfPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31" id="Fact001761" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">30,269</ix:nonFraction></span> and $<span id="xdx_909_eifrs-full--GainsLossesOnDisposalsOfPropertyPlantAndEquipment_iN_di_c20210101__20211231_zlg0AnEd8Zae" title="Loss on disposal of property and equipment"><ix:nonFraction name="ifrs-full:GainsLossesOnDisposalsOfPropertyPlantAndEquipment" contextRef="From2021-01-012021-12-31" id="Fact001763" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">925</ix:nonFraction></span> in other expenses in the consolidated statements of profit or loss and other comprehensive
loss, related to the disposal of property and equipment for the years ended December 31, 2023, 2022 and 2021, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation
expense for the years ended December 31, 2023, 2022 and 2021 was $<span id="xdx_90C_eifrs-full--DepreciationExpense_c20230101__20231231_zBVC5wFnyH6h" title="Depreciation expense"><ix:nonFraction name="ifrs-full:DepreciationExpense" contextRef="From2023-01-01to2023-12-31" id="Fact001765" format="ixt:numdotdecimal" decimals="0" unitRef="USD">107,229</ix:nonFraction></span>, $<span id="xdx_901_eifrs-full--DepreciationExpense_c20220101__20221231_z4Ut60t17zbe" title="Depreciation expense"><ix:nonFraction name="ifrs-full:DepreciationExpense" contextRef="From2022-01-012022-12-31" id="Fact001767" format="ixt:numdotdecimal" decimals="0" unitRef="USD">124,287</ix:nonFraction></span> and $<span id="xdx_90F_eifrs-full--DepreciationExpense_c20210101__20211231_ziqtjWLvMjQl" title="Depreciation expense"><ix:nonFraction name="ifrs-full:DepreciationExpense" contextRef="From2021-01-012021-12-31" id="Fact001769" format="ixt:numdotdecimal" decimals="0" unitRef="USD">139,896</ix:nonFraction></span>, respectively, recognized in General
and administrative expense on the consolidated statements of profit or loss and comprehensive loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 149; Value: 33 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001771" name="ifrs-full:DisclosureOfInvestmentPropertyExplanatory"><p id="xdx_80D_eifrs-full--DisclosureOfInvestmentPropertyExplanatory_zl0rwC1ZvFhk" style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>12.
<span id="xdx_82F_z9nwYjmfSdm3">INVESTMENT PROPERTIES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s investment properties are located in Colombia, Peru and Costa Rica and they are primarily measured using Level 3 inputs
from the IFRS fair value hierarchy. The values, determined by the external appraisers, are recognized as the fair value of the Group&#8217;s
investment property at the end of each reporting period. Gains or losses arising from changes in the fair values are included in the
consolidated statement of profit or loss and other comprehensive loss in the period in which they arise. For the years ended December
31, 2023, 2022 and 2021, the Group recorded a gain of $<span id="xdx_90D_ecustom--InvestmentPropertyValuationGain_c20230101__20231231_zk9ESzVLX3e1" title="Investment property valuation gain"><ix:nonFraction name="LPA:InvestmentPropertyValuationGain" contextRef="From2023-01-01to2023-12-31" id="Fact001773" format="ixt:numdotdecimal" decimals="0" unitRef="USD">20,151,026</ix:nonFraction></span>, $<span id="xdx_90C_ecustom--InvestmentPropertyValuationGain_c20220101__20221231_z2pDak3G1xt3" title="Investment property valuation gain"><ix:nonFraction name="LPA:InvestmentPropertyValuationGain" contextRef="From2022-01-012022-12-31" id="Fact001775" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,525,692</ix:nonFraction></span> and $<span id="xdx_906_ecustom--InvestmentPropertyValuationGain_c20210101__20211231_zbVRKbFgyXok" title="Investment property valuation gain"><ix:nonFraction name="LPA:InvestmentPropertyValuationGain" contextRef="From2021-01-012021-12-31" id="Fact001777" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,610,127</ix:nonFraction></span>, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, and 2022 all owned investment properties are guaranteeing the Group&#8217;s debt.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001779" name="ifrs-full:DisclosureOfDetailedInformationAboutInvestmentPropertyExplanatory"><p id="xdx_898_eifrs-full--DisclosureOfDetailedInformationAboutInvestmentPropertyExplanatory_zyR8JdZ9zny" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, and 2022, the fair market value (&#8220;FMV&#8221;) of investment properties were as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B3_z3cK58T4bj25">SCHEDULE
OF FAIR MARKET VALUE OF INVESTMENT PROPERTIES</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_496_20231231_zGn91bTyO4Ef" style="font-weight: bold; text-align: center">FMV as of</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-decoration: underline; font-weight: bold; text-align: left">Land bank:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Land bank under right-of-use</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_eifrs-full--RightofuseAssets_iI_hifrs-full--TypesOfInvestmentPropertyAxis__custom--LandBankMember__srt--StatementGeographicalAxis__country--PE_zQQwN5Nfblai" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Owned land bank</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_ecustom--InvestmentPropertiesOwned_iI_hifrs-full--TypesOfInvestmentPropertyAxis__custom--LandBankMember__srt--StatementGeographicalAxis__country--CO_zigk9uvHoRWj" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 20pt">Colombia</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="LPA:InvestmentPropertiesOwned" contextRef="AsOf2023-12-31_custom_LandBankMember_country_CO" id="Fact001787" format="ixt:numdotdecimal" decimals="0" unitRef="USD">24,100,446</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_40F_ecustom--InvestmentPropertiesOwned_iI_hifrs-full--TypesOfInvestmentPropertyAxis__custom--LandBankMember__srt--StatementGeographicalAxis__country--PE_zAyi6qoiyqt" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt">Peru</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1790">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="LPA:InvestmentPropertiesOwned" contextRef="AsOf2022-12-31_custom_LandBankMember_country_PE" id="Fact001791" format="ixt:numdotdecimal" decimals="0" unitRef="USD">7,190,000</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_ecustom--InvestmentPropertiesOwned_iI_hifrs-full--TypesOfInvestmentPropertyAxis__custom--LandBankMember__srt--StatementGeographicalAxis__country--CR_zfLOaUxPPBlj" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 20pt; text-align: left; padding-bottom: 1.5pt">Costa Rica</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1793">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="LPA:InvestmentPropertiesOwned" contextRef="AsOf2022-12-31_custom_LandBankMember_country_CR" id="Fact001794" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,155,000</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_ecustom--InvestmentPropertiesOwned_iI_hifrs-full--TypesOfInvestmentPropertyAxis__custom--LandBankMember_zDPfvizEMuBd" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 40pt; padding-bottom: 1.5pt">Sub-total</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="LPA:InvestmentPropertiesOwned" contextRef="AsOf2023-12-31_custom_LandBankMember" id="Fact001796" format="ixt:numdotdecimal" decimals="0" unitRef="USD">24,100,446</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="LPA:InvestmentPropertiesOwned" contextRef="AsOf2022-12-31_custom_LandBankMember" id="Fact001797" format="ixt:numdotdecimal" decimals="0" unitRef="USD">29,739,722</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_406_ecustom--RightofuseAssetsAndInvestmentPropertiesOwned_iI_hifrs-full--TypesOfInvestmentPropertyAxis__custom--LandBankMember_zUyHd5szimJ1" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Total Land Bank</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="LPA:RightofuseAssetsAndInvestmentPropertiesOwned" contextRef="AsOf2023-12-31_custom_LandBankMember" id="Fact001799" format="ixt:numdotdecimal" decimals="0" unitRef="USD">24,720,422</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="LPA:RightofuseAssetsAndInvestmentPropertiesOwned" contextRef="AsOf2022-12-31_custom_LandBankMember" id="Fact001800" format="ixt:numdotdecimal" decimals="0" unitRef="USD">29,739,722</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-decoration: underline; font-weight: bold; text-align: left">Properties under development:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Properties under right-of-use</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_eifrs-full--RightofuseAssets_iI_hsrt--StatementGeographicalAxis__country--PE__ifrs-full--TypesOfInvestmentPropertyAxis__custom--PropertiesMember_zNeSrUslsyDi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt; padding-bottom: 1.5pt">Peru</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:RightofuseAssets" contextRef="AsOf2023-12-31_country_PE_custom_PropertiesMember" id="Fact001802" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,260,000</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:RightofuseAssets" contextRef="AsOf2022-12-31_country_PE_custom_PropertiesMember" id="Fact001803" format="ixt:numdotdecimal" decimals="0" unitRef="USD">614,523</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eifrs-full--RightofuseAssets_iI_hifrs-full--TypesOfInvestmentPropertyAxis__custom--PropertiesMember_za3fCHzkPemg" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 40pt">Sub-total</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:RightofuseAssets" contextRef="AsOf2023-12-31_custom_PropertiesMember" id="Fact001805" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,260,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:RightofuseAssets" contextRef="AsOf2022-12-31_custom_PropertiesMember" id="Fact001806" format="ixt:numdotdecimal" decimals="0" unitRef="USD">614,523</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Owned properties</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_ecustom--InvestmentPropertiesOwned_iI_hsrt--StatementGeographicalAxis__country--CO__ifrs-full--TypesOfInvestmentPropertyAxis__custom--PropertiesMember_zAAiCnpAQgUf" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 20pt">Colombia</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1808">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="LPA:InvestmentPropertiesOwned" contextRef="AsOf2022-12-31_country_CO_custom_PropertiesMember" id="Fact001809" format="ixt:numdotdecimal" decimals="0" unitRef="USD">20,708,910</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_ecustom--InvestmentPropertiesOwned_iI_hsrt--StatementGeographicalAxis__country--PE__ifrs-full--TypesOfInvestmentPropertyAxis__custom--PropertiesMember_zVzQOEIIBKX5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt">Peru</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="LPA:InvestmentPropertiesOwned" contextRef="AsOf2023-12-31_country_PE_custom_PropertiesMember" id="Fact001811" format="ixt:numdotdecimal" decimals="0" unitRef="USD">22,230,781</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="LPA:InvestmentPropertiesOwned" contextRef="AsOf2022-12-31_country_PE_custom_PropertiesMember" id="Fact001812" format="ixt:numdotdecimal" decimals="0" unitRef="USD">9,793,481</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_409_ecustom--InvestmentPropertiesOwned_iI_hsrt--StatementGeographicalAxis__country--CR__ifrs-full--TypesOfInvestmentPropertyAxis__custom--PropertiesMember_zVXd0yaUDa62" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 20pt; text-align: left; padding-bottom: 1.5pt">Costa Rica</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="LPA:InvestmentPropertiesOwned" contextRef="AsOf2023-12-31_country_CR_custom_PropertiesMember" id="Fact001814" format="ixt:numdotdecimal" decimals="0" unitRef="USD">10,891,000</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="LPA:InvestmentPropertiesOwned" contextRef="AsOf2022-12-31_country_CR_custom_PropertiesMember" id="Fact001815" format="ixt:numdotdecimal" decimals="0" unitRef="USD">35,715,220</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_407_ecustom--InvestmentPropertiesOwned_iI_hifrs-full--TypesOfInvestmentPropertyAxis__custom--PropertiesMember_zM9Szqx1W1y9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 40pt; padding-bottom: 1.5pt">Sub-total</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="LPA:InvestmentPropertiesOwned" contextRef="AsOf2022-12-31_custom_PropertiesMember" id="Fact001818" format="ixt:numdotdecimal" decimals="0" unitRef="USD">66,217,611</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
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    <td style="text-align: left; padding-bottom: 1.5pt">Total properties under development</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8AF_zikPUkCIL7ua" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
were no transfers between Levels 1, 2 or 3 during the years ended December 31, 2023 and 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group uses an external appraiser in order to determine the fair value for its investment properties. The independent appraiser holds
a recognized and relevant professional qualification and has recent experience of the location and category of the investment property
being valued. The valuation model is in accordance with the guidance recommended by the International Valuation Standards Committee.
These valuation models are consistent with the principles in IFRS 13.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<ix:exclude><!-- Field: Page; Sequence: 150; Value: 33 -->
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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disclosed
below is the valuation technique used to measure the fair value of investment properties, along with the significant unobservable inputs
used.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Valuation
Techniques</i></b> - This fair value measurement is considered Level 3 of the fair value hierarchy, except where otherwise noted below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
  <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8211;</span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operating Properties</b> - The valuation model considers
a combination of the present value of net cash flows to be generated by the property, the direct capitalization of the net operating
income, and the replacement cost to construct a similar property.</span></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
  <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The present value of net cash flows generated by the property
takes into account the expected rental growth rate, vacancy periods, occupancy rate, lease incentive costs such as rent-free periods
and other costs not paid by tenants. The expected net cash flows are discounted using risk adjusted discount rates. Among other factors,
the discount rate estimation considers the quality of a building and its location, tenant credit quality and lease terms.</span></td></tr>

<tr style="vertical-align: top">
    <td>&#160;</td>
  <td style="text-align: justify">&#160;</td>
  <td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii.</span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The direct capitalization method. This method involves capitalizing
a fully leased net operating income estimate by an appropriate yield. This approach is best utilized with stabilized assets, where there
is little volatility in the net income and the growth prospects are also stable. It is most commonly used with single tenant investments
or stabilized investments. involves capitalizing the property net operating income at a market capitalization rate. The net operating
income is determined by using the property Effective Gross Income (EGI) net of operating expenses. The EGI is determined by the property&#8217;s
Potential Gross Income (PGI) through analysis of the property actual historic income and an analysis of competitive current market income
rates and deducting the PGI with an estimate for vacancy and collection.</span></td></tr>

<tr style="vertical-align: top">
    <td>&#160;</td>
  <td style="text-align: justify">&#160;</td>
  <td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iii.</span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost approach. The cost approach involves the estimation
of the replacement cost of the building and site improvements that a prudent and rational person would pay no more for a property than
the cost to construct a similar and competitive property - assuming no undue delay in the process.</span></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
  <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8211;</span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Properties Under Development</b> - The valuation model considers
the present value of net cash flows, direct capitalization, and the cost approaches adjusted by the net present value of the cost to
complete and vacancy in the properties under construction.</span></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
  <td style="text-align: justify; width: 0.25in">&#8211;</td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Land Bank</b> - The valuation model used for the land portfolio
is a combination of sales comparison approach (or market approach), cost approach, residual land value approach and the discounted cash
flow method. For undeveloped land, the market approach is used. For land that is under development, the market approach is used in conjunction
with the cost approach and residual land value approach, and the discounted cash flow approach, to determine the fair value of the finished
lots.</span></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
  <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The sales comparison approach. This approach compares sales
or listing of similar properties with the subject property using the price per square feet (Level 2 input). This approach is given supporting
weight in this analysis because of the well-supported range of value within this approach and the likelihood that the subject could be
purchased by an owner-user.</span></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
  <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii.</span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost approach. This approach is based on the principle
of substitution that a prudent and rational person would pay not more than the cost to construct a similar property. This approach generally
considers estimated replacement cost of the land and the site improvements (e.g., infrastructure) and estimated depreciation accrued
to the improvements (Level 2 input).</span></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
  <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iii.</span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The residual land value approach. This approach involves residual
amount after deducting all known or anticipated costs required to complete the development from the anticipated value of the project
when completed after consideration of the risks associated with the completion of the project (Level 2 input).</span></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001844" name="ifrs-full:DisclosureOfSignificantUnobservableInputsUsedInFairValueMeasurementOfAssetsExplanatory"><p id="xdx_899_eifrs-full--DisclosureOfSignificantUnobservableInputsUsedInFairValueMeasurementOfAssetsExplanatory_zZS2IOBJK0y8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Significant
Inputs as of December 31, 2023 and 2022 </i></b>&#8212;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BF_zRmjLRjYYH6g" style="display: none">SCHEDULE
OF SIGNIFICANT UNOBSERVABLE INPUTS</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; width: 8%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Property</b></span></td>
    <td style="padding-bottom: 1.5pt; vertical-align: top; width: 2%; text-align: center">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; width: 7%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fair value hierarchy</b></span></td>
    <td style="padding-bottom: 1.5pt; vertical-align: top; width: 2%; text-align: center">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; width: 14%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Valuation techniques</b></span></td>
    <td style="padding-bottom: 1.5pt; vertical-align: top; width: 2%; text-align: center">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; width: 14%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Significant unobservable inputs</b></span></td>
    <td style="padding-bottom: 1.5pt; vertical-align: top; width: 2%; text-align: center">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; width: 17%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Value</b></span></td>
    <td style="padding-bottom: 1.5pt; vertical-align: top; width: 2%; text-align: center">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; width: 30%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Relationship of unobservable inputs to fair value</b></span></td></tr>
  <tr style="background-color: #CCECFF">
    <td rowspan="4"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating Properties</span></td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td rowspan="4" style="white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 3</span></td>
    <td style="vertical-align: top">&#160;</td>
    <td rowspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Discounted cash flows<br/>
</span></td>
    <td style="vertical-align: top">&#160;</td>
    <td style="white-space: nowrap">Risk adjusted residual capitalization rate</td>
    <td style="vertical-align: top">&#160;</td>
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023: <span id="xdx_904_ecustom--OccupancyRate_iI_pid_dp_uPure_c20231231__ifrs-full--LevelsOfFairValueHierarchyAxis__ifrs-full--Level3OfFairValueHierarchyMember__ifrs-full--ValuationTechniquesUsedInFairValueMeasurementAxis__custom--DiscountedCashFlowsMember__ifrs-full--TypesOfInvestmentPropertyAxis__custom--OperatingPropertiesMember_zM4RkmNbUfy5" title="Occupancy rate"><ix:nonFraction name="LPA:OccupancyRate" contextRef="AsOf2023-12-31_ifrs-full_Level3OfFairValueHierarchyMember_custom_DiscountedCashFlowsMember_custom_OperatingPropertiesMember" id="Fact001846" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">7.9</ix:nonFraction></span>%, 2022: <span id="xdx_908_ecustom--OccupancyRate_iI_pid_dp_uPure_c20221231__ifrs-full--LevelsOfFairValueHierarchyAxis__ifrs-full--Level3OfFairValueHierarchyMember__ifrs-full--ValuationTechniquesUsedInFairValueMeasurementAxis__custom--DiscountedCashFlowsMember__ifrs-full--TypesOfInvestmentPropertyAxis__custom--OperatingPropertiesMember_zcGrItg0y4Jj" title="Occupancy rate"><ix:nonFraction name="LPA:OccupancyRate" contextRef="AsOf2022-12-31_ifrs-full_Level3OfFairValueHierarchyMember_custom_DiscountedCashFlowsMember_custom_OperatingPropertiesMember" id="Fact001848" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">7.8</ix:nonFraction></span>%</span></td>
    <td style="vertical-align: top">&#160;</td>
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_ecustom--DescriptionOfRelationshipOfUnobservableInputsToFairValue_c20230101__20231231__ifrs-full--LevelsOfFairValueHierarchyAxis__ifrs-full--Level3OfFairValueHierarchyMember__ifrs-full--ValuationTechniquesUsedInFairValueMeasurementAxis__custom--DiscountedCashFlowsMember__ifrs-full--TypesOfInvestmentPropertyAxis__custom--OperatingPropertiesMember__ifrs-full--UnobservableInputsAxis__custom--RiskAdjustedResidualCapitalizationRateMember_zjdWzDSc35Ol" title="Description of relationship of unobservable inputs to fair value"><span id="xdx_903_ecustom--DescriptionOfRelationshipOfUnobservableInputsToFairValue_c20220101__20221231__ifrs-full--LevelsOfFairValueHierarchyAxis__ifrs-full--Level3OfFairValueHierarchyMember__ifrs-full--ValuationTechniquesUsedInFairValueMeasurementAxis__custom--DiscountedCashFlowsMember__ifrs-full--TypesOfInvestmentPropertyAxis__custom--OperatingPropertiesMember__ifrs-full--UnobservableInputsAxis__custom--RiskAdjustedResidualCapitalizationRateMember_zaXWjLAVfCsi" title="Description of relationship of unobservable inputs to fair value"><ix:nonNumeric contextRef="From2023-01-012023-12-31_ifrs-full_Level3OfFairValueHierarchyMember_custom_DiscountedCashFlowsMember_custom_OperatingPropertiesMember_custom_RiskAdjustedResidualCapitalizationRateMember" id="Fact001850" name="LPA:DescriptionOfRelationshipOfUnobservableInputsToFairValue"><ix:nonNumeric contextRef="From2022-01-012022-12-31_ifrs-full_Level3OfFairValueHierarchyMember_custom_DiscountedCashFlowsMember_custom_OperatingPropertiesMember_custom_RiskAdjustedResidualCapitalizationRateMember" id="Fact001852" name="LPA:DescriptionOfRelationshipOfUnobservableInputsToFairValue">The higher the risk adjusted residual rate, the lower the fair value.</ix:nonNumeric></ix:nonNumeric></span></span></span></td></tr>
  <tr style="background-color: #CCECFF">
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top">&#160;</td>
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk adjusted discount rate</span></td>
    <td style="vertical-align: top">&#160;</td>
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023: <span id="xdx_90E_ecustom--RiskAdjustedDiscountRate_iI_pid_dp_uPure_c20231231__ifrs-full--LevelsOfFairValueHierarchyAxis__ifrs-full--Level3OfFairValueHierarchyMember__ifrs-full--ValuationTechniquesUsedInFairValueMeasurementAxis__custom--DiscountedCashFlowsMember__ifrs-full--TypesOfInvestmentPropertyAxis__custom--OperatingPropertiesMember_zGkIeZL0co8f" title="Risk adjusted discount rate"><ix:nonFraction name="LPA:RiskAdjustedDiscountRate" contextRef="AsOf2023-12-31_ifrs-full_Level3OfFairValueHierarchyMember_custom_DiscountedCashFlowsMember_custom_OperatingPropertiesMember" id="Fact001854" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10.8</ix:nonFraction></span>%, 2022: <span id="xdx_90A_ecustom--RiskAdjustedDiscountRate_iI_pid_dp_uPure_c20221231__ifrs-full--LevelsOfFairValueHierarchyAxis__ifrs-full--Level3OfFairValueHierarchyMember__ifrs-full--ValuationTechniquesUsedInFairValueMeasurementAxis__custom--DiscountedCashFlowsMember__ifrs-full--TypesOfInvestmentPropertyAxis__custom--OperatingPropertiesMember_zcPNRBDU0nr2" title="Risk adjusted discount rate"><ix:nonFraction name="LPA:RiskAdjustedDiscountRate" contextRef="AsOf2022-12-31_ifrs-full_Level3OfFairValueHierarchyMember_custom_DiscountedCashFlowsMember_custom_OperatingPropertiesMember" id="Fact001856" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10.5</ix:nonFraction></span>%</span></td>
    <td style="vertical-align: top">&#160;</td>
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_ecustom--DescriptionOfRelationshipOfUnobservableInputsToFairValue_c20230101__20231231__ifrs-full--LevelsOfFairValueHierarchyAxis__ifrs-full--Level3OfFairValueHierarchyMember__ifrs-full--ValuationTechniquesUsedInFairValueMeasurementAxis__custom--DiscountedCashFlowsMember__ifrs-full--TypesOfInvestmentPropertyAxis__custom--OperatingPropertiesMember__ifrs-full--UnobservableInputsAxis__custom--RiskAdjustedDiscountRateMember_zz1HqWa5nMge" title="Description of relationship of unobservable inputs to fair value"><span id="xdx_908_ecustom--DescriptionOfRelationshipOfUnobservableInputsToFairValue_c20220101__20221231__ifrs-full--LevelsOfFairValueHierarchyAxis__ifrs-full--Level3OfFairValueHierarchyMember__ifrs-full--ValuationTechniquesUsedInFairValueMeasurementAxis__custom--DiscountedCashFlowsMember__ifrs-full--TypesOfInvestmentPropertyAxis__custom--OperatingPropertiesMember__ifrs-full--UnobservableInputsAxis__custom--RiskAdjustedDiscountRateMember_ze88ErRPCLJ6" title="Description of relationship of unobservable inputs to fair value"><ix:nonNumeric contextRef="From2023-01-012023-12-31_ifrs-full_Level3OfFairValueHierarchyMember_custom_DiscountedCashFlowsMember_custom_OperatingPropertiesMember_custom_RiskAdjustedDiscountRateMember" id="Fact001858" name="LPA:DescriptionOfRelationshipOfUnobservableInputsToFairValue"><ix:nonNumeric contextRef="From2022-01-012022-12-31_ifrs-full_Level3OfFairValueHierarchyMember_custom_DiscountedCashFlowsMember_custom_OperatingPropertiesMember_custom_RiskAdjustedDiscountRateMember" id="Fact001860" name="LPA:DescriptionOfRelationshipOfUnobservableInputsToFairValue">The higher the risk adjusted discount rate, the lower the fair value.</ix:nonNumeric></ix:nonNumeric></span></span></span></td></tr>
  <tr style="background-color: #CCECFF">
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top">&#160;</td>
    <td rowspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Direct capitalization method</span></td>
    <td style="vertical-align: top">&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Occupancy rate</span></td>
    <td style="vertical-align: top">&#160;</td>
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023: <span id="xdx_901_ecustom--RiskAdjustedResidualCapitalizationRate_iI_pid_dp_uPure_c20231231__ifrs-full--LevelsOfFairValueHierarchyAxis__ifrs-full--Level3OfFairValueHierarchyMember__ifrs-full--ValuationTechniquesUsedInFairValueMeasurementAxis__custom--DirectCapitalizationMethodMember__ifrs-full--TypesOfInvestmentPropertyAxis__custom--OperatingPropertiesMember_zqZgY9EX6yJi" title="Risk adjusted residual capitalization rate"><ix:nonFraction name="LPA:RiskAdjustedResidualCapitalizationRate" contextRef="AsOf2023-12-31_ifrs-full_Level3OfFairValueHierarchyMember_custom_DirectCapitalizationMethodMember_custom_OperatingPropertiesMember" id="Fact001862" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">98.2</ix:nonFraction></span>%, 2022: <span id="xdx_906_ecustom--RiskAdjustedResidualCapitalizationRate_iI_pid_dp_uPure_c20221231__ifrs-full--LevelsOfFairValueHierarchyAxis__ifrs-full--Level3OfFairValueHierarchyMember__ifrs-full--ValuationTechniquesUsedInFairValueMeasurementAxis__custom--DirectCapitalizationMethodMember__ifrs-full--TypesOfInvestmentPropertyAxis__custom--OperatingPropertiesMember_zeNQ9pzqjWHl" title="Risk adjusted residual capitalization rate"><ix:nonFraction name="LPA:RiskAdjustedResidualCapitalizationRate" contextRef="AsOf2022-12-31_ifrs-full_Level3OfFairValueHierarchyMember_custom_DirectCapitalizationMethodMember_custom_OperatingPropertiesMember" id="Fact001864" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">98.1</ix:nonFraction></span>%</span></td>
    <td style="vertical-align: top">&#160;</td>
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_ecustom--DescriptionOfRelationshipOfUnobservableInputsToFairValue_c20230101__20231231__ifrs-full--LevelsOfFairValueHierarchyAxis__ifrs-full--Level3OfFairValueHierarchyMember__ifrs-full--ValuationTechniquesUsedInFairValueMeasurementAxis__custom--DirectCapitalizationMethodMember__ifrs-full--TypesOfInvestmentPropertyAxis__custom--OperatingPropertiesMember__ifrs-full--UnobservableInputsAxis__custom--OccupancyRateMember_zb5NS6HqmZMa" title="Description of relationship of unobservable inputs to fair value"><span id="xdx_902_ecustom--DescriptionOfRelationshipOfUnobservableInputsToFairValue_c20220101__20221231__ifrs-full--LevelsOfFairValueHierarchyAxis__ifrs-full--Level3OfFairValueHierarchyMember__ifrs-full--ValuationTechniquesUsedInFairValueMeasurementAxis__custom--DirectCapitalizationMethodMember__ifrs-full--TypesOfInvestmentPropertyAxis__custom--OperatingPropertiesMember__ifrs-full--UnobservableInputsAxis__custom--OccupancyRateMember_zMJlkQKydH04" title="Description of relationship of unobservable inputs to fair value"><ix:nonNumeric contextRef="From2023-01-012023-12-31_ifrs-full_Level3OfFairValueHierarchyMember_custom_DirectCapitalizationMethodMember_custom_OperatingPropertiesMember_custom_OccupancyRateMember" id="Fact001866" name="LPA:DescriptionOfRelationshipOfUnobservableInputsToFairValue"><ix:nonNumeric contextRef="From2022-01-012022-12-31_ifrs-full_Level3OfFairValueHierarchyMember_custom_DirectCapitalizationMethodMember_custom_OperatingPropertiesMember_custom_OccupancyRateMember" id="Fact001868" name="LPA:DescriptionOfRelationshipOfUnobservableInputsToFairValue">The
    higher the occupancy rate, the higher the fair value.</ix:nonNumeric></ix:nonNumeric></span></span></span></td></tr>
  <tr style="background-color: #CCECFF">
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top">&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Going in stabilized capitalization rate</span></td>
    <td style="vertical-align: top">&#160;</td>
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023: <span id="xdx_908_ecustom--GoingInStabilizedCapitalizationRate_iI_pid_dp_uPure_c20231231__ifrs-full--LevelsOfFairValueHierarchyAxis__ifrs-full--Level3OfFairValueHierarchyMember__ifrs-full--ValuationTechniquesUsedInFairValueMeasurementAxis__custom--DirectCapitalizationMethodMember__ifrs-full--TypesOfInvestmentPropertyAxis__custom--OperatingPropertiesMember_zsBmlZ6etFR7" title="Going in stabilized capitalization rate"><ix:nonFraction name="LPA:GoingInStabilizedCapitalizationRate" contextRef="AsOf2023-12-31_ifrs-full_Level3OfFairValueHierarchyMember_custom_DirectCapitalizationMethodMember_custom_OperatingPropertiesMember" id="Fact001870" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">7.9</ix:nonFraction></span>%, 2022: <span id="xdx_90D_ecustom--GoingInStabilizedCapitalizationRate_iI_pid_dp_uPure_c20221231__ifrs-full--LevelsOfFairValueHierarchyAxis__ifrs-full--Level3OfFairValueHierarchyMember__ifrs-full--ValuationTechniquesUsedInFairValueMeasurementAxis__custom--DirectCapitalizationMethodMember__ifrs-full--TypesOfInvestmentPropertyAxis__custom--OperatingPropertiesMember_zhXFKDIe3Ev9" title="Going in stabilized capitalization rate"><ix:nonFraction name="LPA:GoingInStabilizedCapitalizationRate" contextRef="AsOf2022-12-31_ifrs-full_Level3OfFairValueHierarchyMember_custom_DirectCapitalizationMethodMember_custom_OperatingPropertiesMember" id="Fact001872" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">7.5</ix:nonFraction></span>%</span></td>
    <td style="vertical-align: top">&#160;</td>
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_ecustom--DescriptionOfRelationshipOfUnobservableInputsToFairValue_c20230101__20231231__ifrs-full--LevelsOfFairValueHierarchyAxis__ifrs-full--Level3OfFairValueHierarchyMember__ifrs-full--ValuationTechniquesUsedInFairValueMeasurementAxis__custom--DirectCapitalizationMethodMember__ifrs-full--TypesOfInvestmentPropertyAxis__custom--OperatingPropertiesMember__ifrs-full--UnobservableInputsAxis__custom--GoingInStabilizedCapitalizationRateMember_zKfNstOrALhe" title="Description of relationship of unobservable inputs to fair value"><span id="xdx_902_ecustom--DescriptionOfRelationshipOfUnobservableInputsToFairValue_c20220101__20221231__ifrs-full--LevelsOfFairValueHierarchyAxis__ifrs-full--Level3OfFairValueHierarchyMember__ifrs-full--ValuationTechniquesUsedInFairValueMeasurementAxis__custom--DirectCapitalizationMethodMember__ifrs-full--TypesOfInvestmentPropertyAxis__custom--OperatingPropertiesMember__ifrs-full--UnobservableInputsAxis__custom--GoingInStabilizedCapitalizationRateMember_z8KhK5e1hqTb" title="Description of relationship of unobservable inputs to fair value"><ix:nonNumeric contextRef="From2023-01-012023-12-31_ifrs-full_Level3OfFairValueHierarchyMember_custom_DirectCapitalizationMethodMember_custom_OperatingPropertiesMember_custom_GoingInStabilizedCapitalizationRateMember" id="Fact001874" name="LPA:DescriptionOfRelationshipOfUnobservableInputsToFairValue"><ix:nonNumeric contextRef="From2022-01-012022-12-31_ifrs-full_Level3OfFairValueHierarchyMember_custom_DirectCapitalizationMethodMember_custom_OperatingPropertiesMember_custom_GoingInStabilizedCapitalizationRateMember" id="Fact001876" name="LPA:DescriptionOfRelationshipOfUnobservableInputsToFairValue">The higher the stabilized capitalization rate, the lower the fair value</ix:nonNumeric></ix:nonNumeric></span></span></span></td></tr>
  <tr>
    <td rowspan="4"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Properties Under Development</span></td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td rowspan="4" style="white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 3</span></td>
    <td style="vertical-align: top">&#160;</td>
    <td rowspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Discounted cash flows<br/> </span></td>
    <td style="vertical-align: top">&#160;</td>
    <td style="white-space: nowrap">Risk adjusted residual capitalization rate</td>
    <td style="vertical-align: top">&#160;</td>
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023: <span id="xdx_904_ecustom--OccupancyRate_iI_pid_dp_uPure_c20231231__ifrs-full--LevelsOfFairValueHierarchyAxis__ifrs-full--Level3OfFairValueHierarchyMember__ifrs-full--ValuationTechniquesUsedInFairValueMeasurementAxis__custom--DiscountedCashFlowsMember__ifrs-full--TypesOfInvestmentPropertyAxis__custom--PropertiesUnderDevelopmentMember_zGtLwK15L6hj" title="Occupancy rate"><ix:nonFraction name="LPA:OccupancyRate" contextRef="AsOf2023-12-31_ifrs-full_Level3OfFairValueHierarchyMember_custom_DiscountedCashFlowsMember_custom_PropertiesUnderDevelopmentMember" id="Fact001878" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">8.1</ix:nonFraction></span>%, 2022: <span id="xdx_908_ecustom--OccupancyRate_iI_pid_dp_uPure_c20221231__ifrs-full--LevelsOfFairValueHierarchyAxis__ifrs-full--Level3OfFairValueHierarchyMember__ifrs-full--ValuationTechniquesUsedInFairValueMeasurementAxis__custom--DiscountedCashFlowsMember__ifrs-full--TypesOfInvestmentPropertyAxis__custom--PropertiesUnderDevelopmentMember_zbQFzNxlwBW" title="Occupancy rate"><ix:nonFraction name="LPA:OccupancyRate" contextRef="AsOf2022-12-31_ifrs-full_Level3OfFairValueHierarchyMember_custom_DiscountedCashFlowsMember_custom_PropertiesUnderDevelopmentMember" id="Fact001880" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">7.8</ix:nonFraction></span>%</span></td>
    <td style="vertical-align: top">&#160;</td>
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_ecustom--DescriptionOfRelationshipOfUnobservableInputsToFairValue_c20230101__20231231__ifrs-full--LevelsOfFairValueHierarchyAxis__ifrs-full--Level3OfFairValueHierarchyMember__ifrs-full--ValuationTechniquesUsedInFairValueMeasurementAxis__custom--DiscountedCashFlowsMember__ifrs-full--TypesOfInvestmentPropertyAxis__custom--PropertiesUnderDevelopmentMember__ifrs-full--UnobservableInputsAxis__custom--RiskAdjustedResidualCapitalizationRateMember_zjGsWhaqEOBc" title="Description of relationship of unobservable inputs to fair value"><span id="xdx_90E_ecustom--DescriptionOfRelationshipOfUnobservableInputsToFairValue_c20220101__20221231__ifrs-full--LevelsOfFairValueHierarchyAxis__ifrs-full--Level3OfFairValueHierarchyMember__ifrs-full--ValuationTechniquesUsedInFairValueMeasurementAxis__custom--DiscountedCashFlowsMember__ifrs-full--TypesOfInvestmentPropertyAxis__custom--PropertiesUnderDevelopmentMember__ifrs-full--UnobservableInputsAxis__custom--RiskAdjustedResidualCapitalizationRateMember_z6Y5fsM49Iu3" title="Description of relationship of unobservable inputs to fair value"><ix:nonNumeric contextRef="From2023-01-012023-12-31_ifrs-full_Level3OfFairValueHierarchyMember_custom_DiscountedCashFlowsMember_custom_PropertiesUnderDevelopmentMember_custom_RiskAdjustedResidualCapitalizationRateMember" id="Fact001882" name="LPA:DescriptionOfRelationshipOfUnobservableInputsToFairValue"><ix:nonNumeric contextRef="From2022-01-012022-12-31_ifrs-full_Level3OfFairValueHierarchyMember_custom_DiscountedCashFlowsMember_custom_PropertiesUnderDevelopmentMember_custom_RiskAdjustedResidualCapitalizationRateMember" id="Fact001884" name="LPA:DescriptionOfRelationshipOfUnobservableInputsToFairValue">The higher the risk adjusted residual rate, the lower the fair value.</ix:nonNumeric></ix:nonNumeric></span></span></span></td></tr>
  <tr>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top">&#160;</td>
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk adjusted discount rate</span></td>
    <td style="vertical-align: top">&#160;</td>
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023: <span id="xdx_901_ecustom--RiskAdjustedDiscountRate_iI_pid_dp_uPure_c20231231__ifrs-full--LevelsOfFairValueHierarchyAxis__ifrs-full--Level3OfFairValueHierarchyMember__ifrs-full--ValuationTechniquesUsedInFairValueMeasurementAxis__custom--DiscountedCashFlowsMember__ifrs-full--TypesOfInvestmentPropertyAxis__custom--PropertiesUnderDevelopmentMember_z97Tg2hOgK69" title="Risk adjusted discount rate"><ix:nonFraction name="LPA:RiskAdjustedDiscountRate" contextRef="AsOf2023-12-31_ifrs-full_Level3OfFairValueHierarchyMember_custom_DiscountedCashFlowsMember_custom_PropertiesUnderDevelopmentMember" id="Fact001886" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10.8</ix:nonFraction></span>%, 2022: <span id="xdx_90B_ecustom--RiskAdjustedDiscountRate_iI_pid_dp_uPure_c20221231__ifrs-full--LevelsOfFairValueHierarchyAxis__ifrs-full--Level3OfFairValueHierarchyMember__ifrs-full--ValuationTechniquesUsedInFairValueMeasurementAxis__custom--DiscountedCashFlowsMember__ifrs-full--TypesOfInvestmentPropertyAxis__custom--PropertiesUnderDevelopmentMember_z7litpdiLf9c" title="Risk adjusted discount rate"><ix:nonFraction name="LPA:RiskAdjustedDiscountRate" contextRef="AsOf2022-12-31_ifrs-full_Level3OfFairValueHierarchyMember_custom_DiscountedCashFlowsMember_custom_PropertiesUnderDevelopmentMember" id="Fact001888" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10.4</ix:nonFraction></span>%</span></td>
    <td style="vertical-align: top">&#160;</td>
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_ecustom--DescriptionOfRelationshipOfUnobservableInputsToFairValue_c20230101__20231231__ifrs-full--LevelsOfFairValueHierarchyAxis__ifrs-full--Level3OfFairValueHierarchyMember__ifrs-full--ValuationTechniquesUsedInFairValueMeasurementAxis__custom--DiscountedCashFlowsMember__ifrs-full--TypesOfInvestmentPropertyAxis__custom--PropertiesUnderDevelopmentMember__ifrs-full--UnobservableInputsAxis__custom--RiskAdjustedDiscountRateMember_zirkMKj74Wa2" title="Description of relationship of unobservable inputs to fair value"><span id="xdx_902_ecustom--DescriptionOfRelationshipOfUnobservableInputsToFairValue_c20220101__20221231__ifrs-full--LevelsOfFairValueHierarchyAxis__ifrs-full--Level3OfFairValueHierarchyMember__ifrs-full--ValuationTechniquesUsedInFairValueMeasurementAxis__custom--DiscountedCashFlowsMember__ifrs-full--TypesOfInvestmentPropertyAxis__custom--PropertiesUnderDevelopmentMember__ifrs-full--UnobservableInputsAxis__custom--RiskAdjustedDiscountRateMember_zWd5xAiLHkXi" title="Description of relationship of unobservable inputs to fair value"><ix:nonNumeric contextRef="From2023-01-012023-12-31_ifrs-full_Level3OfFairValueHierarchyMember_custom_DiscountedCashFlowsMember_custom_PropertiesUnderDevelopmentMember_custom_RiskAdjustedDiscountRateMember" id="Fact001890" name="LPA:DescriptionOfRelationshipOfUnobservableInputsToFairValue"><ix:nonNumeric contextRef="From2022-01-012022-12-31_ifrs-full_Level3OfFairValueHierarchyMember_custom_DiscountedCashFlowsMember_custom_PropertiesUnderDevelopmentMember_custom_RiskAdjustedDiscountRateMember" id="Fact001892" name="LPA:DescriptionOfRelationshipOfUnobservableInputsToFairValue">The higher the risk adjusted discount rate, the lower the fair value.</ix:nonNumeric></ix:nonNumeric></span></span></span></td></tr>
  <tr>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top">&#160;</td>
    <td rowspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Direct capitalization method</span></td>
    <td style="vertical-align: top">&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Occupancy rate</span></td>
    <td style="vertical-align: top">&#160;</td>
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023: <span id="xdx_903_ecustom--RiskAdjustedResidualCapitalizationRate_iI_pid_dp_uPure_c20231231__ifrs-full--LevelsOfFairValueHierarchyAxis__ifrs-full--Level3OfFairValueHierarchyMember__ifrs-full--ValuationTechniquesUsedInFairValueMeasurementAxis__custom--DirectCapitalizationMethodMember__ifrs-full--TypesOfInvestmentPropertyAxis__custom--PropertiesUnderDevelopmentMember_zbcHfnh7ktL6" title="Risk adjusted residual capitalization rate"><ix:nonFraction name="LPA:RiskAdjustedResidualCapitalizationRate" contextRef="AsOf2023-12-31_ifrs-full_Level3OfFairValueHierarchyMember_custom_DirectCapitalizationMethodMember_custom_PropertiesUnderDevelopmentMember" id="Fact001894" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">97.7</ix:nonFraction></span>%, 2022: <span id="xdx_905_ecustom--RiskAdjustedResidualCapitalizationRate_iI_pid_dp_uPure_c20221231__ifrs-full--LevelsOfFairValueHierarchyAxis__ifrs-full--Level3OfFairValueHierarchyMember__ifrs-full--ValuationTechniquesUsedInFairValueMeasurementAxis__custom--DirectCapitalizationMethodMember__ifrs-full--TypesOfInvestmentPropertyAxis__custom--PropertiesUnderDevelopmentMember_zLCUydKHdsre" title="Risk adjusted residual capitalization rate"><ix:nonFraction name="LPA:RiskAdjustedResidualCapitalizationRate" contextRef="AsOf2022-12-31_ifrs-full_Level3OfFairValueHierarchyMember_custom_DirectCapitalizationMethodMember_custom_PropertiesUnderDevelopmentMember" id="Fact001896" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">98.8</ix:nonFraction></span>%</span></td>
    <td style="vertical-align: top">&#160;</td>
    <td style="white-space: nowrap"><span id="xdx_906_ecustom--DescriptionOfRelationshipOfUnobservableInputsToFairValue_c20230101__20231231__ifrs-full--LevelsOfFairValueHierarchyAxis__ifrs-full--Level3OfFairValueHierarchyMember__ifrs-full--ValuationTechniquesUsedInFairValueMeasurementAxis__custom--DirectCapitalizationMethodMember__ifrs-full--TypesOfInvestmentPropertyAxis__custom--PropertiesUnderDevelopmentMember__ifrs-full--UnobservableInputsAxis__custom--OccupancyRateMember_zN5FX8ctO06d" title="Description of relationship of unobservable inputs to fair value"><span id="xdx_90E_ecustom--DescriptionOfRelationshipOfUnobservableInputsToFairValue_c20220101__20221231__ifrs-full--LevelsOfFairValueHierarchyAxis__ifrs-full--Level3OfFairValueHierarchyMember__ifrs-full--ValuationTechniquesUsedInFairValueMeasurementAxis__custom--DirectCapitalizationMethodMember__ifrs-full--TypesOfInvestmentPropertyAxis__custom--PropertiesUnderDevelopmentMember__ifrs-full--UnobservableInputsAxis__custom--OccupancyRateMember_zb1LBWkm0Ola" title="Description of relationship of unobservable inputs to fair value"><ix:nonNumeric contextRef="From2023-01-012023-12-31_ifrs-full_Level3OfFairValueHierarchyMember_custom_DirectCapitalizationMethodMember_custom_PropertiesUnderDevelopmentMember_custom_OccupancyRateMember" id="Fact001898" name="LPA:DescriptionOfRelationshipOfUnobservableInputsToFairValue"><ix:nonNumeric contextRef="From2022-01-012022-12-31_ifrs-full_Level3OfFairValueHierarchyMember_custom_DirectCapitalizationMethodMember_custom_PropertiesUnderDevelopmentMember_custom_OccupancyRateMember" id="Fact001900" name="LPA:DescriptionOfRelationshipOfUnobservableInputsToFairValue">The
    higher the</ix:nonNumeric> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">occupancy rate, the  higher the fair
    value.</span></ix:nonNumeric></span></span></td></tr>
  <tr>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top">&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Going in stabilized capitalization rate</span></td>
    <td style="vertical-align: top">&#160;</td>
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023: <span id="xdx_909_ecustom--GoingInStabilizedCapitalizationRate_iI_pid_dp_uPure_c20231231__ifrs-full--LevelsOfFairValueHierarchyAxis__ifrs-full--Level3OfFairValueHierarchyMember__ifrs-full--ValuationTechniquesUsedInFairValueMeasurementAxis__custom--DirectCapitalizationMethodMember__ifrs-full--TypesOfInvestmentPropertyAxis__custom--PropertiesUnderDevelopmentMember_zQYUNoNJDKr9" title="Going in stabilized capitalization rate"><ix:nonFraction name="LPA:GoingInStabilizedCapitalizationRate" contextRef="AsOf2023-12-31_ifrs-full_Level3OfFairValueHierarchyMember_custom_DirectCapitalizationMethodMember_custom_PropertiesUnderDevelopmentMember" id="Fact001902" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">8.0</ix:nonFraction></span>%, 2022: <span id="xdx_908_ecustom--GoingInStabilizedCapitalizationRate_iI_pid_dp_uPure_c20221231__ifrs-full--LevelsOfFairValueHierarchyAxis__ifrs-full--Level3OfFairValueHierarchyMember__ifrs-full--ValuationTechniquesUsedInFairValueMeasurementAxis__custom--DirectCapitalizationMethodMember__ifrs-full--TypesOfInvestmentPropertyAxis__custom--PropertiesUnderDevelopmentMember_zF9xMJIl9jC" title="Going in stabilized capitalization rate"><ix:nonFraction name="LPA:GoingInStabilizedCapitalizationRate" contextRef="AsOf2022-12-31_ifrs-full_Level3OfFairValueHierarchyMember_custom_DirectCapitalizationMethodMember_custom_PropertiesUnderDevelopmentMember" id="Fact001904" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">7.8</ix:nonFraction></span>%</span></td>
    <td style="vertical-align: top">&#160;</td>
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_ecustom--DescriptionOfRelationshipOfUnobservableInputsToFairValue_c20230101__20231231__ifrs-full--LevelsOfFairValueHierarchyAxis__ifrs-full--Level3OfFairValueHierarchyMember__ifrs-full--ValuationTechniquesUsedInFairValueMeasurementAxis__custom--DirectCapitalizationMethodMember__ifrs-full--TypesOfInvestmentPropertyAxis__custom--PropertiesUnderDevelopmentMember__ifrs-full--UnobservableInputsAxis__custom--GoingInStabilizedCapitalizationRateMember_zoEulHV3Cpq5" title="Description of relationship of unobservable inputs to fair value"><span id="xdx_907_ecustom--DescriptionOfRelationshipOfUnobservableInputsToFairValue_c20220101__20221231__ifrs-full--LevelsOfFairValueHierarchyAxis__ifrs-full--Level3OfFairValueHierarchyMember__ifrs-full--ValuationTechniquesUsedInFairValueMeasurementAxis__custom--DirectCapitalizationMethodMember__ifrs-full--TypesOfInvestmentPropertyAxis__custom--PropertiesUnderDevelopmentMember__ifrs-full--UnobservableInputsAxis__custom--GoingInStabilizedCapitalizationRateMember_zqFmnmvpirp2" title="Description of relationship of unobservable inputs to fair value"><ix:nonNumeric contextRef="From2023-01-012023-12-31_ifrs-full_Level3OfFairValueHierarchyMember_custom_DirectCapitalizationMethodMember_custom_PropertiesUnderDevelopmentMember_custom_GoingInStabilizedCapitalizationRateMember" id="Fact001906" name="LPA:DescriptionOfRelationshipOfUnobservableInputsToFairValue"><ix:nonNumeric contextRef="From2022-01-012022-12-31_ifrs-full_Level3OfFairValueHierarchyMember_custom_DirectCapitalizationMethodMember_custom_PropertiesUnderDevelopmentMember_custom_GoingInStabilizedCapitalizationRateMember" id="Fact001908" name="LPA:DescriptionOfRelationshipOfUnobservableInputsToFairValue">The higher the stabilized capitalization rate, the lower the fair value</ix:nonNumeric></ix:nonNumeric></span></span></span></td></tr>
  <tr style="background-color: #CCECFF">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Land Bank </span></td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 3</span></td>
    <td style="vertical-align: top">&#160;</td>
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Discounted cash flows<br/> </span></td>
    <td style="vertical-align: top">&#160;</td>
    <td style="white-space: nowrap">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Risk adjusted residual capitalization rate</p></td>
    <td style="vertical-align: top">&#160;</td>
    <td style="white-space: nowrap">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">2023: <span id="xdx_907_ecustom--RiskAdjustedDiscountRate_iI_pid_dp_uPure_c20231231__ifrs-full--LevelsOfFairValueHierarchyAxis__ifrs-full--Level3OfFairValueHierarchyMember__ifrs-full--ValuationTechniquesUsedInFairValueMeasurementAxis__custom--DiscountedCashFlowsMember__ifrs-full--TypesOfInvestmentPropertyAxis__custom--LandBankMember_znEmWtHPffSb" title="Risk adjusted discount rate"><ix:nonFraction name="LPA:RiskAdjustedDiscountRate" contextRef="AsOf2023-12-31_ifrs-full_Level3OfFairValueHierarchyMember_custom_DiscountedCashFlowsMember_custom_LandBankMember" id="Fact001910" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">7.75</ix:nonFraction></span>%, 2022: <span id="xdx_900_ecustom--RiskAdjustedDiscountRate_iI_pid_dp_uPure_c20221231__ifrs-full--LevelsOfFairValueHierarchyAxis__ifrs-full--Level3OfFairValueHierarchyMember__ifrs-full--ValuationTechniquesUsedInFairValueMeasurementAxis__custom--DiscountedCashFlowsMember__ifrs-full--TypesOfInvestmentPropertyAxis__custom--LandBankMember_zFrcvMlafo84" title="Risk adjusted discount rate"><ix:nonFraction name="LPA:RiskAdjustedDiscountRate" contextRef="AsOf2022-12-31_ifrs-full_Level3OfFairValueHierarchyMember_custom_DiscountedCashFlowsMember_custom_LandBankMember" id="Fact001912" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">7.75</ix:nonFraction></span>%</p></td>
    <td style="vertical-align: top">&#160;</td>
    <td style="white-space: nowrap">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span id="xdx_902_ecustom--DescriptionOfRelationshipOfUnobservableInputsToFairValue_c20230101__20231231__ifrs-full--LevelsOfFairValueHierarchyAxis__ifrs-full--Level3OfFairValueHierarchyMember__ifrs-full--ValuationTechniquesUsedInFairValueMeasurementAxis__custom--DirectCapitalizationMethodMember__ifrs-full--TypesOfInvestmentPropertyAxis__custom--LandBankMember__ifrs-full--UnobservableInputsAxis__custom--RiskAdjustedResidualCapitalizationRateMember_zx7YftM82Px3"><span id="xdx_90B_ecustom--DescriptionOfRelationshipOfUnobservableInputsToFairValue_c20220101__20221231__ifrs-full--LevelsOfFairValueHierarchyAxis__ifrs-full--Level3OfFairValueHierarchyMember__ifrs-full--ValuationTechniquesUsedInFairValueMeasurementAxis__custom--DirectCapitalizationMethodMember__ifrs-full--TypesOfInvestmentPropertyAxis__custom--LandBankMember__ifrs-full--UnobservableInputsAxis__custom--RiskAdjustedResidualCapitalizationRateMember_zFTatARTU1S3"><ix:nonNumeric contextRef="From2023-01-012023-12-31_ifrs-full_Level3OfFairValueHierarchyMember_custom_DirectCapitalizationMethodMember_custom_LandBankMember_custom_RiskAdjustedResidualCapitalizationRateMember" id="Fact001913" name="LPA:DescriptionOfRelationshipOfUnobservableInputsToFairValue"><ix:nonNumeric contextRef="From2022-01-012022-12-31_ifrs-full_Level3OfFairValueHierarchyMember_custom_DirectCapitalizationMethodMember_custom_LandBankMember_custom_RiskAdjustedResidualCapitalizationRateMember" id="Fact001914" name="LPA:DescriptionOfRelationshipOfUnobservableInputsToFairValue">The higher the stabilized capitalization rate, the lower the fair value</ix:nonNumeric></ix:nonNumeric></span></span></p></td></tr>
  <tr style="background-color: #CCECFF">
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="white-space: nowrap; text-align: center">&#160;</td>
    <td style="vertical-align: top">&#160;</td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="vertical-align: top">&#160;</td>
    <td style="white-space: nowrap">Risk adjusted discount rate</td>
    <td style="vertical-align: top">&#160;</td>
    <td style="white-space: nowrap">2023: <span id="xdx_90B_ecustom--OccupancyRate_iI_pid_dp_uPure_c20231231__ifrs-full--LevelsOfFairValueHierarchyAxis__ifrs-full--Level3OfFairValueHierarchyMember__ifrs-full--ValuationTechniquesUsedInFairValueMeasurementAxis__custom--DiscountedCashFlowsMember__ifrs-full--TypesOfInvestmentPropertyAxis__custom--LandBankMember_zjYkdRJtzKdf" title="Occupancy rate"><ix:nonFraction name="LPA:OccupancyRate" contextRef="AsOf2023-12-31_ifrs-full_Level3OfFairValueHierarchyMember_custom_DiscountedCashFlowsMember_custom_LandBankMember" id="Fact001916" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">11.75</ix:nonFraction></span>%, 2022: <span id="xdx_900_ecustom--OccupancyRate_iI_pid_dp_uPure_c20221231__ifrs-full--LevelsOfFairValueHierarchyAxis__ifrs-full--Level3OfFairValueHierarchyMember__ifrs-full--ValuationTechniquesUsedInFairValueMeasurementAxis__custom--DiscountedCashFlowsMember__ifrs-full--TypesOfInvestmentPropertyAxis__custom--LandBankMember_znU9Te8SFEt7" title="Occupancy rate"><ix:nonFraction name="LPA:OccupancyRate" contextRef="AsOf2022-12-31_ifrs-full_Level3OfFairValueHierarchyMember_custom_DiscountedCashFlowsMember_custom_LandBankMember" id="Fact001918" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">11.25</ix:nonFraction></span>%</td>
    <td style="vertical-align: top">&#160;</td>
    <td style="white-space: nowrap"><span id="xdx_907_ecustom--DescriptionOfRelationshipOfUnobservableInputsToFairValue_c20230101__20231231__ifrs-full--LevelsOfFairValueHierarchyAxis__ifrs-full--Level3OfFairValueHierarchyMember__ifrs-full--ValuationTechniquesUsedInFairValueMeasurementAxis__custom--DirectCapitalizationMethodMember__ifrs-full--TypesOfInvestmentPropertyAxis__custom--LandBankMember__ifrs-full--UnobservableInputsAxis__custom--RiskAdjustedDiscountRateMember_zoA3tcax2kpg" title="Description of relationship of unobservable inputs to fair value"><span id="xdx_90C_ecustom--DescriptionOfRelationshipOfUnobservableInputsToFairValue_c20220101__20221231__ifrs-full--LevelsOfFairValueHierarchyAxis__ifrs-full--Level3OfFairValueHierarchyMember__ifrs-full--ValuationTechniquesUsedInFairValueMeasurementAxis__custom--DirectCapitalizationMethodMember__ifrs-full--TypesOfInvestmentPropertyAxis__custom--LandBankMember__ifrs-full--UnobservableInputsAxis__custom--RiskAdjustedDiscountRateMember_zECQ2DAtRi7c" title="Description of relationship of unobservable inputs to fair value"><ix:nonNumeric contextRef="From2023-01-012023-12-31_ifrs-full_Level3OfFairValueHierarchyMember_custom_DirectCapitalizationMethodMember_custom_LandBankMember_custom_RiskAdjustedDiscountRateMember" id="Fact001920" name="LPA:DescriptionOfRelationshipOfUnobservableInputsToFairValue"><ix:nonNumeric contextRef="From2022-01-012022-12-31_ifrs-full_Level3OfFairValueHierarchyMember_custom_DirectCapitalizationMethodMember_custom_LandBankMember_custom_RiskAdjustedDiscountRateMember" id="Fact001922" name="LPA:DescriptionOfRelationshipOfUnobservableInputsToFairValue">The higher the risk adjusted discount rate, the lower the fair value.</ix:nonNumeric></ix:nonNumeric></span></span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A3_zX10G4Olrwdg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Fair
value sensitivity:</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001924" name="ifrs-full:DisclosureOfSensitivityAnalysisOfFairValueMeasurementToChangesInUnobservableInputsAssetsExplanatory"><p id="xdx_895_eifrs-full--DisclosureOfSensitivityAnalysisOfFairValueMeasurementToChangesInUnobservableInputsAssetsExplanatory_zn9Dq934gRca" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table presents a sensitivity analysis to the impact of 10 basis points (&#8220;bps&#8221;) increase or decrease of the discount
rates and exit cap rate and the aggregated impact of these two on fair values of the investment properties - land and buildings representing
leased land and buildings valued using the discounted cash flows and direct capitalization method as of December 31, 2023 and 2022:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8BF_zTnpzQZkf6Vj" style="display: none">SCHEDULE OF FAIR VALUE SENSITIVITY ANALYSIS</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Impact of+10 bps on<br/> exit cap rate</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Impact of+10 bps<br/> on<br/> discount rate</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Impact of+10 bps<br/> on<br/> exit cap rate and discount rate</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: center">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eifrs-full--IncreaseDecreaseInFairValueMeasurementDueToReasonablyPossibleIncreaseInUnobservableInputAssets_c20230101__20231231__ifrs-full--MeasurementAxis__custom--ImpactOfBasisPointsOnExcitCapRateDecreasedMember_zgRE0Wsbmy2f" title="Building and land Increase (decrease)" style="width: 16%; text-align: right">(<ix:nonFraction name="ifrs-full:IncreaseDecreaseInFairValueMeasurementDueToReasonablyPossibleIncreaseInUnobservableInputAssets" contextRef="From2023-01-012023-12-31_custom_ImpactOfBasisPointsOnExcitCapRateDecreasedMember" id="Fact001926" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">2,987,585</ix:nonFraction></td><td style="width: 1%; text-align: left">)</td><td style="width: 2%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</ix:nonNumeric><p id="xdx_8A6_zT5MtWohWyDg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001950" name="LPA:DisclosureOfReconciliationOfInvestmentProperty"><p id="xdx_89A_ecustom--DisclosureOfReconciliationOfInvestmentProperty_zptuaLEJmEJ9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
reconciliation of investment properties for the year ended December 31, 2023, 2022 and 2021, were as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B4_znVp7O64ZLne" style="display: none">SCHEDULE OF RECONCILIATION OF INVESTMENT PROPERTY</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
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    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td></tr>
  <tr id="xdx_40B_eifrs-full--InvestmentProperty_iS_zbs21mNvDLM7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_403_eifrs-full--AdditionsFromAcquisitionsInvestmentProperty_zqypyUh0M5F" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_402_ecustom--ForeignCurrencyTranslationEffectOfInvestmentProperty_zw3n4MbQeQxk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_409_eifrs-full--DisposalsInvestmentProperty_iN_di_zEDo5g12Xwoj" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Disposal of investment property</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:DisposalsInvestmentProperty" contextRef="From2023-01-01to2023-12-31" id="Fact001964" format="ixt:numdotdecimal" decimals="0" unitRef="USD">17,634,208</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:DisposalsInvestmentProperty" contextRef="From2022-01-012022-12-31" id="Fact001965" format="ixt:numdotdecimal" decimals="0" unitRef="USD">9,273,000</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1966">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_eifrs-full--TransferFromToInventoriesAndOwnerOccupiedPropertyInvestmentProperty_znDzIXdeAFK6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Transfer to asset held for sale</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1968">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1969">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:TransferFromToInventoriesAndOwnerOccupiedPropertyInvestmentProperty" contextRef="From2021-01-012021-12-31" id="Fact001970" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">2,362,817</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_405_eifrs-full--GainsLossesOnFairValueAdjustmentInvestmentProperty_z8mugb869pA2" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Gain on revaluation of investment property</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:GainsLossesOnFairValueAdjustmentInvestmentProperty" contextRef="From2023-01-01to2023-12-31" id="Fact001972" format="ixt:numdotdecimal" decimals="0" unitRef="USD">20,151,026</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:GainsLossesOnFairValueAdjustmentInvestmentProperty" contextRef="From2022-01-012022-12-31" id="Fact001973" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,525,692</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:GainsLossesOnFairValueAdjustmentInvestmentProperty" contextRef="From2021-01-012021-12-31" id="Fact001974" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,610,127</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_409_eifrs-full--InvestmentProperty_iE_zk3cjlwwnyE2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">Balance at end of year</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="ifrs-full:InvestmentProperty" contextRef="AsOf2023-12-31" id="Fact001976" format="ixt:numdotdecimal" decimals="0" unitRef="USD">514,172,281</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="ifrs-full:InvestmentProperty" contextRef="AsOf2022-12-31" id="Fact001977" format="ixt:numdotdecimal" decimals="0" unitRef="USD">449,036,633</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="ifrs-full:InvestmentProperty" contextRef="AsOf2021-12-31" id="Fact001978" format="ixt:numdotdecimal" decimals="0" unitRef="USD">428,275,741</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A6_zRqkVkGIQV2j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Investment
Properties Acquisitions &#8212; </i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
were <span id="xdx_907_eifrs-full--AcquisitionsThroughBusinessCombinationsInvestmentProperty_do_c20230101__20231231_zlGpFrqdNz03" title="Total purchase price"><span id="xdx_901_eifrs-full--AcquisitionsThroughBusinessCombinationsInvestmentProperty_do_c20220101__20221231_zbT4q4a250md" title="Total purchase price"><ix:nonFraction name="ifrs-full:AcquisitionsThroughBusinessCombinationsInvestmentProperty" contextRef="From2023-01-01to2023-12-31" id="Fact001980" format="ixt-sec:numwordsen" decimals="0" unitRef="USD"><ix:nonFraction name="ifrs-full:AcquisitionsThroughBusinessCombinationsInvestmentProperty" contextRef="From2022-01-012022-12-31" id="Fact001982" format="ixt-sec:numwordsen" decimals="0" unitRef="USD">no</ix:nonFraction></ix:nonFraction></span></span> acquisition activities during the years ended December 31, 2023 and 2022. During the year ended December 31, 2021, the Group
acquired two operating investment properties for a total purchase price of $<span id="xdx_90B_eifrs-full--AcquisitionsThroughBusinessCombinationsInvestmentProperty_c20210101__20211231_zI10A1FvaYva" title="Total purchase price"><ix:nonFraction name="ifrs-full:AcquisitionsThroughBusinessCombinationsInvestmentProperty" contextRef="From2021-01-012021-12-31" id="Fact001984" format="ixt:numdotdecimal" decimals="0" unitRef="USD">14,710,000</ix:nonFraction></span> and one trailer parking of $<span id="xdx_903_eifrs-full--OperatingExpense_c20210101__20211231_zLUrvFig4uu1" title="Operating expense"><ix:nonFraction name="ifrs-full:OperatingExpense" contextRef="From2021-01-012021-12-31" id="Fact001986" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,050,000</ix:nonFraction></span>. The closing
costs incurred related to these acquisitions were $<span id="xdx_90B_eifrs-full--OtherOperatingIncomeExpense_c20210101__20211231_zuqY2Yqk4EW9" title="Closing cost on acquisition"><ix:nonFraction name="ifrs-full:OtherOperatingIncomeExpense" contextRef="From2021-01-012021-12-31" id="Fact001988" format="ixt:numdotdecimal" decimals="0" unitRef="USD">355,322</ix:nonFraction></span>, which were capitalized as part of investment properties as the Group considered
these transactions as asset acquisitions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Investment
Properties Dispositions </i></b>&#8212;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.55pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 24, 2023, the Group closed the sale of its investment property, Latam Parque Logistico Calle 80 Building 500A (with a
carrying value of USD <span id="xdx_904_eifrs-full--DisposalsInvestmentProperty_c20231124__20231124_zpaZuse89Zyh" title="Sale of its investment property"><ix:nonFraction name="ifrs-full:DisposalsInvestmentProperty" contextRef="From2023-11-242023-11-24" id="Fact001990" format="ixt:numdotdecimal" decimals="0" unitRef="USD">17,634,208</ix:nonFraction></span> as of closing), to a third party for consideration of COP <span id="xdx_90F_eifrs-full--ProceedsFromSalesOfInvestmentProperty_uCOP_c20231124__20231124__ifrs-full--CounterpartiesAxis__custom--ThirdPartyMember_zJoqCME3bGY" title="Total consideration"><ix:nonFraction name="ifrs-full:ProceedsFromSalesOfInvestmentProperty" contextRef="From2023-11-242023-11-24_custom_ThirdPartyMember" id="Fact001992" format="ixt:numdotdecimal" decimals="0" unitRef="COP">79,850,000,000</ix:nonFraction></span> (equivalent of USD
<span id="xdx_90A_eifrs-full--ProceedsFromSalesOfInvestmentProperty_c20231124__20231124__ifrs-full--CounterpartiesAxis__custom--ThirdPartyMember_ziXCe1gX1PKe" title="Total consideration"><ix:nonFraction name="ifrs-full:ProceedsFromSalesOfInvestmentProperty" contextRef="From2023-11-242023-11-24_custom_ThirdPartyMember" id="Fact001994" format="ixt:numdotdecimal" decimals="0" unitRef="USD">19,512,112</ix:nonFraction></span> as of closing). Of the total consideration, COP <span id="xdx_90D_eifrs-full--ProceedsFromSalesOfInvestmentProperty_uCOP_c20231124__20231124__ifrs-full--TypesOfInvestmentPropertyAxis__custom--ITAUCorpbancaColombiaSAMember_zxvmXGO3cB6f" title="Total consideration"><ix:nonFraction name="ifrs-full:ProceedsFromSalesOfInvestmentProperty" contextRef="From2023-11-242023-11-24_custom_ITAUCorpbancaColombiaSAMember" id="Fact001996" format="ixt:numdotdecimal" decimals="0" unitRef="COP">33,829,392,065</ix:nonFraction></span> (equivalent of USD <span id="xdx_904_eifrs-full--ProceedsFromSalesOfInvestmentProperty_c20231124__20231124__ifrs-full--TypesOfInvestmentPropertyAxis__custom--ITAUCorpbancaColombiaSAMember_zUeQnz45KBGe" title="Total consideration"><ix:nonFraction name="ifrs-full:ProceedsFromSalesOfInvestmentProperty" contextRef="From2023-11-242023-11-24_custom_ITAUCorpbancaColombiaSAMember" id="Fact001998" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,266,536</ix:nonFraction></span> as of closing) was
transferred directly to ITA&#218; to settle the liabilities directly associated with the investment property. The remaining
consideration is expected to be received within fifteen months after closing, through six installment payments. The Group has
received the first installment payment of COP <span id="xdx_90F_eifrs-full--ProceedsFromSalesOfInvestmentProperty_uCOP_c20231001__20231031_zznOKYV0G5nk" title="Total consideration"><ix:nonFraction name="ifrs-full:ProceedsFromSalesOfInvestmentProperty" contextRef="From2023-10-012023-10-31" id="Fact002000" format="ixt:numdotdecimal" decimals="0" unitRef="COP">11,505,151,984</ix:nonFraction></span> (equivalent of USD <span id="xdx_90B_eifrs-full--ProceedsFromSalesOfInvestmentProperty_c20231001__20231031_zgvm8h89WIoa" title="Total consideration"><ix:nonFraction name="ifrs-full:ProceedsFromSalesOfInvestmentProperty" contextRef="From2023-10-012023-10-31" id="Fact002002" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,778,063</ix:nonFraction></span> as of the payment date) in October 2023,
and expects to receive the remaining in 2024 and 2025. The total future installments were discounted by an implicit rate estimated
based on certain Level 2 inputs discussed in Note 2 resulting in the receivable from the sale of investment properties of $<span id="xdx_90C_eifrs-full--ProceedsFromSalesOfInvestmentProperty_c20230101__20231231__ifrs-full--LevelsOfFairValueHierarchyAxis__ifrs-full--Level2OfFairValueHierarchyMember_zkEeKi0trHxj" title="Total consideration"><ix:nonFraction name="ifrs-full:ProceedsFromSalesOfInvestmentProperty" contextRef="From2023-01-012023-12-31_ifrs-full_Level2OfFairValueHierarchyMember" id="Fact002004" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,219,898</ix:nonFraction></span> as of December 31, 2023. The discount on total installments would be subsequently accreted back over the time over the remaining
payment term. During the year ended December 31, 2023, the Group recognized a gain on sale of investment property of $<span id="xdx_90D_eifrs-full--GainsOnDisposalsOfInvestmentProperties_c20230101__20231231_zXESncCV0yNa" title="Gain on sale of investment property"><ix:nonFraction name="ifrs-full:GainsOnDisposalsOfInvestmentProperties" contextRef="From2023-01-01to2023-12-31" id="Fact002006" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,165,170</ix:nonFraction></span> and
interest income of $<span id="xdx_90F_ecustom--InterestIncomeExpenxe_c20230101__20231231_zBqA8ZeSzI1l" title="Interest income"><ix:nonFraction name="LPA:InterestIncomeExpenxe" contextRef="From2023-01-01to2023-12-31" id="Fact002008" format="ixt:numdotdecimal" decimals="0" unitRef="USD">98,990</ix:nonFraction></span> included in other income in the statements of profit or loss and other comprehensive income
(loss).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.55pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:exclude><!-- Field: Page; Sequence: 153; Value: 33 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002010" name="LPA:DisclosureOfPurchaseAndSaleAgreementOfTheDeferredCashPayments"><p id="xdx_898_ecustom--DisclosureOfPurchaseAndSaleAgreementOfTheDeferredCashPayments_zHWaflh9dTtc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with the purchase and sale agreement, the deferred cash payments will be paid to the Group in the upcoming five installments
based on the following schedule:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B4_zzDhSXLpHoy3" style="display: none">SCHEDULE Of PURCHASE AND SALE AGREEMENT Of THE DEFERRED CASH PAYMENTS</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold">Consideration</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 78%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1<sup>st </sup>Installment Payment due in February 2024 </span></td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td id="xdx_985_eifrs-full--ProceedsFromSalesOfInvestmentProperty_c20230101__20231231__ifrs-full--MeasurementAxis__custom--FirstInstallmentPaymentDueInFebruaryTwoThousandTwentyFourMember_zJA8Y5Hq22Yf" title="Total consideration outstanding, net of discount" style="width: 18%; text-align: right"><ix:nonFraction name="ifrs-full:ProceedsFromSalesOfInvestmentProperty" contextRef="From2023-01-012023-12-31_custom_FirstInstallmentPaymentDueInFebruaryTwoThousandTwentyFourMember" id="Fact002012" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,204,082</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2<sup>nd </sup>Installment Payment due in May 2024 </span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_989_eifrs-full--ProceedsFromSalesOfInvestmentProperty_c20230101__20231231__ifrs-full--MeasurementAxis__custom--SecondInstallmentPaymentDueInMayTwoThousandTwentyFourMember_z0o7m1JPeORe" title="Total consideration outstanding, net of discount" style="text-align: right"><ix:nonFraction name="ifrs-full:ProceedsFromSalesOfInvestmentProperty" contextRef="From2023-01-012023-12-31_custom_SecondInstallmentPaymentDueInMayTwoThousandTwentyFourMember" id="Fact002014" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,204,082</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3<sup>rd </sup>Installment Payment due in August 2024 </span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_985_eifrs-full--ProceedsFromSalesOfInvestmentProperty_c20230101__20231231__ifrs-full--MeasurementAxis__custom--ThirdInstallmentPaymentDueInAugustTwoThousandTwentyFourMember_zzlHK9ynGzzj" title="Total consideration outstanding, net of discount" style="text-align: right"><ix:nonFraction name="ifrs-full:ProceedsFromSalesOfInvestmentProperty" contextRef="From2023-01-012023-12-31_custom_ThirdInstallmentPaymentDueInAugustTwoThousandTwentyFourMember" id="Fact002016" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,204,082</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4<sup>th </sup>Installment Payment due in November 2024 </span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98A_eifrs-full--ProceedsFromSalesOfInvestmentProperty_c20230101__20231231__ifrs-full--MeasurementAxis__custom--FourthInstallmentPaymentDueInNovemberTwoThousandTwentyFourMember_z43Ogoc3E1l2" title="Total consideration outstanding, net of discount" style="text-align: right"><ix:nonFraction name="ifrs-full:ProceedsFromSalesOfInvestmentProperty" contextRef="From2023-01-012023-12-31_custom_FourthInstallmentPaymentDueInNovemberTwoThousandTwentyFourMember" id="Fact002018" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,204,082</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5<sup>th </sup>Installment Payment due in February 2025 </span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_985_eifrs-full--ProceedsFromSalesOfInvestmentProperty_c20230101__20231231__ifrs-full--MeasurementAxis__custom--FifthInstallmentPaymentDueInFebruaryTwoThousandTwentyFiveMember_zx9wNSsHQvJh" title="Total consideration outstanding, net of discount" style="text-align: right"><ix:nonFraction name="ifrs-full:ProceedsFromSalesOfInvestmentProperty" contextRef="From2023-01-012023-12-31_custom_FifthInstallmentPaymentDueInFebruaryTwoThousandTwentyFiveMember" id="Fact002020" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,214,286</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Discount on future payments</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_984_ecustom--DiscountOnFuturePaymentsIninvestmentProperty_iN_di_c20230101__20231231_zgTWMsqEQqii" title="Discount on future payments" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="LPA:DiscountOnFuturePaymentsIninvestmentProperty" contextRef="From2023-01-01to2023-12-31" id="Fact002022" format="ixt:numdotdecimal" decimals="0" unitRef="USD">810,716</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Total consideration outstanding, net of discount</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td id="xdx_987_ecustom--ConsiderationOutstandingNetOfDiscount_c20230101__20231231_z200wCHMH40h" title="Total consideration outstanding, net of discount" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction name="LPA:ConsiderationOutstandingNetOfDiscount" contextRef="From2023-01-01to2023-12-31" id="Fact002024" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,219,898</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Receivables from the sale of investment properties - short term</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Receivables from the sale of investment properties - long term</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

</ix:nonNumeric><p id="xdx_8A1_zINkh0N0SBNk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
2022, The Group sold two of its investments Properties with a carrying amount totaling $<span id="xdx_903_eifrs-full--DisposalsInvestmentProperty_c20220101__20221231_zUFAzP8e3kne" title="Sale of its investment property"><ix:nonFraction name="ifrs-full:DisposalsInvestmentProperty" contextRef="From2022-01-012022-12-31" id="Fact002030" format="ixt:numdotdecimal" decimals="0" unitRef="USD">9,273,000</ix:nonFraction></span> and received net proceeds of $<span id="xdx_90E_eifrs-full--ProceedsFromSalesOfInvestmentProperty_c20220101__20221231_z2IccTHadye5" title="Total consideration"><ix:nonFraction name="ifrs-full:ProceedsFromSalesOfInvestmentProperty" contextRef="From2022-01-012022-12-31" id="Fact002032" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,874,753</ix:nonFraction></span>
related to the companies Latam Logistic Propco Bodegas San Joaquin S de R.L. and Latam Logistic Propco Lagunilla I S de R.L. The Group
recognized a loss on sale of investment property of $<span id="xdx_90B_eifrs-full--LossesOnDisposalsOfInvestmentProperties_c20230101__20231231_z3kTUdlNVe5g" title="loss on sale of investment property"><ix:nonFraction name="ifrs-full:LossesOnDisposalsOfInvestmentProperties" contextRef="From2023-01-01to2023-12-31" id="Fact002034" format="ixt:numdotdecimal" decimals="0" unitRef="USD">398,247</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
were no disposition activities during the year ended December 31, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002036" name="LPA:DisclosureOfCurrentAssetsHeldForSaleExplanatory"><p id="xdx_80D_ecustom--DisclosureOfCurrentAssetsHeldForSaleExplanatory_zuOL1M9crYOc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>13.
<span id="xdx_821_zLa4P7GqWbHc">ASSET HELD FOR SALE</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2021, the Group engaged in an active sale negotiation for the sale of certain land lot with a third-party
buyer. The land lot held for sale is part of a land lot that is owned by LatAm Parque Logistico San Jos&#233; - Verbena partnership,
within the Costa Rica segment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 21, 2021, the Group signed on behalf of LatAm Parque Logistico San Jos&#233; - Verbena partnership, the purchase and sale agreement
for the sale of the fully serviced land parcel for $<span id="xdx_90E_ecustom--AssetHeldForSaleCurrent_iI_c20210521_zjZGPgr20u05" title="Asset held for sale"><ix:nonFraction name="LPA:AssetHeldForSaleCurrent" contextRef="AsOf2021-05-21" id="Fact002038" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,000,000</ix:nonFraction></span>. In accordance with the purchase and sale agreement, the sale will be paid
in three installments based on the following schedule:</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002040" name="LPA:DisclosureOfAssetHeldForSale"><p id="xdx_89D_ecustom--DisclosureOfAssetHeldForSale_ztCVXFNKo6W4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B2_zgDYjWZZ0pdb" style="display: none">SCHEDULE OF ASSET HELD FOR SALE WILL BE PAID IN THREE INSTALLMENTS</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3<sup>rd </sup>Installment Payment</span></td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98A_ecustom--AssetHeldForSaleCurrent_iI_c20210521__ifrs-full--MeasurementAxis__custom--ThirdInstallmentPaymentMember_zNkoAIQG10bi" title="Asset held for sale" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="LPA:AssetHeldForSaleCurrent" contextRef="AsOf2021-05-21_custom_ThirdInstallmentPaymentMember" id="Fact002050" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,600,000</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_eifrs-full--DescriptionOfChangesInPlanToSellNoncurrentAssetOrDisposalGroupHeldForSale_c20210521__20210521__ifrs-full--MeasurementAxis__custom--ThirdInstallmentPaymentMember_zvw5WSC1xn2" title="Description of changes in plan to sell non-current asset or disposal group held for sale"><ix:nonNumeric contextRef="From2021-05-212021-05-21_custom_ThirdInstallmentPaymentMember" id="Fact002052" name="ifrs-full:DescriptionOfChangesInPlanToSellNoncurrentAssetOrDisposalGroupHeldForSale">Upon title transfer of the property to the buyer.</ix:nonNumeric></span></span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt; font-size: 11pt">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98B_ecustom--AssetHeldForSaleCurrent_iI_c20210521_z8OjAkgjyDA2" title="Asset held for sale" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="LPA:AssetHeldForSaleCurrent" contextRef="AsOf2021-05-21" id="Fact002054" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,000,000</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; font-size: 11pt">&#160;</td>
    <td style="padding-bottom: 2.5pt; font-size: 11pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; font-size: 11pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; font-size: 11pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AB_z5pZKFUj8qD3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 24, 2021, the Group, through LatAm Parque Logistico San Jos&#233; - Verbena partnership, received the first installment payment
of $<span id="xdx_906_ecustom--AssetHeldForSaleCurrent_iI_c20210524__ifrs-full--MeasurementAxis__custom--FirstInstallmentPaymentMember_zBFab4vzRZG" title="Asset held for sale"><ix:nonFraction name="LPA:AssetHeldForSaleCurrent" contextRef="AsOf2021-05-24_custom_FirstInstallmentPaymentMember" id="Fact002056" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,200,000</ix:nonFraction></span> from the buyer. The Group received the second installment of $<span id="xdx_90B_ecustom--AssetHeldForSaleCurrent_iI_c20210524__ifrs-full--MeasurementAxis__custom--SecondInstallmentPaymentMember_zSqls8ykuAO2" title="Asset held for sale"><ix:nonFraction name="LPA:AssetHeldForSaleCurrent" contextRef="AsOf2021-05-24_custom_SecondInstallmentPaymentMember" id="Fact002058" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,200,000</ix:nonFraction></span> on January 27, 2022 upon the conclusion of the
land infrastructure work. Although the Group initially anticipated the sale to be completed within one year from the agreement execution
date, unforeseen administrative delays related to title transfer arose, thereby extending the expected sale duration beyond one year.
These delays were triggered by events or circumstances beyond the Group&#8217;s control. The sale subsequently closed on April 23, 2023
upon the transfer of the property title and the receipt of the third installment payment of $<span id="xdx_904_ecustom--AssetHeldForSaleCurrent_iI_c20210524__ifrs-full--MeasurementAxis__custom--ThirdInstallmentPaymentMember_zdY2OjnKJn8l" title="Asset held for sale"><ix:nonFraction name="LPA:AssetHeldForSaleCurrent" contextRef="AsOf2021-05-24_custom_ThirdInstallmentPaymentMember" id="Fact002060" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,600,000</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group recognized a gain on sale of asset held for sale of $<span id="xdx_906_ecustom--GainOnSaleOfAssetHeldForSale_c20230101__20231231_zVECzrtZGTG1" title="Gain on sale of asset held for sale"><ix:nonFraction name="LPA:GainOnSaleOfAssetHeldForSale" contextRef="From2023-01-01to2023-12-31" id="Fact002062" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,022,853</ix:nonFraction></span> during the year ended December 31, 2023. As of December 31, 2022,
the land lot and its respective infrastructure work is presented as an asset held for sale within the consolidated statements of financial
position, with a value of $<span id="xdx_907_ecustom--AssetHeldForSaleCurrent_iI_c20221231_zlQMi56D73o9" title="Asset held for sale"><ix:nonFraction name="LPA:AssetHeldForSaleCurrent" contextRef="AsOf2022-12-31" id="Fact002064" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,977,147</ix:nonFraction></span> representing the carrying value of the asset.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<ix:exclude><!-- Field: Page; Sequence: 154; Value: 33 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002066" name="ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory"><p id="xdx_804_eifrs-full--DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory_zB4pPfMN81f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>14.
<span id="xdx_82A_zvFbCjSHQoIf">ACCOUNTS PAYABLE AND ACCRUED EXPENSES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002068" name="LPA:DisclosureOfDetailedInformationAccruedExpensesAndAccruedLiabilitiesExplanatory"><p id="xdx_893_ecustom--DisclosureOfDetailedInformationAccruedExpensesAndAccruedLiabilitiesExplanatory_zOLjC23tYwm7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts
payable and accrued expenses as of December 31, 2023 and 2022 were as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8BE_z97QJEU0pB03" style="display: none">SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED EXPENSES</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_490_20231231_z6wpiglq05d4" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_49B_20221231_zIBdAftUZ5g" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr id="xdx_409_eifrs-full--TradeAndOtherCurrentPayablesToTradeSuppliers_iI_maCAEAOzkyW_ztEbsKQdvpc2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left">Trade payables</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><ix:nonFraction name="ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers" contextRef="AsOf2023-12-31" id="Fact002070" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,276,451</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><ix:nonFraction name="ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers" contextRef="AsOf2022-12-31" id="Fact002071" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,875,979</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_eifrs-full--AccrualsClassifiedAsCurrent_iI_maCAEAOzkyW_zHtVfydJQiQa" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Accrued interest</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:AccrualsClassifiedAsCurrent" contextRef="AsOf2023-12-31" id="Fact002073" format="ixt:numdotdecimal" decimals="0" unitRef="USD">752,874</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:AccrualsClassifiedAsCurrent" contextRef="AsOf2022-12-31" id="Fact002074" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,650,535</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_ecustom--AccruedDevelopmentCost_iI_maCAEAOzkyW_zZh3duBoXsAf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Accrued development cost</td><td>&#160;</td>
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  <tr id="xdx_40E_ecustom--AccruedEmployeeBenefitsAndRelatedObligations_iI_maCAEAOzkyW_zlkWXVZUSfNh" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Accrued employee benefits and related obligations</td><td>&#160;</td>
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  <tr id="xdx_403_ecustom--AccruedProfessionalServiceFees_iI_maCAEAOzkyW_zYyvsonwtjdi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_406_ecustom--OtherAccruedExpenses_iI_zcNgEGgH4lQj" style="vertical-align: bottom; background-color: White">
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    <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt">&#160;</td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="ifrs-full:TradeAndOtherCurrentPayables" contextRef="AsOf2022-12-31" id="Fact002089" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,591,922</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8A6_zWlCbuiJNRj7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade
payables are non-interest bearing and are normally settled on 30-day terms.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002091" name="ifrs-full:DisclosureOfLeasesExplanatory"><p id="xdx_80F_eifrs-full--DisclosureOfLeasesExplanatory_zaIAdWhbafsb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>15.
<span id="xdx_82B_zZivtaiZpAg8">LEASES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Group
as a lessor</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group enters into leases on its property portfolio. Refer to Note 2 for further information.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Group
as a lessee</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Offices
Right-of-Use (ROU) Asset and Liability - </i></b>The Group leases its office spaces from third parties. The remaining weighted average
lease term was <span id="xdx_906_ecustom--WeightedAverageRemainingLeaseTerm_dtY_c20230101__20231231_zfkUvvYZo7Gb" title="Weighted average remaining lease term"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:duryear" id="Fact002093" name="LPA:WeightedAverageRemainingLeaseTerm">2.2</ix:nonNumeric></span> and <span id="xdx_901_ecustom--WeightedAverageRemainingLeaseTerm_dtY_c20220101__20221231_zEbiMbcdCph2" title="Weighted average remaining lease term"><ix:nonNumeric contextRef="From2022-01-012022-12-31" format="ixt-sec:duryear" id="Fact002095" name="LPA:WeightedAverageRemainingLeaseTerm">3.3</ix:nonNumeric></span> years as of December 31, 2023 and 2022, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group does not include renewal options in the lease term for calculating the lease liability unless the Group is reasonably certain that
will exercise the option, or the lessor has the sole ability to exercise the option.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, and 2022, the Group carried short-term office lease liability amounting to $<span id="xdx_909_eifrs-full--CurrentLeaseLiabilities_iI_c20231231_zoCRItexcsXd" title="Short-term office lease liability"><ix:nonFraction name="ifrs-full:CurrentLeaseLiabilities" contextRef="AsOf2023-12-31" id="Fact002097" format="ixt:numdotdecimal" decimals="0" unitRef="USD">65,886</ix:nonFraction></span> and $<span id="xdx_907_eifrs-full--CurrentLeaseLiabilities_iI_c20221231_zx2tSMS6CmFa" title="Short-term office lease liability"><ix:nonFraction name="ifrs-full:CurrentLeaseLiabilities" contextRef="AsOf2022-12-31" id="Fact002099" format="ixt:numdotdecimal" decimals="0" unitRef="USD">54,327</ix:nonFraction></span>, respectively, and
long-term lease liability amounting to $<span id="xdx_90B_eifrs-full--NoncurrentLeaseLiabilities_iI_c20231231_zCtOiO9qqPtk" title="Long-term lease liability"><ix:nonFraction name="ifrs-full:NoncurrentLeaseLiabilities" contextRef="AsOf2023-12-31" id="Fact002101" format="ixt:numdotdecimal" decimals="0" unitRef="USD">135,612</ix:nonFraction></span> and $<span id="xdx_907_eifrs-full--NoncurrentLeaseLiabilities_iI_c20221231_zkkj0DVlis09" title="Long-term lease liability"><ix:nonFraction name="ifrs-full:NoncurrentLeaseLiabilities" contextRef="AsOf2022-12-31" id="Fact002103" format="ixt:numdotdecimal" decimals="0" unitRef="USD">88,553</ix:nonFraction></span>, respectively. Short-term office lease liability and long-term office lease
liability are included in other current liabilities, and other non-current liabilities, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
weighted average discount rate was <span id="xdx_905_ecustom--LeaseWeightedAverageDiscountRatePercent_iI_pid_dp_uPure_c20231231_zptwX1XCin51" title="Weighted average discount rate"><ix:nonFraction name="LPA:LeaseWeightedAverageDiscountRatePercent" contextRef="AsOf2023-12-31" id="Fact002105" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">7.1</ix:nonFraction></span>%, <span id="xdx_909_ecustom--LeaseWeightedAverageDiscountRatePercent_iI_pid_dp_uPure_c20221231_z3x6vKRVWln4" title="Weighted average discount rate"><ix:nonFraction name="LPA:LeaseWeightedAverageDiscountRatePercent" contextRef="AsOf2022-12-31" id="Fact002107" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">7.1</ix:nonFraction></span>% and <span id="xdx_90C_ecustom--LeaseWeightedAverageDiscountRatePercent_iI_pid_dp_uPure_c20211231_zjVq2ED0Vrt3" title="Weighted average discount rate"><ix:nonFraction name="LPA:LeaseWeightedAverageDiscountRatePercent" contextRef="AsOf2021-12-31" id="Fact002109" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">7.3</ix:nonFraction></span>% as of December 31, 2023, 2022 and 2021, respectively. The Group recorded interest
expense on lease liabilities of $<span id="xdx_904_eifrs-full--InterestExpenseOnLeaseLiabilities_c20230101__20231231_zBCoIYEFMJoe" title="Interest expense on lease liabilities"><ix:nonFraction name="ifrs-full:InterestExpenseOnLeaseLiabilities" contextRef="From2023-01-01to2023-12-31" id="Fact002111" format="ixt:numdotdecimal" decimals="0" unitRef="USD">11,667</ix:nonFraction></span>, $<span id="xdx_906_eifrs-full--InterestExpenseOnLeaseLiabilities_c20220101__20221231_zQidHCnyOUSk" title="Interest expense on lease liabilities"><ix:nonFraction name="ifrs-full:InterestExpenseOnLeaseLiabilities" contextRef="From2022-01-012022-12-31" id="Fact002113" format="ixt:numdotdecimal" decimals="0" unitRef="USD">13,400</ix:nonFraction></span> and $<span id="xdx_90D_eifrs-full--InterestExpenseOnLeaseLiabilities_c20210101__20211231_zP6NxMhYcpqa" title="Interest expense on lease liabilities"><ix:nonFraction name="ifrs-full:InterestExpenseOnLeaseLiabilities" contextRef="From2021-01-012021-12-31" id="Fact002115" format="ixt:numdotdecimal" decimals="0" unitRef="USD">15,292</ix:nonFraction></span> for the years ended December 31, 2023, 2022 and 2021, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group had total cash outflows for leases of $<span id="xdx_909_eifrs-full--PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities_c20230101__20231231_z53z770MqJ39" title="Repayment of office lease liabilities"><ix:nonFraction name="ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" contextRef="From2023-01-01to2023-12-31" id="Fact002117" format="ixt:numdotdecimal" decimals="0" unitRef="USD">50,112</ix:nonFraction></span>, $<span id="xdx_902_eifrs-full--PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities_c20220101__20221231_zCwerHZLv9M9" title="Repayment of office lease liabilities"><ix:nonFraction name="ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" contextRef="From2022-01-012022-12-31" id="Fact002119" format="ixt:numdotdecimal" decimals="0" unitRef="USD">163,072</ix:nonFraction></span> and $<span id="xdx_90A_eifrs-full--PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities_c20210101__20211231_zLzOLtCwm75e" title="Repayment of office lease liabilities"><ix:nonFraction name="ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" contextRef="From2021-01-012021-12-31" id="Fact002121" format="ixt:numdotdecimal" decimals="0" unitRef="USD">99,380</ix:nonFraction></span> for the years ended December 31, 2023, 2022 and 2021, respectively.
The Group also had non-cash additions to right of use assets amounting to $<span id="xdx_906_eifrs-full--AdditionsToRightofuseAssets_c20230101__20231231_znU0GFlvd7w4" title="Additions to right-of-use assets"><ix:nonFraction name="ifrs-full:AdditionsToRightofuseAssets" contextRef="From2023-01-01to2023-12-31" id="Fact002123" format="ixt:numdotdecimal" decimals="0" unitRef="USD">115,100</ix:nonFraction></span>, $<span id="xdx_906_eifrs-full--AdditionsToRightofuseAssets_c20220101__20221231_z4Ecwx9DClLg" title="Additions to right-of-use assets"><ix:nonFraction name="ifrs-full:AdditionsToRightofuseAssets" contextRef="From2022-01-012022-12-31" id="Fact002125" format="ixt:numdotdecimal" decimals="0" unitRef="USD">148,326</ix:nonFraction></span> and $<span id="xdx_900_eifrs-full--AdditionsToRightofuseAssets_c20210101__20211231_zoXqv3361fa9" title="Additions to right-of-use assets"><ix:nonFraction name="ifrs-full:AdditionsToRightofuseAssets" contextRef="From2021-01-012021-12-31" id="Fact002127" format="ixt:numdotdecimal" decimals="0" unitRef="USD">0</ix:nonFraction></span> in the years ended December 31, 2023,
2022 and 2021, respectively, that were replaced by new leases.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group did not have short-term lease expenses or leases of low value assets during the years ended December 31, 2023, 2022 and 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 155; Value: 33 -->
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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002129" name="LPA:DisclosureOfDetailedInformationOriginalLeaseTermsAndRemainingLeaseTermsExplanatory"><p id="xdx_899_ecustom--DisclosureOfDetailedInformationOriginalLeaseTermsAndRemainingLeaseTermsExplanatory_zbZ87uFAVKqf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offices
ROU assets are amortized using the straight-line method over the term of the operating lease. Original lease terms and remaining lease
terms of the corporate offices operating leases were as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8BD_zbkHMd2nrAe7" style="display: none">SCHEDULE OF ORIGINAL LEASE TERMS AND REMAINING LEASE TERMS</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Office Location</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Original <br/> Lease Term</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Remaining Term as of December 31, 2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">(in years)</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">(in years)</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left">Costa Rica</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right"><span id="xdx_906_ecustom--WeightedAverageOriginalLeaseTerm_dtY_c20230101__20231231__ifrs-full--GeographicalAreasAxis__country--CR_zgJ9TINRg4Ma" title="Weighted average original lease term"><ix:nonNumeric contextRef="From2023-01-012023-12-31_country_CR" format="ixt-sec:duryear" id="Fact002131" name="LPA:WeightedAverageOriginalLeaseTerm">2.9</ix:nonNumeric></span></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>Colombia</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  </table>


</ix:nonNumeric><p id="xdx_8A2_zMVaPt3SZ16i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002143" name="ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory"><p id="xdx_891_eifrs-full--DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory_zRxJg8Bnt1sh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023 and 2022, the Group&#8217;s office right-of-use assets, included in other non-current assets, were as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B2_zm4huepfV4u6" style="display: none">SCHEDULE OF RIGHT-OF-USE ASSETS, INCLUDED IN OTHER NON-CURRENT ASSETS</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Gross assets:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_43A_c20220101__20221231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_eifrs-full--RightofuseAssets_iS_zx7MlYVBJZxh" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; width: 78%; font-weight: bold">Balance as of January 1, 2022</td><td style="width: 2%; font-weight: bold">&#160;</td>
    <td style="width: 1%; font-weight: bold; text-align: left">$</td><td id="xdx_985_eifrs-full--RightofuseAssets_iS_c20220101__20221231_zR0peW7Gujxf" title="Right-of-use assets, beginning balance" style="width: 18%; font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:RightofuseAssets" contextRef="AsOf2021-12-31_ifrs-full_GrossCarryingAmountMember" id="Fact002145" format="ixt:numdotdecimal" decimals="0" unitRef="USD"><ix:nonFraction name="ifrs-full:RightofuseAssets" contextRef="AsOf2021-12-31" id="Fact002147" format="ixt:numdotdecimal" decimals="0" unitRef="USD">452,460</ix:nonFraction></ix:nonFraction></td><td style="width: 1%; font-weight: bold; text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_eifrs-full--AdditionsToRightofuseAssets_hifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zXul6HZTsFO5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt">Additions</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:AdditionsToRightofuseAssets" contextRef="From2022-01-012022-12-31_ifrs-full_GrossCarryingAmountMember" id="Fact002149" format="ixt:numdotdecimal" decimals="0" unitRef="USD">148,326</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_402_ecustom--RetirementsRightofuseAssets_hifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zYh1GNK2OP61" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 20pt; font-weight: bold">Retirements</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="LPA:RetirementsRightofuseAssets" contextRef="From2022-01-012022-12-31_ifrs-full_GrossCarryingAmountMember" id="Fact002151" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">112,740</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40E_ecustom--IncreaseDecreaseThroughNetExchangeDifferencesRightofuseAssets_hifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_z5owlJFXLkdk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt; text-align: left; padding-bottom: 1.5pt">Foreign currency translation effect</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="LPA:IncreaseDecreaseThroughNetExchangeDifferencesRightofuseAssets" contextRef="From2022-01-012022-12-31_ifrs-full_GrossCarryingAmountMember" id="Fact002153" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">30,321</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_43E_c20230101__20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_eifrs-full--RightofuseAssets_iS_zLjy3GLJrbub" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; font-weight: bold; padding-bottom: 1.5pt">Balance as of December 31, 2022</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:RightofuseAssets" contextRef="AsOf2022-12-31_ifrs-full_GrossCarryingAmountMember" id="Fact002155" format="ixt:numdotdecimal" decimals="0" unitRef="USD">457,725</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
  <tr id="xdx_402_eifrs-full--AdditionsToRightofuseAssets_hifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zNgQWTDnIXZk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt">Additions</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:AdditionsToRightofuseAssets" contextRef="From2023-01-012023-12-31_ifrs-full_GrossCarryingAmountMember" id="Fact002157" format="ixt:numdotdecimal" decimals="0" unitRef="USD">115,100</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_405_ecustom--RetirementsRightofuseAssets_hifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zhSuJIrmZ9cl" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 20pt">Retirements</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="LPA:RetirementsRightofuseAssets" contextRef="From2023-01-012023-12-31_ifrs-full_GrossCarryingAmountMember" id="Fact002159" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">339,721</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_400_ecustom--IncreaseDecreaseThroughNetExchangeDifferencesRightofuseAssets_hifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zJpKViaWlfLl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt; text-align: left; padding-bottom: 1.5pt">Foreign currency translation effect</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="LPA:IncreaseDecreaseThroughNetExchangeDifferencesRightofuseAssets" contextRef="From2023-01-012023-12-31_ifrs-full_GrossCarryingAmountMember" id="Fact002161" format="ixt:numdotdecimal" decimals="0" unitRef="USD">30,509</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_43E_c20230101__20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_eifrs-full--RightofuseAssets_iE_zLo50xr584u4" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; font-weight: bold; padding-bottom: 1.5pt">Balance as of December 31, 2023</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:RightofuseAssets" contextRef="AsOf2023-12-31_ifrs-full_GrossCarryingAmountMember" id="Fact002163" format="ixt:numdotdecimal" decimals="0" unitRef="USD">263,613</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Accumulated depreciation:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_438_c20220101__20221231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAndAmortisationMember_eifrs-full--RightofuseAssets_iNS_di_zxqjptgSfU3c" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; font-weight: bold">Balance as of January 1, 2022</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:RightofuseAssets" contextRef="AsOf2021-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember" id="Fact002165" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">317,337</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_eifrs-full--AdditionsToRightofuseAssets_hifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAndAmortisationMember_z3cqSjuCDSMb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt; text-align: left">Additions to accumulated depreciation</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:AdditionsToRightofuseAssets" contextRef="From2022-01-012022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember" id="Fact002167" format="ixt:numdotdecimal" decimals="0" unitRef="USD">104,198</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_ecustom--RetirementsRightofuseAssets_hifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAndAmortisationMember_zg0ZEaGtqxe" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 20pt">Retirements</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="LPA:RetirementsRightofuseAssets" contextRef="From2022-01-012022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember" id="Fact002169" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">111,688</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40D_ecustom--IncreaseDecreaseThroughNetExchangeDifferencesRightofuseAssets_hifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAndAmortisationMember_zGnRXyW6L7A7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt; text-align: left; padding-bottom: 1.5pt">Foreign currency translation effect</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="LPA:IncreaseDecreaseThroughNetExchangeDifferencesRightofuseAssets" contextRef="From2022-01-012022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember" id="Fact002171" format="ixt:numdotdecimal" decimals="0" unitRef="USD">17,476</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_43A_c20230101__20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAndAmortisationMember_eifrs-full--RightofuseAssets_iNS_di_zTxsgDza0AK9" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; font-weight: bold; padding-bottom: 1.5pt">Balance as of December 31, 2022</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:RightofuseAssets" contextRef="AsOf2022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember" id="Fact002173" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">327,323</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
  <tr id="xdx_43E_c20230101__20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAndAmortisationMember_eifrs-full--RightofuseAssets_iNS_di_zx9A8uZhZkO2" style="display: none; vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; font-weight: bold; padding-bottom: 1.5pt">Balance as of December 31</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:RightofuseAssets" contextRef="AsOf2022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember" id="Fact002175" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">327,323</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
<tr id="xdx_40F_eifrs-full--AdditionsToRightofuseAssets_hifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAndAmortisationMember_zzYlIXEVU3Yf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt; text-align: left">Additions to accumulated depreciation</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:AdditionsToRightofuseAssets" contextRef="From2023-01-012023-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember" id="Fact002177" format="ixt:numdotdecimal" decimals="0" unitRef="USD">60,666</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_403_eifrs-full--AdditionsToRightofuseAssets_hifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAndAmortisationMember_zJ9kKG0hffgd" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt; text-align: left">Additions</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:AdditionsToRightofuseAssets" contextRef="From2023-01-012023-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember" id="Fact002179" format="ixt:numdotdecimal" decimals="0" unitRef="USD">60,666</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_40B_ecustom--RetirementsRightofuseAssets_hifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAndAmortisationMember_zxPoMJeIyOvl" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 20pt">Retirements</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="LPA:RetirementsRightofuseAssets" contextRef="From2023-01-012023-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember" id="Fact002181" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">311,951</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_409_ecustom--IncreaseDecreaseThroughNetExchangeDifferencesRightofuseAssets_hifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAndAmortisationMember_zsOMIdlK7HI2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt; text-align: left; padding-bottom: 1.5pt">Foreign currency translation effect</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="LPA:IncreaseDecreaseThroughNetExchangeDifferencesRightofuseAssets" contextRef="From2023-01-012023-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember" id="Fact002183" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,115</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_43B_c20230101__20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAndAmortisationMember_eifrs-full--RightofuseAssets_iNE_di_zRtOYOZdwA9j" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; font-weight: bold; padding-bottom: 1.5pt">Balance as of December 31, 2023</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:RightofuseAssets" contextRef="AsOf2023-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember" id="Fact002185" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">84,153</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
  <tr id="xdx_43F_c20230101__20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAndAmortisationMember_eifrs-full--RightofuseAssets_iNE_di_z2ajQjAnbgo3" style="display: none; vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; font-weight: bold; padding-bottom: 1.5pt">Balance as of December 31</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:RightofuseAssets" contextRef="AsOf2023-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember" id="Fact002187" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">84,153</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; padding-bottom: 2.5pt">Net book value as of December 31, 2022</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_983_ecustom--LeaseRightOfUseAsset_iI_c20231231_zLq0QGt4eK6h" title="Net book value" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><ix:nonFraction name="LPA:LeaseRightOfUseAsset" contextRef="AsOf2023-12-31" id="Fact002189" format="ixt:numdotdecimal" decimals="0" unitRef="USD">130,402</ix:nonFraction></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; padding-bottom: 2.5pt">Net book value as of December 31, 2023</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_983_ecustom--LeaseRightOfUseAsset_iI_c20221231_zeyAqBRQdsZ3" title="Net book value" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><ix:nonFraction name="LPA:LeaseRightOfUseAsset" contextRef="AsOf2022-12-31" id="Fact002191" format="ixt:numdotdecimal" decimals="0" unitRef="USD">179,460</ix:nonFraction></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AC_znltpFStbC7h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the years ended December 31, 2023, 2022 and 2021, the Group recorded ROU amortization expense related to office space of $<span id="xdx_906_ecustom--AdditionsToAccumulatedDepreciation_c20230101__20231231_ztlZDPtJCHH1" title="Right-of-use amortization expense related to office space"><ix:nonFraction name="LPA:AdditionsToAccumulatedDepreciation" contextRef="From2023-01-01to2023-12-31" id="Fact002193" format="ixt:numdotdecimal" decimals="0" unitRef="USD">60,666</ix:nonFraction></span>, $<span id="xdx_90D_ecustom--AdditionsToAccumulatedDepreciation_c20220101__20221231_z0n2LhZaMj2d" title="Right-of-use amortization expense related to office space"><ix:nonFraction name="LPA:AdditionsToAccumulatedDepreciation" contextRef="From2022-01-012022-12-31" id="Fact002195" format="ixt:numdotdecimal" decimals="0" unitRef="USD">104,198</ix:nonFraction></span>
and $<span id="xdx_90C_ecustom--AdditionsToAccumulatedDepreciation_c20210101__20211231_zExjuvXeNd5a" title="Right-of-use amortization expense related to office space"><ix:nonFraction name="LPA:AdditionsToAccumulatedDepreciation" contextRef="From2021-01-012021-12-31" id="Fact002197" format="ixt:numdotdecimal" decimals="0" unitRef="USD">96,662</ix:nonFraction></span>, respectively, in the consolidated statements of profit or loss and other comprehensive loss under General and administrative
expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Investment
Property ROU Asset and Liability</i></b> &#8211; In December 2022, the Group, through Parque Log&#237;stico Callao (&#8220;Parque Log&#237;stico
Callao&#8221;), a partnership entity controlled by the Group, entered into a land lease agreement with a third party, whereas Parque
Log&#237;stico Callao is committed to lease a land parcel for a period of 30 years, with the intention of development warehouses on
the leased land (&#8220;Land Lease&#8221;). Since the ROU asset is held by the Parque Log&#237;stico Callao to construct and develop
for future use as investment property and lease out the constructed assets under one or more operating leases, the ROU asset meets the
definition of an investment property under IAS 40 <i>Investment Property</i> and therefore, it was recognized as part of investment properties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:exclude><!-- Field: Page; Sequence: 156; Value: 33 -->
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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
IAS 40, the Group applies the fair value model to the investment property ROU assets, which need to be remeasured at fair value at each
period end. As a result, there is no amortization expense associated with the Land Lease. The Group&#8217;s investment property ROU asset
was $<span id="xdx_90B_eifrs-full--RightofuseAssets_iI_c20231231__ifrs-full--ClassesOfAssetsAxis__custom--InvestmentsPropertyMember_zREdzVIx7qe" title="Right-of-use assets"><ix:nonFraction name="ifrs-full:RightofuseAssets" contextRef="AsOf2023-12-31_custom_InvestmentsPropertyMember" id="Fact002199" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,260,000</ix:nonFraction></span> and $<span id="xdx_90A_eifrs-full--RightofuseAssets_iI_c20221231__ifrs-full--ClassesOfAssetsAxis__custom--InvestmentsPropertyMember_zLOWjjPKZsxj" title="Right-of-use assets"><ix:nonFraction name="ifrs-full:RightofuseAssets" contextRef="AsOf2022-12-31_custom_InvestmentsPropertyMember" id="Fact002201" format="ixt:numdotdecimal" decimals="0" unitRef="USD">227,999</ix:nonFraction></span> as of December 31, 2023 and 2022, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
associated land lease liability was recorded at the present value of the remaining lease payment using a discount rate of <span id="xdx_902_ecustom--LeaseWeightedAverageDiscountRatePercent_iI_pid_dp_uPure_c20231231__ifrs-full--ClassesOfAssetsAxis__custom--InvestmentsPropertyMember_zpIKPCLPA2X4" title="Weighted average discount rate"><ix:nonFraction name="LPA:LeaseWeightedAverageDiscountRatePercent" contextRef="AsOf2023-12-31_custom_InvestmentsPropertyMember" id="Fact002203" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">8.5</ix:nonFraction></span>%. The Group
recorded interest expense on lease liabilities of $<span id="xdx_90C_eifrs-full--InterestExpenseOnLeaseLiabilities_c20230101__20231231__ifrs-full--ClassesOfAssetsAxis__custom--InvestmentsPropertyMember_zMb5zkgOab3f" title="Interest expense on lease liabilities"><ix:nonFraction name="ifrs-full:InterestExpenseOnLeaseLiabilities" contextRef="From2023-01-012023-12-31_custom_InvestmentsPropertyMember" id="Fact002205" format="ixt:numdotdecimal" decimals="0" unitRef="USD">237,916</ix:nonFraction></span>, $<span id="xdx_903_eifrs-full--InterestExpenseOnLeaseLiabilities_c20220101__20221231__ifrs-full--ClassesOfAssetsAxis__custom--InvestmentsPropertyMember_zzcHQvHlarYi" title="Interest expense on lease liabilities"><ix:nonFraction name="ifrs-full:InterestExpenseOnLeaseLiabilities" contextRef="From2022-01-012022-12-31_custom_InvestmentsPropertyMember" id="Fact002207" format="ixt:numdotdecimal" decimals="0" unitRef="USD">0</ix:nonFraction></span> and $<span id="xdx_90F_eifrs-full--InterestExpenseOnLeaseLiabilities_c20210101__20211231__ifrs-full--ClassesOfAssetsAxis__custom--InvestmentsPropertyMember_zoyiyy6olh5d" title="Interest expense on lease liabilities"><ix:nonFraction name="ifrs-full:InterestExpenseOnLeaseLiabilities" contextRef="From2021-01-012021-12-31_custom_InvestmentsPropertyMember" id="Fact002209" format="ixt:numdotdecimal" decimals="0" unitRef="USD">0</ix:nonFraction></span> for the years ended December 31, 2023, 2022 and 2021, respectively,
as part of the general and administration expense in the consolidated statement of profit or loss and other comprehensive income (loss).
The Group had short-term and long-term lease liability, respectively, in relation to the land leases of $<span id="xdx_90B_eifrs-full--CurrentLeaseLiabilities_iI_c20231231__ifrs-full--ClassesOfAssetsAxis__custom--InvestmentsPropertyMember_zpJOfMyDeUB7" title="Short-term office lease liability"><ix:nonFraction name="ifrs-full:CurrentLeaseLiabilities" contextRef="AsOf2023-12-31_custom_InvestmentsPropertyMember" id="Fact002211" format="ixt:numdotdecimal" decimals="0" unitRef="USD">172,963</ix:nonFraction></span> and $<span id="xdx_901_eifrs-full--NoncurrentLeaseLiabilities_iI_c20231231__ifrs-full--ClassesOfAssetsAxis__custom--InvestmentsPropertyMember_zLxFGbUmHR8g" title="Long-term lease liability"><ix:nonFraction name="ifrs-full:NoncurrentLeaseLiabilities" contextRef="AsOf2023-12-31_custom_InvestmentsPropertyMember" id="Fact002213" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,800,943</ix:nonFraction></span> as of
December 31, 2023, and $<span id="xdx_904_eifrs-full--CurrentLeaseLiabilities_iI_c20221231__ifrs-full--ClassesOfAssetsAxis__custom--InvestmentsPropertyMember_zHTfPDgt3hol" title="Short-term office lease liability"><ix:nonFraction name="ifrs-full:CurrentLeaseLiabilities" contextRef="AsOf2022-12-31_custom_InvestmentsPropertyMember" id="Fact002215" format="ixt:numdotdecimal" decimals="0" unitRef="USD">7,875</ix:nonFraction></span> and $<span id="xdx_90F_eifrs-full--NoncurrentLeaseLiabilities_iI_c20221231__ifrs-full--ClassesOfAssetsAxis__custom--InvestmentsPropertyMember_zLGAhJqoARS7" title="Long-term lease liability"><ix:nonFraction name="ifrs-full:NoncurrentLeaseLiabilities" contextRef="AsOf2022-12-31_custom_InvestmentsPropertyMember" id="Fact002217" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,728,115</ix:nonFraction></span> as of December 31, 2022. Short-term land lease liability and long-term land lease liability
are included in other current liabilities, and other non-current liabilities, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group also had no cash outflows for the land leases for the years ended December 31, 2023, 2022 and 2021. The Group also had non-cash
additions to land lease ROU assets amounting to $<span id="xdx_909_eifrs-full--AdditionsToRightofuseAssets_c20230101__20231231__ifrs-full--ClassesOfAssetsAxis__custom--InvestmentsPropertyMember_z3GhZV3nDP9b" title="Additions to right-of-use assets"><ix:nonFraction name="ifrs-full:AdditionsToRightofuseAssets" contextRef="From2023-01-012023-12-31_custom_InvestmentsPropertyMember" id="Fact002219" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,507,992</ix:nonFraction></span>, $<span id="xdx_90F_eifrs-full--AdditionsToRightofuseAssets_c20220101__20221231__ifrs-full--ClassesOfAssetsAxis__custom--InvestmentsPropertyMember_ziJTQUGIl4Lb" title="Additions to right-of-use assets"><ix:nonFraction name="ifrs-full:AdditionsToRightofuseAssets" contextRef="From2022-01-012022-12-31_custom_InvestmentsPropertyMember" id="Fact002221" format="ixt:numdotdecimal" decimals="0" unitRef="USD">227,999</ix:nonFraction></span> and $<span id="xdx_90A_eifrs-full--AdditionsToRightofuseAssets_c20210101__20211231__ifrs-full--ClassesOfAssetsAxis__custom--InvestmentsPropertyMember_zTuF8YZgcsMj" title="Additions to right-of-use assets"><ix:nonFraction name="ifrs-full:AdditionsToRightofuseAssets" contextRef="From2021-01-012021-12-31_custom_InvestmentsPropertyMember" id="Fact002223" format="ixt:numdotdecimal" decimals="0" unitRef="USD">0</ix:nonFraction></span> in the years ended December 31, 2023, 2022 and 2021, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002225" name="LPA:DisclosureOfDetailedInformationLeaseCommitmentFutureMinimumRentalPaymentsExplanatory"><p id="xdx_899_ecustom--DisclosureOfDetailedInformationLeaseCommitmentFutureMinimumRentalPaymentsExplanatory_zmMIXSw0DGii" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Lease
commitment for office and land leases -</i></b> The following table summarizes the fixed, future minimum rental payments, excluding variable
costs, for which the leases have commenced by December 31, 2023 with amounts discounted at lease commencement by our incremental borrowing
rates to calculate the lease liabilities of the Group&#8217;s leases:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B2_zv4m22Q9qG67" style="display: none">SCHEDULE OF LEASE COMMITMENT FUTURE MINIMUM RENTAL PAYMENTS</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_492_20231231_zQNKgpJCp3P2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As of </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31, 2023</b></span></p></td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr id="xdx_40D_ecustom--LeaseCommitmentFutureMinimumRentalPaymentsDueCurrent_iI_maURPzoeY_zUerlHHUBCqh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 78%; text-align: left">2024</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right"><ix:nonFraction name="LPA:LeaseCommitmentFutureMinimumRentalPaymentsDueCurrent" contextRef="AsOf2023-12-31" id="Fact002227" format="ixt:numdotdecimal" decimals="0" unitRef="USD">271,483</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_ecustom--LeaseCommitmentFutureMinimumRentalPaymentsDueInTwoYears_iI_maURPzoeY_zaSZm8XFzA7f" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">2025</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="LPA:LeaseCommitmentFutureMinimumRentalPaymentsDueInTwoYears" contextRef="AsOf2023-12-31" id="Fact002229" format="ixt:numdotdecimal" decimals="0" unitRef="USD">346,403</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_409_ecustom--LeaseCommitmentFutureMinimumRentalPaymentsDueInThreeYears_iI_maURPzoeY_z9qr4mcWoxi3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">2026</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="LPA:LeaseCommitmentFutureMinimumRentalPaymentsDueInThreeYears" contextRef="AsOf2023-12-31" id="Fact002231" format="ixt:numdotdecimal" decimals="0" unitRef="USD">315,639</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_405_ecustom--LeaseCommitmentFutureMinimumRentalPaymentsDueInFourYears_iI_maURPzoeY_zQdA2RpUBApd" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">2027</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="LPA:LeaseCommitmentFutureMinimumRentalPaymentsDueInFourYears" contextRef="AsOf2023-12-31" id="Fact002233" format="ixt:numdotdecimal" decimals="0" unitRef="USD">268,064</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_404_ecustom--LeaseCommitmentFutureMinimumRentalPaymentsDueInFiveYears_iI_maURPzoeY_zINmzKij72l6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">2028</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="LPA:LeaseCommitmentFutureMinimumRentalPaymentsDueInFiveYears" contextRef="AsOf2023-12-31" id="Fact002235" format="ixt:numdotdecimal" decimals="0" unitRef="USD">268,953</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_404_ecustom--LeaseCommitmentFutureMinimumRentalPaymentsDueThereafter_iI_maURPzoeY_zGm1SL3yqWb" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Thereafter</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="LPA:LeaseCommitmentFutureMinimumRentalPaymentsDueThereafter" contextRef="AsOf2023-12-31" id="Fact002237" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,711,858</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_ecustom--UndiscountedRentalPayments_iTI_mtURPzoeY_maLLzcr6_zLSWpaoq45Sc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Total undiscounted rental payments</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="LPA:UndiscountedRentalPayments" contextRef="AsOf2023-12-31" id="Fact002239" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,182,400</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_ecustom--ImputedInterest_iNI_di_msLLzcr6_z97qRyTkloYe" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Less: imputed interest</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="LPA:ImputedInterest" contextRef="AsOf2023-12-31" id="Fact002241" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,006,996</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_40C_eifrs-full--LeaseLiabilities_iTI_mtLLzcr6_zcV2FZdRvvK6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">Total lease liability</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="ifrs-full:LeaseLiabilities" contextRef="AsOf2023-12-31" id="Fact002243" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,175,404</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>


</ix:nonNumeric><p id="xdx_8AF_zTs94XV3Whpc" style="margin-top: 0; margin-bottom: 0">&#160;</p>

<ix:exclude><!-- Field: Page; Sequence: 157; Value: 33 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002245" name="ifrs-full:DisclosureOfDebtSecuritiesExplanatory"><p id="xdx_801_eifrs-full--DisclosureOfDebtSecuritiesExplanatory_zYedAwAaIxp2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>16.
<span id="xdx_82B_zOzGSPRMBHQk">DEBT</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -27pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002247" name="LPA:DisclosureOfDetailedInformationDebtSecuritiesExplanatory"><p id="xdx_892_ecustom--DisclosureOfDetailedInformationDebtSecuritiesExplanatory_zyQytpg10Qnc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023 and 2022, the debt of the Group was as follows (all loans are USD denominated, except loans in Colombia are COP
denominated):</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; color: red"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span><span id="xdx_8BE_zf9lwbToBDv5" style="display: none">SCHEDULE OF DEBT</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; color: red"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: center">Banco Davivienda Costa Rica, S.A</td><td>&#160;</td>
    <td style="text-align: center">Mortgage Loan</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: center">Banco Davivienda Costa Rica, S.A</td><td>&#160;</td>
    <td style="text-align: center">Mortgage Loan</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td id="xdx_98E_eifrs-full--Borrowings_iI_c20231231__ifrs-full--GeographicalAreasAxis__country--CR__ifrs-full--BorrowingsByNameAxis__custom--BancoDaviviendaCostaRicaSATwoMember_zubnVCkyySKa" title="Amount outstanding" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2287">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: center">Banco Davivienda Costa Rica, S.A</td><td>&#160;</td>
    <td style="text-align: center">Mortgage Loan</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: center">Mortgage Loan</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: center">BAC Credomatic, S.A.</td><td>&#160;</td>
    <td style="text-align: center">Mortgage Loan</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: center">Banco Promerica de Costa Rica, S.A.</td><td>&#160;</td>
    <td style="text-align: center">Mortgage Loan</td><td>&#160;</td>
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    <td style="text-align: center"><span id="xdx_904_eifrs-full--BorrowingsInterestRateBasis_c20230101__20231231__ifrs-full--GeographicalAreasAxis__country--CR__ifrs-full--BorrowingsByNameAxis__custom--BancoPromericaDeCostaRicaSAMember_z1GCxvrudMfa" title="Annual interest rate"><ix:nonNumeric contextRef="From2023-01-012023-12-31_country_CR_custom_BancoPromericaDeCostaRicaSAMember" id="Fact002405" name="ifrs-full:BorrowingsInterestRateBasis">Prime Rate + 275 bps, no min. rate</ix:nonNumeric></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98A_eifrs-full--RestrictedCashAndCashEquivalents_iI_c20231231__ifrs-full--GeographicalAreasAxis__country--CR__ifrs-full--BorrowingsByNameAxis__custom--BancoPromericaDeCostaRicaSAMember_zpBZuj3y4tTk" title="Restricted cash" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2407">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_985_eifrs-full--RestrictedCashAndCashEquivalents_iI_c20221231__ifrs-full--GeographicalAreasAxis__country--CR__ifrs-full--BorrowingsByNameAxis__custom--BancoPromericaDeCostaRicaSAMember_zd1SyqwR5vI6" title="Restricted cash" style="text-align: right"><ix:nonFraction name="ifrs-full:RestrictedCashAndCashEquivalents" contextRef="AsOf2022-12-31_country_CR_custom_BancoPromericaDeCostaRicaSAMember" id="Fact002409" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td id="xdx_98D_eifrs-full--Borrowings_iI_c20231231__ifrs-full--GeographicalAreasAxis__country--CR__ifrs-full--BorrowingsByNameAxis__custom--BancoPromericaDeCostaRicaSAMember_zcF807WX92W6" title="Amount outstanding" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2413">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: center">Banco Nacional de Costa Rica, S.A.</td><td>&#160;</td>
    <td style="text-align: center">Mortgage Loan</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_ecustom--BorrowingsExpirationDate_c20230101__20231231__ifrs-full--GeographicalAreasAxis__country--CR__ifrs-full--BorrowingsByNameAxis__custom--BancoNacionalDeCostaRicaSAMember_zhG1OUug7yH8" title="Expiration date"><ix:nonNumeric contextRef="From2023-01-012023-12-31_country_CR_custom_BancoNacionalDeCostaRicaSAMember" id="Fact002417" name="LPA:BorrowingsExpirationDate">Refinanced</ix:nonNumeric></span></span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: center">Banco Nacional de Costa Rica, S.A.</td><td>&#160;</td>
    <td style="text-align: center">Mortgage Loan</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: center">BBVA Peru Tranche 2</td><td>&#160;</td>
    <td style="text-align: center">Mortgage Loan</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td id="xdx_98F_eifrs-full--RestrictedCashAndCashEquivalents_iI_c20221231__ifrs-full--GeographicalAreasAxis__country--PE__ifrs-full--BorrowingsByNameAxis__custom--BBVAPeruTrancheTwoMember_zGlQ00CCZkOl" title="Restricted cash" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2543">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: center">BBVA Peru</td><td>&#160;</td>
    <td style="text-align: center">Mortgage Loan</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td id="xdx_989_eifrs-full--Borrowings_iI_c20221231__ifrs-full--GeographicalAreasAxis__country--PE__ifrs-full--BorrowingsByNameAxis__custom--BBVAPeruMember_zjuhtOaDirzi" title="Amount outstanding" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2563">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt">&#160;</td>
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    <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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denominated)</b></span></td><td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt; text-align: center">&#160;</td><td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: center">&#160;&#160;Bancolombia, S.A.</td><td>&#160;</td>
    <td style="text-align: center">Mortgage Loan</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_ecustom--BorrowingsExpirationDate_c20230101__20231231__ifrs-full--GeographicalAreasAxis__country--CO__ifrs-full--BorrowingsByNameAxis__custom--BancolombiaSAMember_zEHGTislIfs8" title="Expiration date"><ix:nonNumeric contextRef="From2023-01-012023-12-31_country_CO_custom_BancolombiaSAMember" id="Fact002573" name="LPA:BorrowingsExpirationDate">January 2036</ix:nonNumeric></span></span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center"><span id="xdx_900_eifrs-full--BorrowingsInterestRateBasis_c20230101__20231231__ifrs-full--GeographicalAreasAxis__country--CO__ifrs-full--BorrowingsByNameAxis__custom--BancolombiaSAMember_zIiWRoQdEOl8" title="Annual interest rate"><ix:nonNumeric contextRef="From2023-01-012023-12-31_country_CO_custom_BancolombiaSAMember" id="Fact002575" name="ifrs-full:BorrowingsInterestRateBasis">IBR +327 bps no min. rate</ix:nonNumeric></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98D_eifrs-full--RestrictedCashAndCashEquivalents_iI_c20231231__ifrs-full--GeographicalAreasAxis__country--CO__ifrs-full--BorrowingsByNameAxis__custom--BancolombiaSAMember_z8Ua5COvXde8" title="Restricted cash" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2577">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_980_eifrs-full--RestrictedCashAndCashEquivalents_iI_c20221231__ifrs-full--GeographicalAreasAxis__country--CO__ifrs-full--BorrowingsByNameAxis__custom--BancolombiaSAMember_zQNZlgw0TAkk" title="Restricted cash" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2579">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98B_ecustom--RemainingBorrowingCapacity_iI_c20231231__ifrs-full--GeographicalAreasAxis__country--CO__ifrs-full--BorrowingsByNameAxis__custom--BancolombiaSAMember_z6lbMGG6UJ0k" title="Remaining borrowing capacity" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2581">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98E_eifrs-full--Borrowings_iI_c20231231__ifrs-full--GeographicalAreasAxis__country--CO__ifrs-full--BorrowingsByNameAxis__custom--BancolombiaSAMember_zbuKpgpWQ6F6" title="Amount outstanding" style="text-align: right"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2023-12-31_country_CO_custom_BancolombiaSAMember" id="Fact002583" format="ixt:numdotdecimal" decimals="0" unitRef="USD">23,087,020</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98A_eifrs-full--Borrowings_iI_c20221231__ifrs-full--GeographicalAreasAxis__country--CO__ifrs-full--BorrowingsByNameAxis__custom--BancolombiaSAMember_zExFfK9HIpJ1" title="Amount outstanding" style="text-align: right"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2022-12-31_country_CO_custom_BancolombiaSAMember" id="Fact002585" format="ixt:numdotdecimal" decimals="0" unitRef="USD">18,688,521</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: center">&#160;&#160;Bancolombia, S.A.</td><td>&#160;</td>
    <td style="text-align: center">Mortgage Loan</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_ecustom--BorrowingsExpirationDate_c20230101__20231231__ifrs-full--GeographicalAreasAxis__country--CO__ifrs-full--BorrowingsByNameAxis__custom--BancolombiaSAOneMember_z0s0R00oZp35" title="Expiration date"><ix:nonNumeric contextRef="From2023-01-012023-12-31_country_CO_custom_BancolombiaSAOneMember" id="Fact002587" name="LPA:BorrowingsExpirationDate">May 2036</ix:nonNumeric></span></span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center"><span id="xdx_900_eifrs-full--BorrowingsInterestRateBasis_c20230101__20231231__ifrs-full--GeographicalAreasAxis__country--CO__ifrs-full--BorrowingsByNameAxis__custom--BancolombiaSAOneMember_zhJldMlI0Yp9" title="Annual interest rate"><ix:nonNumeric contextRef="From2023-01-012023-12-31_country_CO_custom_BancolombiaSAOneMember" id="Fact002589" name="ifrs-full:BorrowingsInterestRateBasis">IBR +365 bps no min. rate</ix:nonNumeric></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_987_eifrs-full--RestrictedCashAndCashEquivalents_iI_c20231231__ifrs-full--GeographicalAreasAxis__country--CO__ifrs-full--BorrowingsByNameAxis__custom--BancolombiaSAOneMember_zIUVt4fMCe5i" title="Restricted cash" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2591">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_980_eifrs-full--RestrictedCashAndCashEquivalents_iI_c20221231__ifrs-full--GeographicalAreasAxis__country--CO__ifrs-full--BorrowingsByNameAxis__custom--BancolombiaSAOneMember_z7AWNFHQvOLj" title="Restricted cash" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2593">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98C_ecustom--RemainingBorrowingCapacity_iI_c20231231__ifrs-full--GeographicalAreasAxis__country--CO__ifrs-full--BorrowingsByNameAxis__custom--BancolombiaSAOneMember_zP9vYNjV4V93" title="Remaining borrowing capacity" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2595">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98B_eifrs-full--Borrowings_iI_c20231231__ifrs-full--GeographicalAreasAxis__country--CO__ifrs-full--BorrowingsByNameAxis__custom--BancolombiaSAOneMember_zImMpxkZzJ8j" title="Amount outstanding" style="text-align: right"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2023-12-31_country_CO_custom_BancolombiaSAOneMember" id="Fact002597" format="ixt:numdotdecimal" decimals="0" unitRef="USD">18,738,132</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_988_eifrs-full--Borrowings_iI_c20221231__ifrs-full--GeographicalAreasAxis__country--CO__ifrs-full--BorrowingsByNameAxis__custom--BancolombiaSAOneMember_zEuL1jcNrw5j" title="Amount outstanding" style="text-align: right"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2022-12-31_country_CO_custom_BancolombiaSAOneMember" id="Fact002599" format="ixt:numdotdecimal" decimals="0" unitRef="USD">15,145,128</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: center">BTG</td><td>&#160;</td>
    <td style="text-align: center">Secured Bridge Loan </td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_ecustom--BorrowingsExpirationDate_c20230101__20231231__ifrs-full--GeographicalAreasAxis__country--CO__ifrs-full--BorrowingsByNameAxis__custom--BTGMember_zUcajY38tlYg" title="Expiration date"><ix:nonNumeric contextRef="From2023-01-012023-12-31_country_CO_custom_BTGMember" id="Fact002601" name="LPA:BorrowingsExpirationDate">August 2024</ix:nonNumeric></span></span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center"><span id="xdx_90A_eifrs-full--BorrowingsInterestRateBasis_c20230101__20231231__ifrs-full--GeographicalAreasAxis__custom--PERUCountryMember__ifrs-full--BorrowingsByNameAxis__custom--BTGMember_zq7kkqs99X7e" title="Annual interest rate"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_PERUCountryMember_custom_BTGMember" id="Fact002603" name="ifrs-full:BorrowingsInterestRateBasis">IBR +720 bps no min. rate</ix:nonNumeric></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98A_eifrs-full--RestrictedCashAndCashEquivalents_iI_c20231231__ifrs-full--GeographicalAreasAxis__country--CO__ifrs-full--BorrowingsByNameAxis__custom--BTGMember_zYvuMLqClTah" title="Restricted cash" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2605">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98B_eifrs-full--RestrictedCashAndCashEquivalents_iI_c20221231__ifrs-full--GeographicalAreasAxis__country--CO__ifrs-full--BorrowingsByNameAxis__custom--BTGMember_zoHfOG0pDfjj" title="Restricted cash" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2607">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98A_ecustom--RemainingBorrowingCapacity_iI_c20231231__ifrs-full--GeographicalAreasAxis__country--CO__ifrs-full--BorrowingsByNameAxis__custom--BTGMember_zHoTs74dHVod" title="Remaining borrowing capacity" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2609">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98B_eifrs-full--Borrowings_iI_c20231231__ifrs-full--GeographicalAreasAxis__country--CO__ifrs-full--BorrowingsByNameAxis__custom--BTGMember_zX0yOZpQWgVb" title="Amount outstanding" style="text-align: right"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2023-12-31_country_CO_custom_BTGMember" id="Fact002611" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,540,992</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: center">ITA&#218; Corpbanca Colombia, S.A.</td><td>&#160;</td>
    <td style="text-align: center">&#160;&#160;Mortgage Loan</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td id="xdx_98E_eifrs-full--RestrictedCashAndCashEquivalents_iI_c20231231__ifrs-full--GeographicalAreasAxis__country--CO__ifrs-full--BorrowingsByNameAxis__custom--ITAUCorpbancaColombiaSAMember_zmKwcdLeDFv8" title="Restricted cash" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2619">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98C_eifrs-full--RestrictedCashAndCashEquivalents_iI_c20221231__ifrs-full--GeographicalAreasAxis__country--CO__ifrs-full--BorrowingsByNameAxis__custom--ITAUCorpbancaColombiaSAMember_zLN9qkH6jRjg" title="Restricted cash" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2621">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_986_ecustom--RemainingBorrowingCapacity_iI_c20231231__ifrs-full--GeographicalAreasAxis__country--CO__ifrs-full--BorrowingsByNameAxis__custom--ITAUCorpbancaColombiaSAMember_zR0zb2AyVJnd" title="Remaining borrowing capacity" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2623">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98D_eifrs-full--Borrowings_iI_c20231231__ifrs-full--GeographicalAreasAxis__country--CO__ifrs-full--BorrowingsByNameAxis__custom--ITAUCorpbancaColombiaSAMember_zrDrIsFGA2A" title="Amount outstanding" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2625">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td colspan="3" style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total Colombia
Loans</b></span></td><td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt; text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td style="font-weight: bold; text-align: left">$</td><td id="xdx_980_eifrs-full--RestrictedCashAndCashEquivalents_iI_c20221231__ifrs-full--GeographicalAreasAxis__country--CO_zhCX0QWDVSCe" title="Restricted cash" style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2631">&#8212;</span></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td style="font-weight: bold; text-align: left">$</td><td id="xdx_988_eifrs-full--Borrowings_iI_c20231231__ifrs-full--GeographicalAreasAxis__country--CO_zEyBbdw0AP19" title="Amount outstanding" style="font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2023-12-31_country_CO" id="Fact002635" format="ixt:numdotdecimal" decimals="0" unitRef="USD">48,366,144</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt; text-align: center">&#160;</td><td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: center">Banco BTG Pactual S.A. &#8212; Cayman Branch</td><td>&#160;</td>
    <td style="text-align: center">Secured Bridge Loan</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td id="xdx_984_eifrs-full--RestrictedCashAndCashEquivalents_iI_c20231231__ifrs-full--GeographicalAreasAxis__country--PA__ifrs-full--BorrowingsByNameAxis__custom--BancoBTGPactualSACaymanBranchMember_z7uQWHWzwx7h" title="Restricted cash" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2643">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_984_eifrs-full--RestrictedCashAndCashEquivalents_iI_c20221231__ifrs-full--GeographicalAreasAxis__country--PA__ifrs-full--BorrowingsByNameAxis__custom--BancoBTGPactualSACaymanBranchMember_zPsFEe2ciria" title="Restricted cash" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2645">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98F_ecustom--RemainingBorrowingCapacity_iI_c20231231__ifrs-full--GeographicalAreasAxis__country--PA__ifrs-full--BorrowingsByNameAxis__custom--BancoBTGPactualSACaymanBranchMember_zwloX0TapfT8" title="Remaining borrowing capacity" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2647">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_980_eifrs-full--Borrowings_iI_c20231231__ifrs-full--GeographicalAreasAxis__country--PA__ifrs-full--BorrowingsByNameAxis__custom--BancoBTGPactualSACaymanBranchMember_zfZbx3DnvQzd" title="Amount outstanding" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2649">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98B_eifrs-full--Borrowings_iI_c20221231__ifrs-full--GeographicalAreasAxis__country--PA__ifrs-full--BorrowingsByNameAxis__custom--BancoBTGPactualSACaymanBranchMember_zVdOu8JtFoh4" title="Amount outstanding" style="text-align: right"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2022-12-31_country_PA_custom_BancoBTGPactualSACaymanBranchMember" id="Fact002651" format="ixt:numdotdecimal" decimals="0" unitRef="USD">15,000,000</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td colspan="3" style="font-weight: bold; text-align: left">Total Panama Loans</td><td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt; text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">$</td><td id="xdx_981_eifrs-full--RestrictedCashAndCashEquivalents_iI_c20231231__ifrs-full--GeographicalAreasAxis__country--PA_zRK9CWImC6Oc" title="Restricted cash" style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2653">&#8212;</span></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">$</td><td id="xdx_981_eifrs-full--RestrictedCashAndCashEquivalents_iI_c20221231__ifrs-full--GeographicalAreasAxis__country--PA_zRuU0n1hHBtl" title="Restricted cash" style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2655">&#8212;</span></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td style="font-weight: bold; text-align: left">$</td><td id="xdx_988_eifrs-full--Borrowings_iI_c20231231__ifrs-full--GeographicalAreasAxis__country--PA_zOuSUeQxSHbh" title="Amount outstanding" style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2659">&#8212;</span></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">$</td><td id="xdx_989_eifrs-full--Borrowings_iI_c20221231__ifrs-full--GeographicalAreasAxis__country--PA_z7gaea5u4zs3" title="Amount outstanding" style="font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2022-12-31_country_PA" id="Fact002661" format="ixt:numdotdecimal" decimals="0" unitRef="USD">15,000,000</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: center; font-size: 11pt">&#160;</td><td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt; text-align: center">&#160;</td><td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt; text-align: center">&#160;</td><td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td colspan="3" style="padding-bottom: 2.5pt; font-weight: bold">Total</td><td style="padding-bottom: 2.5pt; font-size: 11pt">&#160;</td>
    <td style="padding-bottom: 2.5pt; font-size: 11pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; font-size: 11pt; text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; font-size: 11pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; font-size: 11pt">&#160;</td>
    <td style="padding-bottom: 2.5pt; font-size: 11pt; text-align: center">&#160;</td><td style="padding-bottom: 2.5pt; font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_98B_eifrs-full--RestrictedCashAndCashEquivalents_iI_c20231231_zKGQsP6ef9Ne" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:RestrictedCashAndCashEquivalents" contextRef="AsOf2023-12-31" id="Fact002662" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,620,485</ix:nonFraction></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_98B_eifrs-full--RestrictedCashAndCashEquivalents_iI_c20221231_ztTCPZi9Gxo1" title="Restricted cash" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:RestrictedCashAndCashEquivalents" contextRef="AsOf2022-12-31" id="Fact002664" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,192,272</ix:nonFraction></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; font-weight: bold">&#160;</td>
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    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_988_eifrs-full--Borrowings_iI_c20231231_zGgE11kdYH9c" title="Amount outstanding" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2023-12-31" id="Fact002668" format="ixt:numdotdecimal" decimals="0" unitRef="USD">271,344,270</ix:nonFraction></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_987_eifrs-full--Borrowings_iI_c20221231_zKSkjmC5eZak" title="Amount outstanding" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2022-12-31" id="Fact002670" format="ixt:numdotdecimal" decimals="0" unitRef="USD">215,849,667</ix:nonFraction></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt">&#160;</td>
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    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt; text-align: center">&#160;</td><td style="font-size: 11pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="padding-bottom: 1.5pt; font-size: 11pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; font-size: 11pt; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; font-size: 11pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; font-size: 11pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; font-size: 11pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; font-size: 11pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; font-size: 11pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; font-size: 11pt; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; font-size: 11pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; font-size: 11pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; font-size: 11pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; font-size: 11pt; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; font-size: 11pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; font-size: 11pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; font-size: 11pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; font-size: 11pt; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; font-size: 11pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td colspan="19" style="text-align: left">Less: Current portion of long-term debt</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td id="xdx_98F_eifrs-full--CurrentPortionOfLongtermBorrowings_iNI_di_c20221231_zv4pIEZSd0Lf" title="Current portion of long-term debt" style="text-align: right">(<ix:nonFraction name="ifrs-full:CurrentPortionOfLongtermBorrowings" contextRef="AsOf2022-12-31" id="Fact002686" format="ixt:numdotdecimal" decimals="0" unitRef="USD">23,576,982</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td colspan="21" style="text-align: left">Less: Reclassified to short term due to debt waiver on Banco Davivienda Alajuela I SRL and Bancolombia &amp; ITA&#218; loans</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_981_ecustom--ShortTermDebtDueAmount_iI_c20231231_z3gdvFjjWNkf" title="Reclassified to short term due to debt waiver on Banco Davivienda Alajuela I SRL and Bancolombia &amp; ITAU loans" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2688">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_980_ecustom--ShortTermDebtDueAmount_iI_c20221231_z6xQ8KQRj6ce" title="Reclassified to short term due to debt waiver on Banco Davivienda Alajuela I SRL and Bancolombia &amp; ITAU loans" style="text-align: right">(<ix:nonFraction name="LPA:ShortTermDebtDueAmount" contextRef="AsOf2022-12-31" id="Fact002690" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">87,366,478</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td colspan="17" style="font-weight: bold; text-align: left">Total Long-term debt</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">$</td><td id="xdx_985_eifrs-full--NoncurrentPayables_iI_c20231231_zK0HMBsdVRs" title="Total Long-term debt" style="font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:NoncurrentPayables" contextRef="AsOf2023-12-31" id="Fact002692" format="ixt:numdotdecimal" decimals="0" unitRef="USD">253,151,137</ix:nonFraction></td><td style="font-weight: bold; text-align: left"/><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">$</td><td id="xdx_98D_eifrs-full--NoncurrentPayables_iI_c20221231_zrx08SNPC503" title="Total Long-term debt" style="font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:NoncurrentPayables" contextRef="AsOf2022-12-31" id="Fact002694" format="ixt:numdotdecimal" decimals="0" unitRef="USD">98,383,315</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AB_z8hypX6KzO4f" style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; color: red"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<ix:exclude><!-- Field: Page; Sequence: 160; Value: 33 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Debt
Agreements </i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Secured
Bridge Loan</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 21, 2021, the Group entered into a USD Denominated secured bridge loan agreement of $<span id="xdx_903_eifrs-full--SecuredBankLoansReceived_iI_pn5n6_c20210521__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--SecuredBridgeLoanMember_zoWUS4xU7ud5" title="Secured loan"><ix:nonFraction name="ifrs-full:SecuredBankLoansReceived" contextRef="AsOf2021-05-21_custom_SecuredBridgeLoanMember" id="Fact002696" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">15.0</ix:nonFraction></span> million with BTG Pactual, S.A &#8211; Cayman
Branch. The proceeds of the loan were used to fund the continued growth of the Group. As per the initial conditions, the credit facility
was scheduled to mature on <span id="xdx_902_eifrs-full--BorrowingsMaturity_c20210521__20210521__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--SecuredBridgeLoanMember_zIypl0r1Z038" title="Maturity date"><ix:nonNumeric contextRef="From2021-05-212021-05-21_custom_SecuredBridgeLoanMember" id="Fact002698" name="ifrs-full:BorrowingsMaturity">June 17, 2022</ix:nonNumeric></span>, with a fixed annual interest rate of <span id="xdx_908_eifrs-full--BorrowingsInterestRate_iI_dp_uPure_c20210521__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--SecuredBridgeLoanMember__ifrs-full--TypesOfInterestRatesAxis__ifrs-full--FixedInterestRateMember_zaD5OTdPWdTk" title="Interest rate percentage"><ix:nonFraction name="ifrs-full:BorrowingsInterestRate" contextRef="AsOf2021-05-21_custom_SecuredBridgeLoanMember_ifrs-full_FixedInterestRateMember" id="Fact002700" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5.85</ix:nonFraction></span>%. In June 2022, the Group extended the denominated
secured bridge loan to March 17, 2023, including a substitution of the fixed interest rate to a variable interest rate consisting of
SOFR annual average plus 600 basis points. The agreement restricts Latam Logistic Properties S.R.L from changing its ownership. This
excludes the event of an IPO if Jaguar Growth Partners LLC remains as the final beneficiary of the debtor. This loan was repaid in full
by December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>IFC</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
IFC secured credit facility includes full development of Latam Logistic Lima Sur through a two-tranche facility. Latam Logistic Lima
Sur is a total of six buildings development divided in two phases. The loan has an aggregate borrowing capacity of $<span id="xdx_908_eifrs-full--Borrowings_iI_c20210521__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--IFCSecuredCreditFacilityMember__ifrs-full--CounterpartiesAxis__custom--LatamLogisticLimaSurMember_zdYqVuTtSmue" title="Borrowing amount"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2021-05-21_custom_IFCSecuredCreditFacilityMember_custom_LatamLogisticLimaSurMember" id="Fact002702" format="ixt:numdotdecimal" decimals="0" unitRef="USD">53,000,000</ix:nonFraction></span> and is
divided in two tranches corresponding to each development phase.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
  <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tranche 1</b> &#8211; The loan is for the financing of the
development of phase 1. The loan has a total borrowing capacity of $<span id="xdx_90A_eifrs-full--Borrowings_iI_c20210521__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--IFCSecuredCreditFacilityMember__ifrs-full--RedesignationAxis__custom--TrancheOneMember_zSJXRhch3wWh" title="Borrowing amount"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2021-05-21_custom_IFCSecuredCreditFacilityMember_custom_TrancheOneMember" id="Fact002704" format="ixt:numdotdecimal" decimals="0" unitRef="USD">27,100,000</ix:nonFraction></span> and is interest only until January 15, 2020 with a balloon
payment of $<span id="xdx_90D_ecustom--BalloonPayment_iI_c20210521__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--IFCSecuredCreditFacilityMember__ifrs-full--RedesignationAxis__custom--TrancheOneMember_zB77zbGkgtIj" title="Balloon payment"><ix:nonFraction name="LPA:BalloonPayment" contextRef="AsOf2021-05-21_custom_IFCSecuredCreditFacilityMember_custom_TrancheOneMember" id="Fact002706" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,865,611</ix:nonFraction></span> at expiration on <span id="xdx_90F_eifrs-full--DateOfEndOfReportingPeriod2013_dd_c20210521__20210521__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--IFCSecuredCreditFacilityMember__ifrs-full--RedesignationAxis__custom--TrancheOneMember_zLkrclwQ2Ptf" title="Expiration date"><ix:nonNumeric contextRef="From2021-05-212021-05-21_custom_IFCSecuredCreditFacilityMember_custom_TrancheOneMember" format="ixt:datemonthdayyearen" id="Fact002708" name="ifrs-full:DateOfEndOfReportingPeriod2013">July 15, 2028</ix:nonNumeric></span>. As of December 31, 2022, the Group had disbursed all of the tranche.</span></td></tr>

<tr style="vertical-align: top">
    <td>&#160;</td>
  <td style="text-align: justify">&#160;</td>
  <td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tranche 2</b> &#8211; The loan is for the financing of the
development of phase 2. The loan has a total borrowing capacity of $<span id="xdx_90D_eifrs-full--Borrowings_iI_c20210521__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--IFCSecuredCreditFacilityMember__ifrs-full--RedesignationAxis__custom--TrancheTwoMember_z2rJZRsB7KRk" title="Borrowing amount"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2021-05-21_custom_IFCSecuredCreditFacilityMember_custom_TrancheTwoMember" id="Fact002710" format="ixt:numdotdecimal" decimals="0" unitRef="USD">25,900,000</ix:nonFraction></span> and is interest only until January 15, 2022 with a balloon
payment of $<span id="xdx_906_ecustom--BalloonPayment_iI_c20210521__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--IFCSecuredCreditFacilityMember__ifrs-full--RedesignationAxis__custom--TrancheTwoMember_zPIBWRm3cMoj" title="Balloon payment"><ix:nonFraction name="LPA:BalloonPayment" contextRef="AsOf2021-05-21_custom_IFCSecuredCreditFacilityMember_custom_TrancheTwoMember" id="Fact002712" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,475,000</ix:nonFraction></span> at expiration on <span id="xdx_90F_eifrs-full--DateOfEndOfReportingPeriod2013_dd_c20210521__20210521__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--IFCSecuredCreditFacilityMember__ifrs-full--RedesignationAxis__custom--TrancheTwoMember_zITQRYgKR8L9" title="Expiration date"><ix:nonNumeric contextRef="From2021-05-212021-05-21_custom_IFCSecuredCreditFacilityMember_custom_TrancheTwoMember" format="ixt:datemonthdayyearen" id="Fact002714" name="ifrs-full:DateOfEndOfReportingPeriod2013">July 15, 2030</ix:nonNumeric></span>. As of December 31, 2022 the Group had disbursed $<span id="xdx_909_ecustom--DisbursedAmount_iI_c20210521__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--IFCSecuredCreditFacilityMember__ifrs-full--RedesignationAxis__custom--TrancheTwoMember_zZkekGQuWoh8" title="Disbursed amount"><ix:nonFraction name="LPA:DisbursedAmount" contextRef="AsOf2021-05-21_custom_IFCSecuredCreditFacilityMember_custom_TrancheTwoMember" id="Fact002716" format="ixt:numdotdecimal" decimals="0" unitRef="USD">15,607,323</ix:nonFraction></span>.</span></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
loan bears a commitment fee over unborrowed amounts until December 15, 2022 as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
  <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8211;</span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 16, 2019 &#8211; December 31, 2019 &#8211; <span id="xdx_90B_ecustom--PercentageOfUnborrowingAmount_dp_uPure_c20190616__20191231_zgrqj3EgJqE4" title="Unborrowed amount percentage"><ix:nonFraction name="LPA:PercentageOfUnborrowingAmount" contextRef="From2019-06-162019-12-31" id="Fact002718" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.50</ix:nonFraction></span>% over
unborrowed amount.</span></td></tr>

<tr style="vertical-align: top">
    <td>&#160;</td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8211;</span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 1, 2020 &#8211; June 30, 2021 &#8211; <span id="xdx_907_ecustom--PercentageOfUnborrowingAmount_dp_uPure_c20200101__20210630_zDVBStGzCN3e" title="Unborrowed amount percentage"><ix:nonFraction name="LPA:PercentageOfUnborrowingAmount" contextRef="From2020-01-012021-06-30" id="Fact002720" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1.00</ix:nonFraction></span>% over unborrowed
amount.</span></td></tr>

<tr style="vertical-align: top">
    <td>&#160;</td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8211;</span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">July 1, 2021 &#8211; January 15, 2022 &#8211; <span id="xdx_903_ecustom--PercentageOfUnborrowingAmount_dp_uPure_c20210701__20220115_zXvwsCeJmTd4" title="Unborrowed amount percentage"><ix:nonFraction name="LPA:PercentageOfUnborrowingAmount" contextRef="From2021-07-012022-01-15" id="Fact002722" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1.50</ix:nonFraction></span>% over unborrowed
amount.</span></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 14, 2022, the Group negotiated a new interest rate on the IFC Tranche 1, reducing the spread by 100 basis points, to 425 basis
points, effective July 15, 2022. All the other terms and conditions of the loan with IFC remained the same. A gain of $<span id="xdx_905_ecustom--GainRecognisedInProfitOrLoss_c20220101__20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--IFCSecuredCreditFacilityMember_zuld8H3gKuRb" title="Gain on debt facility"><ix:nonFraction name="LPA:GainRecognisedInProfitOrLoss" contextRef="From2022-01-012022-12-31_custom_IFCSecuredCreditFacilityMember" id="Fact002724" format="ixt:numdotdecimal" decimals="0" unitRef="USD">351,503</ix:nonFraction></span> was recognized
as part of modification of this debt facility and is included in financing costs in the consolidated statements of profit or loss in
the year ended December 31, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 26, 2023, the Group drew on its debt facilities with IFC for a total of $<span id="xdx_90B_eifrs-full--PaymentsForDebtIssueCosts_c20231025__20231026__ifrs-full--GeographicalAreasAxis__custom--PERUCountryMember_zo0gNlqh394l" title="Gain on debt facility"><ix:nonFraction name="ifrs-full:PaymentsForDebtIssueCosts" contextRef="From2023-10-252023-10-26_custom_PERUCountryMember" id="Fact002726" format="ixt:numdotdecimal" decimals="0" unitRef="USD">10,292,677</ix:nonFraction></span> to finance the construction of the Lurin
I project in Peru. The related interest expense directly attributable to the construction is capitalized.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 15, 2023, the Group refinanced the debt outstanding with IFC Tranche 1 and Tranche 2 for a total amount of $<span id="xdx_901_eifrs-full--NetDebt_iI_c20231215__ifrs-full--BorrowingsByNameAxis__custom--BBVAPeruMember_zbhlRJa3hRv3" title="Debt outstanding"><ix:nonFraction name="ifrs-full:NetDebt" contextRef="AsOf2023-12-15_custom_BBVAPeruMember" id="Fact002728" format="ixt:numdotdecimal" decimals="0" unitRef="USD">46,973,443</ix:nonFraction></span> with
a mortgage loan denominated in USD with Banco Bilbao Vizcalla Peru (&#8220;BBVA Peru&#8221;) for an aggregate amount of $<span id="xdx_901_eifrs-full--NotionalAmount_iI_c20231215__ifrs-full--BorrowingsByNameAxis__custom--BBVAPeruMember_z4QBHQogR4hk" title="Mortgage loan"><ix:nonFraction name="ifrs-full:NotionalAmount" contextRef="AsOf2023-12-15_custom_BBVAPeruMember" id="Fact002730" format="ixt:numdotdecimal" decimals="0" unitRef="USD">60,000,000</ix:nonFraction></span>.
A loss of $<span id="xdx_90E_eifrs-full--ImpairmentLossRecognisedInProfitOrLoss_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--BBVAPeruMember_zH6oNefqJkZ6" title="Loss of debt facility"><ix:nonFraction name="ifrs-full:ImpairmentLossRecognisedInProfitOrLoss" contextRef="From2023-01-012023-12-31_custom_BBVAPeruMember" id="Fact002732" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,651,793</ix:nonFraction></span> was recognized as part of the extinguishment of this debt facility and is included in financing costs in the consolidated
statements of profit or loss in the year ended December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<ix:exclude><!-- Field: Page; Sequence: 161; Value: 33 -->
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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
per the loan agreement, the Group has to maintain a cash collateral account as a guarantee of the principal during the construction and
leasing period. As of December 31, 2022, the Group had a restricted cash equivalent of $<span id="xdx_90C_eifrs-full--RestrictedCashAndCashEquivalents_iI_c20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__ifrs-full--ParentMember_zt4IoqPMhrih" title="Restricted cash equivalent"><ix:nonFraction name="ifrs-full:RestrictedCashAndCashEquivalents" contextRef="AsOf2022-12-31_ifrs-full_ParentMember" id="Fact002734" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,205,162</ix:nonFraction> </span>in the cash collateral account, which
was released from restricted cash in connection with the loan refinance on December 15, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>ITA&#218;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 6, 2021, LLP entered into a COP denominated secured construction loan facility with ITA&#218; Corpbanca Colombia, S.A. (&#8220;<b>ITA&#218;</b>&#8221;)
for a total borrowing capacity of COP$<span id="xdx_90C_eifrs-full--Borrowings_iI_pn6n6_uCOP_c20210106__ifrs-full--BorrowingsByNameAxis__custom--ITAUCorpbancaColombiaSAMember_z5kEd1MFjZBb" title="Borrowing amount"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2021-01-06_custom_ITAUCorpbancaColombiaSAMember" id="Fact002736" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="COP">35,000</ix:nonFraction></span> million ($<span id="xdx_90B_eifrs-full--Borrowings_iI_pn5n6_uUSD_c20210106__ifrs-full--BorrowingsByNameAxis__custom--ITAUCorpbancaColombiaSAMember_zP9akgm1RXGd" title="Borrowing amount"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2021-01-06_custom_ITAUCorpbancaColombiaSAMember" id="Fact002738" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">10.1</ix:nonFraction></span> million as of closing). Proceeds were used for the financing of the construction
of building 500 in Latam Logistic Park Calle 80 in Bogota, Colombia. The loan matures on July 6, 2033. The loan bears an annual interest
rate of IBR (a short-term interest rate for the Colombian Peso determined by the board of directors of Colombia&#8217;s Central Bank)
plus 447 basis points and has an annual commitment fee of <span id="xdx_90C_ecustom--PercentageOfCommitmentFee_iI_dp_uPure_c20210106__ifrs-full--BorrowingsByNameAxis__custom--ITAUCorpbancaColombiaSAMember_zMkwOByXpZUd" title="Percentage of commitment fee"><ix:nonFraction name="LPA:PercentageOfCommitmentFee" contextRef="AsOf2021-01-06_custom_ITAUCorpbancaColombiaSAMember" id="Fact002740" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.50</ix:nonFraction></span>% of the undrawn amount of the credit line. The Group was obligated to
pay interest only until April 20, 2022 and this loan was fully drawn in October 2021. The debt facility with ITA&#218; was paid in
full through a sale of the mortgaged property to a third party buyer. The buyer provided an advance of the payment directly to ITA&#218;
on August 31, 2023 in order to settle the outstanding debt. A loss of $<span id="xdx_907_eifrs-full--ImpairmentLossRecognisedInProfitOrLoss_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--ITAUCorpbancaColombiaSAMember_zNr9N7O4MMQ1" title="Loss of debt facility"><ix:nonFraction name="ifrs-full:ImpairmentLossRecognisedInProfitOrLoss" contextRef="From2023-01-012023-12-31_custom_ITAUCorpbancaColombiaSAMember" id="Fact002742" format="ixt:numdotdecimal" decimals="0" unitRef="USD">118,073</ix:nonFraction></span> was recognized as part of the extinguishment of this debt
facility and is included in financing costs in the consolidated statements of profit or loss in the year ended December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Bancolombia</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 22, 2021, LLP entered into a COP denominated financing agreement of COP<span id="xdx_901_eifrs-full--Borrowings_iI_pn6n6_uCOP_c20210122__ifrs-full--BorrowingsByNameAxis__custom--BancolombiaSAMember_zv4tZaEey1Yl" title="Borrowing amount"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2021-01-22_custom_BancolombiaSAMember" id="Fact002744" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="COP">44,500</ix:nonFraction></span> million ($<span id="xdx_904_eifrs-full--Borrowings_iI_pn5n6_uUSD_c20210122__ifrs-full--BorrowingsByNameAxis__custom--BancolombiaSAMember_zbtHwWHbTcai" title="Borrowing amount"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2021-01-22_custom_BancolombiaSAMember" id="Fact002746" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">12.8</ix:nonFraction></span> million as of the transaction date)
with Bancolombia, S.A. for the financing of the construction of building 300 in Latam Logistic Park Calle 80 in Bogota, Colombia. As
of December 31, 2021, the financing was fully disbursed. This financing agreement was further increased by COP$<span id="xdx_90F_ecustom--IncreasedInBorrowingAmount_iI_pn6n6_uCOP_c20210122__ifrs-full--BorrowingsByNameAxis__custom--BancolombiaSAMember_zktzhNOgvy1g" title="Increase in borrowing amount"><ix:nonFraction name="LPA:IncreasedInBorrowingAmount" contextRef="AsOf2021-01-22_custom_BancolombiaSAMember" id="Fact002748" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="COP">30,000</ix:nonFraction></span> million ($<span id="xdx_90A_ecustom--IncreasedInBorrowingAmount_iI_pn5n6_uUSD_c20210122__ifrs-full--BorrowingsByNameAxis__custom--BancolombiaSAMember_zJcbSoVuIrB5" title="Increase in borrowing amount"><ix:nonFraction name="LPA:IncreasedInBorrowingAmount" contextRef="AsOf2021-01-22_custom_BancolombiaSAMember" id="Fact002750" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">7.0</ix:nonFraction></span> million
of extension). The financing bears an interest rate of IBR plus 365 basis points, commitment fees of <span id="xdx_904_ecustom--PercentageOfCommitmentFee_iI_dp_uPure_c20210122__ifrs-full--BorrowingsByNameAxis__custom--BancolombiaSAMember_zaZdJH1Ymqv9" title="Percentage of commitment fee"><ix:nonFraction name="LPA:PercentageOfCommitmentFee" contextRef="AsOf2021-01-22_custom_BancolombiaSAMember" id="Fact002752" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.1</ix:nonFraction></span>% per month of the undrawn amount
of the loan and has a <span id="xdx_907_ecustom--DebtTerm_dtYp_c20210122__20210122__ifrs-full--BorrowingsByNameAxis__custom--BancolombiaSAMember_ztD8jedlQ9Fe" title="Debt term"><ix:nonNumeric contextRef="From2021-01-222021-01-22_custom_BancolombiaSAMember" format="ixt-sec:duryear" id="Fact002754" name="LPA:DebtTerm">15</ix:nonNumeric></span>-year term with a balloon payment of <span id="xdx_907_ecustom--PercentageOfBalloonPayment_iI_dp_uPure_c20210122__ifrs-full--BorrowingsByNameAxis__custom--BancolombiaSAMember_z9X1NwoGBg8l" title="Percentage of balloon payment"><ix:nonFraction name="LPA:PercentageOfBalloonPayment" contextRef="AsOf2021-01-22_custom_BancolombiaSAMember" id="Fact002756" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">40</ix:nonFraction></span>% at expiration (COP$<span id="xdx_907_eifrs-full--UndrawnBorrowingFacilities_iI_pn6n6_uCOP_c20210122__ifrs-full--BorrowingsByNameAxis__custom--BancolombiaSAMember_zedQoYdX80fe" title="Undrawn amount"><ix:nonFraction name="ifrs-full:UndrawnBorrowingFacilities" contextRef="AsOf2021-01-22_custom_BancolombiaSAMember" id="Fact002758" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="COP">29,901</ix:nonFraction></span> million, or $<span id="xdx_909_eifrs-full--UndrawnBorrowingFacilities_iI_pn5n6_c20210122__ifrs-full--BorrowingsByNameAxis__custom--BancolombiaSAMember_zWFdSFtfyY8h" title="Undrawn amount"><ix:nonFraction name="ifrs-full:UndrawnBorrowingFacilities" contextRef="AsOf2021-01-22_custom_BancolombiaSAMember" id="Fact002760" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">6.9</ix:nonFraction></span> million as of extension).
LLP began to make principal payments in November 2021. On January 19, 2022, the Group increased by COP$<span id="xdx_90F_ecustom--IncreasedInBorrowingAmount_iI_pn6n6_uCOP_c20220119__ifrs-full--BorrowingsByNameAxis__custom--BancolombiaSAMember_zC9X81spFp79" title="Increase in borrowing amount"><ix:nonFraction name="LPA:IncreasedInBorrowingAmount" contextRef="AsOf2022-01-19_custom_BancolombiaSAMember" id="Fact002762" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="COP">34,000</ix:nonFraction></span> million ($<span id="xdx_90E_ecustom--IncreasedInBorrowingAmount_iI_pn5n6_uUSD_c20220119__ifrs-full--BorrowingsByNameAxis__custom--BancolombiaSAMember_zNlDmpZrsVtj" title="Increase in borrowing amount"><ix:nonFraction name="LPA:IncreasedInBorrowingAmount" contextRef="AsOf2022-01-19_custom_BancolombiaSAMember" id="Fact002764" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">8.4</ix:nonFraction></span> million per
the transaction date exchange rate, same applies to hereafter) its existing financing facilities denominated in COP with Bancolombia
from COP$<span id="xdx_90F_eifrs-full--Borrowings_iI_pn6n6_uCOP_c20220119__ifrs-full--BorrowingsByNameAxis__custom--BancolombiaSAMember__srt--RangeAxis__ifrs-full--BottomOfRangeMember_z5VZlVJGzKFd" title="Borrowing amount"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2022-01-19_custom_BancolombiaSAMember_ifrs-full_BottomOfRangeMember" id="Fact002766" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="COP">57,810</ix:nonFraction></span> million ($<span id="xdx_901_eifrs-full--Borrowings_iI_pn5n6_uUSD_c20220119__ifrs-full--BorrowingsByNameAxis__custom--BancolombiaSAMember__srt--RangeAxis__ifrs-full--BottomOfRangeMember_zugSOik3Wwu7" title="Borrowing amount"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2022-01-19_custom_BancolombiaSAMember_ifrs-full_BottomOfRangeMember" id="Fact002768" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">14.3</ix:nonFraction></span> million) to COP$<span id="xdx_90A_eifrs-full--Borrowings_iI_pn6n6_uCOP_c20220119__ifrs-full--BorrowingsByNameAxis__custom--BancolombiaSAMember__srt--RangeAxis__ifrs-full--TopOfRangeMember_z5MimHYb1eWj" title="Borrowing amount"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2022-01-19_custom_BancolombiaSAMember_ifrs-full_TopOfRangeMember" id="Fact002770" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="COP">91,810</ix:nonFraction></span> million ($<span id="xdx_90D_eifrs-full--Borrowings_iI_pn5n6_uUSD_c20220119__ifrs-full--BorrowingsByNameAxis__custom--BancolombiaSAMember__srt--RangeAxis__ifrs-full--TopOfRangeMember_znsjN3JzrAxg" title="Borrowing amount"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2022-01-19_custom_BancolombiaSAMember_ifrs-full_TopOfRangeMember" id="Fact002772" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">22.7</ix:nonFraction></span> million). The financing has a <span id="xdx_90D_ecustom--DebtTerm_dtpxL_c20220119__20220119__ifrs-full--BorrowingsByNameAxis__custom--BancolombiaSAMember_zrzhKTG5HM7a" title="Debt term::XDX::P14Y"><span style="-sec-ix-hidden: xdx2ixbrl2774">fourteen-year</span></span> term with a balloon
payment of COP$<span id="xdx_904_ecustom--BalloonPayment_iI_pn6n6_uCOP_c20220119__ifrs-full--BorrowingsByNameAxis__custom--BancolombiaSAMember_zVkIowK3nJWc" title="Balloon payment"><ix:nonFraction name="LPA:BalloonPayment" contextRef="AsOf2022-01-19_custom_BancolombiaSAMember" id="Fact002776" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="COP">42,866</ix:nonFraction></span> million ($<span id="xdx_907_ecustom--BalloonPayment_iI_pn5n6_uUSD_c20220119__ifrs-full--BorrowingsByNameAxis__custom--BancolombiaSAMember_zko4Mko4r3N3" title="Balloon payment"><ix:nonFraction name="LPA:BalloonPayment" contextRef="AsOf2022-01-19_custom_BancolombiaSAMember" id="Fact002778" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">11.4</ix:nonFraction></span> million) at expiration. The interest accrues at IBR plus 327 basis points. A loss of $<span id="xdx_907_eifrs-full--ImpairmentLossRecognisedInProfitOrLoss_c20220101__20221231__ifrs-full--BorrowingsByNameAxis__custom--BancolombiaSAMember_z8cj65BaqH0g" title="Loss of debt facility"><ix:nonFraction name="ifrs-full:ImpairmentLossRecognisedInProfitOrLoss" contextRef="From2022-01-012022-12-31_custom_BancolombiaSAMember" id="Fact002780" format="ixt:numdotdecimal" decimals="0" unitRef="USD">653,847</ix:nonFraction></span> was
recognized as part of modification of the debt facility and is included in financing costs in the consolidated statements of profit or
loss in the year ended December 31, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 22, 2023, the Group negotiated a deferral of principal with Bancolombia, deferring all principal payments for seven months,
beginning on October 1, 2023. All the other terms and conditions of the loan with Bancolombia remained the same. A gain of $<span id="xdx_90E_ecustom--GainRecognisedInProfitOrLoss_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--BancolombiaSAMember_zkvzrJVPMQh5" title="Gain of debt faclity"><ix:nonFraction name="LPA:GainRecognisedInProfitOrLoss" contextRef="From2023-01-012023-12-31_custom_BancolombiaSAMember" id="Fact002782" format="ixt:numdotdecimal" decimals="0" unitRef="USD">70,058</ix:nonFraction></span> was
recognized as part of the modification of this debt facility and is included in financing costs in the consolidated statements of profit
or loss in the year ended December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>BAC
Credomatic</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
March 2021, LLP entered into two U.S. dollar denominated mortgage loan facilities with BAC Credomatic, S.A. for an aggregate amount of
$<span id="xdx_901_eifrs-full--NotionalAmount_iI_pn6n6_c20210331__ifrs-full--BorrowingsByNameAxis__custom--BACCredomaticMember_zHetFmkaDIR3" title="Mortgage loan"><ix:nonFraction name="ifrs-full:NotionalAmount" contextRef="AsOf2021-03-31_custom_BACCredomaticMember" id="Fact002784" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">10.0</ix:nonFraction> </span>million for the financing of the acquisition of two operating properties in San Jos&#233;, Costa Rica. The loans have a fifteen-year
term and bear an annual interest rate of three-month LIBOR plus 423 basis point with a minimum interest rate of <span id="xdx_905_eifrs-full--BorrowingsInterestRate_iI_dp_uPure_c20210331__ifrs-full--BorrowingsByNameAxis__custom--BACCredomaticMember_zpqa8Aju8DDg" title="Interest rate"><ix:nonFraction name="ifrs-full:BorrowingsInterestRate" contextRef="AsOf2021-03-31_custom_BACCredomaticMember" id="Fact002786" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5.0</ix:nonFraction></span>%. This loan was refinanced
to Banco Nacional de Costa Rica on April 28, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 7, 2021, LLP entered into a U.S. dollar denominated mortgage loan facility of up to $<span id="xdx_903_eifrs-full--NotionalAmount_iI_pn5n6_c20210707__ifrs-full--BorrowingsByNameAxis__custom--BancoBACSanJoseSAMember_ztzPIVdnUo9h" title="Mortgage loan"><ix:nonFraction name="ifrs-full:NotionalAmount" contextRef="AsOf2021-07-07_custom_BancoBACSanJoseSAMember" id="Fact002788" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">45.5</ix:nonFraction></span> million with Banco BAC San Jos&#233;,
S.A. (&#8220;BAC&#8221;) on behalf of LatAm Parque Log&#237;stico San Jos&#233; - Verbena partnership. Proceeds will be used to finance
the construction of LatAm Parque Log&#237;stico San Jos&#233; - Verbena, a five-building class-A master-planned logistic park totaling
<span id="xdx_90F_eifrs-full--AreaOfLandUsedForAgriculture_iI_usqft_c20210707__ifrs-full--BorrowingsByNameAxis__custom--BancoBACSanJoseSAMember_zFib9AZUHr53" title="Aggregate amount"><ix:nonFraction name="ifrs-full:AreaOfLandUsedForAgriculture" contextRef="AsOf2021-07-07_custom_BancoBACSanJoseSAMember" id="Fact002790" format="ixt:numdotdecimal" decimals="INF" unitRef="sqft">829,898</ix:nonFraction></span> square feet of net rentable area, in the Alajuelita submarket in San Jos&#233;, Costa Rica. The loan can be drawn in multiple
disbursements up to approximately <span id="xdx_903_eifrs-full--BorrowingsInterestRate_iI_dp_uPure_c20210331__ifrs-full--BorrowingsByNameAxis__custom--BancoBACSanJoseSAMember_zMDoR0wO8xh1" title="Interest rate"><ix:nonFraction name="ifrs-full:BorrowingsInterestRate" contextRef="AsOf2021-03-31_custom_BancoBACSanJoseSAMember" id="Fact002792" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">60</ix:nonFraction></span>% of the total investment of the project. The mortgage loan has a term of <span id="xdx_906_ecustom--DebtTerm_dtY_c20210707__20210707__ifrs-full--BorrowingsByNameAxis__custom--BancoBACSanJoseSAMember_zRizywxMnSTe" title="Debt term"><ix:nonNumeric contextRef="From2021-07-072021-07-07_custom_BancoBACSanJoseSAMember" format="ixt-sec:duryear" id="Fact002794" name="LPA:DebtTerm">10</ix:nonNumeric></span> years with a 15-year
amortization profile. The stated interest rate is the three-month LIBOR plus 423 basis points. In October 2022, the stated interest rate
on the debt facility changed to the three-month SOFR plus 378 basis points. The debt facility has an amortization grace period of 30
months and does not accrue any commitment fees.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 16, 2022, the Group repaid one of the loans with BAC Credomatic due to the sale of the underlying property. The loan outstanding
balance at the time of the sale was $<span id="xdx_903_eifrs-full--Borrowings_iI_c20220216__ifrs-full--BorrowingsByNameAxis__custom--BACCredomaticMember_zeLWFAATDdvl" title="Borrowings amount"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2022-02-16_custom_BACCredomaticMember" id="Fact002796" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,868,155</ix:nonFraction></span> and the Group recognized a loss of $<span id="xdx_90A_eifrs-full--ImpairmentLossRecognisedInProfitOrLoss_c20220215__20220216__ifrs-full--BorrowingsByNameAxis__custom--BACCredomaticMember_zwduF5fitM31" title="Loss of extinguishment of debt"><ix:nonFraction name="ifrs-full:ImpairmentLossRecognisedInProfitOrLoss" contextRef="From2022-02-152022-02-16_custom_BACCredomaticMember" id="Fact002798" format="ixt:numdotdecimal" decimals="0" unitRef="USD">586</ix:nonFraction></span> due to the extinguishment of the debt facility
and is included in financing costs in the consolidated statements of profit or loss. On March 1, 2023, the Group negotiated a reduced
interest rate with BAC Credomatic, S.A. (&#8220;BAC&#8221;), reducing the interest rate from 3-month SOFR plus 378 basis points to <span id="xdx_90F_eifrs-full--BorrowingsInterestRate_iI_dp_uPure_c20230301__ifrs-full--BorrowingsByNameAxis__custom--BACCredomaticMember_zeTLVlvsTyHl" title="Interest rate"><ix:nonFraction name="ifrs-full:BorrowingsInterestRate" contextRef="AsOf2023-03-01_custom_BACCredomaticMember" id="Fact002800" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">8.12</ix:nonFraction></span>%
for six months. All the other terms and conditions of the loan with BAC remained the same. A gain of $<span id="xdx_906_ecustom--GainRecognisedInProfitOrLoss_c20220215__20220216__ifrs-full--BorrowingsByNameAxis__custom--BACCredomaticMember_zdb76bIujy2a" title="Gain of debt faclity"><ix:nonFraction name="LPA:GainRecognisedInProfitOrLoss" contextRef="From2022-02-152022-02-16_custom_BACCredomaticMember" id="Fact002802" format="ixt:numdotdecimal" decimals="0" unitRef="USD">121,038</ix:nonFraction></span> was recognized as part
of the modification of this debt facility and is included in financing costs in the condensed consolidated statements of profit or loss.
On October 5, 2023, the Group negotiated to keep the reduced interest rate of <span id="xdx_90E_eifrs-full--BorrowingsInterestRate_iI_dp_uPure_c20231005__ifrs-full--BorrowingsByNameAxis__custom--BACCredomaticMember_zxSiezEUhjcl" title="Interest rate"><ix:nonFraction name="ifrs-full:BorrowingsInterestRate" contextRef="AsOf2023-10-05_custom_BACCredomaticMember" id="Fact002804" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">8.12</ix:nonFraction></span>% for six more months. All the other terms and conditions
of the loan with BAC remained the same. A loss of $<span id="xdx_908_eifrs-full--ImpairmentLossRecognisedInProfitOrLoss_c20231004__20231005__ifrs-full--BorrowingsByNameAxis__custom--BancolombiaSAMember_zYxXJvToY2Vd" title="Loss of debt facility"><ix:nonFraction name="ifrs-full:ImpairmentLossRecognisedInProfitOrLoss" contextRef="From2023-10-042023-10-05_custom_BancolombiaSAMember" id="Fact002806" format="ixt:numdotdecimal" decimals="0" unitRef="USD">47,466</ix:nonFraction></span> was recognized as part of the modification of this debt facility and is included
in financing costs in the condensed consolidated statements of profit or loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2022, LLP has borrowed $<span id="xdx_90B_eifrs-full--Borrowings_iI_pn6n6_uUSD_c20221231__ifrs-full--BorrowingsByNameAxis__custom--BancoBACSanJoseSAMember_zex6sWgEFsv5" title="Borrowing amount"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2022-12-31_custom_BancoBACSanJoseSAMember" id="Fact002808" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">1.0</ix:nonFraction></span> million of a U.S. dollar denominated mortgage loan facility of up to $<span id="xdx_907_eifrs-full--NotionalAmount_iI_pn6n6_c20221231__ifrs-full--BorrowingsByNameAxis__custom--BancoBACSanJoseSAMember_zb9tqptrLBh1" title="Mortgage loan"><ix:nonFraction name="ifrs-full:NotionalAmount" contextRef="AsOf2022-12-31_custom_BancoBACSanJoseSAMember" id="Fact002810" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">1.0</ix:nonFraction></span> million with Banco
BAC San Jos&#233;, S.A. for the financing of the renovations in LatAm Bodegas San Joaquin. The loan matures on June 24, 2032. The loan
bears an annual interest rate at the U.S. Prime Rate plus 110 basis points with no minimum interest rate. This loan was refinanced to
Banco Nacional de Costa Rica on April 28, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Banco
Promerica</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 16, 2021, LLP entered into a U.S. dollar denominated mortgage loan of $<span id="xdx_900_eifrs-full--NotionalAmount_iI_pn6n6_c20210816__ifrs-full--BorrowingsByNameAxis__custom--BancoPromericaDeCostaRicaSAMember_zGbcoXFVrYxe" title="Mortgage loan"><ix:nonFraction name="ifrs-full:NotionalAmount" contextRef="AsOf2021-08-16_custom_BancoPromericaDeCostaRicaSAMember" id="Fact002812" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">7.0</ix:nonFraction></span>
million with Banco Promerica de Costa Rica, S.A. for the purchase of a <span id="xdx_90B_eifrs-full--AreaOfLandUsedForAgriculture_iI_usqft_c20210816__ifrs-full--BorrowingsByNameAxis__custom--BancoPromericaDeCostaRicaSAMember_zOI4gTuhppz8" title="Aggregate amount"><ix:nonFraction name="ifrs-full:AreaOfLandUsedForAgriculture" contextRef="AsOf2021-08-16_custom_BancoPromericaDeCostaRicaSAMember" id="Fact002814" format="ixt:numdotdecimal" decimals="INF" unitRef="sqft">118,403</ix:nonFraction></span> </span>square
feet logistic facility located in the Coyol submarket in San Jos&#233;, Costa Rica. The loan has a fifteen-year term. The stated
interest rate is the U.S. Prime Rate plus 475 basis points. This loan was refinanced to Banco Nacional de Costa Rica on April 28,
2023.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Banco
Davivienda</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 6, 2022, the Group negotiated a new interest rate on the Davivienda de Cosa Rica loans 3-month LIBOR plus 475 basis points and
eliminated the interest rate floor, all the other terms and conditions of the loans with Davivienda de Costa Rica remained the same.
A gain of $<span id="xdx_904_ecustom--GainRecognisedInProfitOrLoss_c20220105__20220106__ifrs-full--BorrowingsByNameAxis__custom--BancoDaviviendaCostaRicaSAMember_zzVbkZAcIaWh" title="Gain of debt faclity"><ix:nonFraction name="LPA:GainRecognisedInProfitOrLoss" contextRef="From2022-01-052022-01-06_custom_BancoDaviviendaCostaRicaSAMember" id="Fact002816" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,077,399</ix:nonFraction></span> was recognized as part of modification of this debt facility and is included in financing costs in the consolidated
statements of profit or loss in the year ended December 31, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i></i></span></p>

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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 31, 2022, LLP entered into a U.S. dollar denominated mortgage loan of $<span id="xdx_909_eifrs-full--NotionalAmount_iI_pn5n6_c20220131__ifrs-full--BorrowingsByNameAxis__custom--BancoDaviviendaCostaRicaSAMember_zYcB0MdbKnc1" title="Mortgage loan"><ix:nonFraction name="ifrs-full:NotionalAmount" contextRef="AsOf2022-01-31_custom_BancoDaviviendaCostaRicaSAMember" id="Fact002818" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">2.4</ix:nonFraction></span> million with Banco Davivienda de Costa Rica for the
acquisition of a container parking lot. The loan has a <span id="xdx_90C_ecustom--DebtTerm_dtpxL_c20220130__20220131__ifrs-full--BorrowingsByNameAxis__custom--BancoDaviviendaCostaRicaSAMember_zuzuUfZKQJP1" title="Debt term::XDX::P14Y"><span style="-sec-ix-hidden: xdx2ixbrl2820">fifteen-year</span></span> term. The loan bears an annual interest rate of U.S. Prime Rate plus
175 basis points. As part of the sale of related investment property, the purchaser of the investment property assumed the balance on
the loan on October 31, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Banco
Nacional</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 28, 2023, the Group refinanced all outstanding loans with Banco Davivienda de Costa Rica, Banco Promerica de Costa Rica, S.A. and
all loans except one with BAC Credomatic, S.A., with Banco Nacional de Costa Rica, S.A. A loss of $<span id="xdx_903_eifrs-full--ImpairmentLossRecognisedInProfitOrLoss_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--BancoNacionalDeCostaRicaSAMember_zBdQtQg3QBdl" title="Loss of debt facility"><ix:nonFraction name="ifrs-full:ImpairmentLossRecognisedInProfitOrLoss" contextRef="From2023-01-012023-12-31_custom_BancoNacionalDeCostaRicaSAMember" id="Fact002822" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,555,113</ix:nonFraction></span> was recognized as part of
extinguishment of these debt facilities and is included in financing costs in the condensed consolidated statements of profit or loss
for the year ended December 31, 2023. The Group entered into four U.S. dollar denominated mortgage loans with Banco Nacional de Costa
Rica for an aggregate amount of $<span id="xdx_907_eifrs-full--NotionalAmount_iI_c20230428__ifrs-full--BorrowingsByNameAxis__custom--BancoNacionalDeCostaRicaSAMember_ztpycmWJjM3i" title="Mortgage loan"><ix:nonFraction name="ifrs-full:NotionalAmount" contextRef="AsOf2023-04-28_custom_BancoNacionalDeCostaRicaSAMember" id="Fact002824" format="ixt:numdotdecimal" decimals="0" unitRef="USD">107,353,410</ix:nonFraction></span>. The loans have a twenty-five-year term. The loans bear a fixed annual interest rate for
the first two years and a variable rate thereafter.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 1, 2023, LLP refinanced the debt outstanding with Banco Nacional de Costa Rica, S.A. ($<span id="xdx_90C_eifrs-full--Borrowings_iI_uUSD_c20231101__ifrs-full--BorrowingsByNameAxis__custom--BancoNacionalDeCostaRicaSAMember_zbo3nB1O0jk1" title="Borrowing amount"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2023-11-01_custom_BancoNacionalDeCostaRicaSAMember" id="Fact002826" format="ixt:numdotdecimal" decimals="0" unitRef="USD">7,373,460</ix:nonFraction></span>) with a mortgage loan denominated
in USD with Davivienda de Costa Rica for an aggregate amount of $<span id="xdx_907_eifrs-full--NotionalAmount_iI_c20231101__ifrs-full--BorrowingsByNameAxis__custom--BancoNacionalDeCostaRicaSAMember_zsZpDAfxtGpa" title="Mortgage loan"><ix:nonFraction name="ifrs-full:NotionalAmount" contextRef="AsOf2023-11-01_custom_BancoNacionalDeCostaRicaSAMember" id="Fact002828" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,000,000</ix:nonFraction></span>. The new mortgage loan matures in <span id="xdx_907_ecustom--DebtTerm_dtY_c20231101__20231101__ifrs-full--BorrowingsByNameAxis__custom--BancoNacionalDeCostaRicaSAMember_zEl4OHsqxZwh" title="Debt term"><ix:nonNumeric contextRef="From2023-11-012023-11-01_custom_BancoNacionalDeCostaRicaSAMember" format="ixt-sec:duryear" id="Fact002830" name="LPA:DebtTerm">15</ix:nonNumeric></span> years. <span id="xdx_902_eifrs-full--BorrowingsInterestRateBasis_dtY_c20231101__20231101__ifrs-full--BorrowingsByNameAxis__custom--BancoNacionalDeCostaRicaSAMember_zTRUumabt1rk" title="Interest rate description"><ix:nonNumeric contextRef="From2023-11-012023-11-01_custom_BancoNacionalDeCostaRicaSAMember" id="Fact002832" name="ifrs-full:BorrowingsInterestRateBasis">The loan is subject
to a fixed interest rate of 7.00% in the first year, and a rate of 6-month SOFR plus 2.4% adjustable monthly from the second year onwards</ix:nonNumeric></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>BTG</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 25, 2023 and August 30, 2023, LLP entered into two new line of credit agreement with BTG Pactual Colombia S.A. for COP <span id="xdx_90C_eifrs-full--Borrowings_iI_uCOP_c20230825__ifrs-full--BorrowingsByNameAxis__custom--BTGPactualColombiaSAMember_ziIU2O1eO887" title="Borrowing amount"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2023-08-25_custom_BTGPactualColombiaSAMember" id="Fact002834" format="ixt:numdotdecimal" decimals="0" unitRef="COP">15,000,000,000</ix:nonFraction></span>
and COP <span id="xdx_90F_eifrs-full--Borrowings_iI_uCOP_c20230830__ifrs-full--BorrowingsByNameAxis__custom--BTGPactualColombiaSAMember_zJsynI6BwM5g" title="Borrowing amount"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2023-08-30_custom_BTGPactualColombiaSAMember" id="Fact002836" format="ixt:numdotdecimal" decimals="0" unitRef="COP">10,000,000,000</ix:nonFraction></span>, respectively (approximately $<span id="xdx_902_eifrs-full--Borrowings_iI_uUSD_c20230825__ifrs-full--BorrowingsByNameAxis__custom--BTGPactualColombiaSAMember_zuSgVDtN7wh9" title="Borrowing amount"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2023-08-25_custom_BTGPactualColombiaSAMember" id="Fact002838" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,679,266</ix:nonFraction></span> and $<span id="xdx_900_eifrs-full--Borrowings_iI_uUSD_c20230830__ifrs-full--BorrowingsByNameAxis__custom--BTGPactualColombiaSAMember_za7CLkol3SGj" title="Borrowing amount"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2023-08-30_custom_BTGPactualColombiaSAMember" id="Fact002840" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,433,042</ix:nonFraction></span>, respectively, at the date the transactions were initiated).
Interest is calculated and paid monthly at the rate of a one-month Colombian IBR plus 720 basis points. Principal repayment is due at
maturity, on August 25, 2024 and August 30, 2024, respectively. This debt agreement is guaranteed by the trust established for Latam
Logistic Col Propco Cota 1, where Banco BTG Pactual Colombia S.A is established as a guaranteed creditor, with three underlying properties
defined as guarantees.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>BBVA
Peru</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 19, 2023, the Group entered into a new line of credit agreement with El Banco BBVA Peru for $<span id="xdx_908_eifrs-full--Borrowings_iI_uCOP_c20231019__ifrs-full--BorrowingsByNameAxis__custom--BBVAPeruMember_zjzlGukM5KX7" title="Borrowing amount"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2023-10-19_custom_BBVAPeruMember" id="Fact002842" format="ixt:numdotdecimal" decimals="0" unitRef="COP">2,000,000</ix:nonFraction></span>. The line of credit agreement
has a nominal rate of <span id="xdx_909_ecustom--NominalRatePercent_dp_uPure_c20231018__20231019__ifrs-full--BorrowingsByNameAxis__custom--BBVAPeruMember_zJSSIHbKLD8d" title="Nominal rate percent"><ix:nonFraction name="LPA:NominalRatePercent" contextRef="From2023-10-182023-10-19_custom_BBVAPeruMember" id="Fact002844" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">14.45</ix:nonFraction></span>% fixed and an annual effective rate of <span id="xdx_902_eifrs-full--BorrowingsInterestRate_iI_dp_uPure_c20231019__ifrs-full--BorrowingsByNameAxis__custom--BBVAPeruMember_zYRhVg0vEN9d" title="Interest rate"><ix:nonFraction name="ifrs-full:BorrowingsInterestRate" contextRef="AsOf2023-10-19_custom_BBVAPeruMember" id="Fact002846" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">8.35</ix:nonFraction></span>%. The line of credit agreement matures in <span id="xdx_90C_ecustom--DebtTerm_dtM_c20231018__20231019__ifrs-full--BorrowingsByNameAxis__custom--BBVAPeruMember_zBZWRvi256w6" title="Debt term"><ix:nonNumeric contextRef="From2023-10-182023-10-19_custom_BBVAPeruMember" format="ixt-sec:durmonth" id="Fact002848" name="LPA:DebtTerm">9</ix:nonNumeric></span> months and follows
a monthly repayment schedule. This debt agreement is a senior unsecured loan and is not guaranteed by any of the properties of the Group.
As of the issuance date, the Company has fully drawn the line of credit.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 15, 2023, LLP entered into a mortgage loan with El Banco BBVA Peru for a total of $<span id="xdx_901_eifrs-full--NotionalAmount_iI_c20231215__ifrs-full--BorrowingsByNameAxis__custom--BBVAPeruMember_zhT25KEMwK4d" title="Mortgage loan"><ix:nonFraction name="ifrs-full:NotionalAmount" contextRef="AsOf2023-12-15_custom_BBVAPeruMember" id="Fact002850" format="ixt:numdotdecimal" decimals="0" unitRef="USD">60,000,000</ix:nonFraction></span>. The mortgage loan consists of
two components: Tranche A and Tranche B. The Tranche A totaling $<span id="xdx_903_eifrs-full--NetDebt_iI_c20231215__ifrs-full--BorrowingsByNameAxis__custom--BBVAPeruMember__ifrs-full--RedesignationAxis__custom--TrancheAMember_z2kWxTf8mDM4" title="Debt outstanding"><ix:nonFraction name="ifrs-full:NetDebt" contextRef="AsOf2023-12-15_custom_BBVAPeruMember_custom_TrancheAMember" id="Fact002852" format="ixt:numdotdecimal" decimals="0" unitRef="USD">48,670,000</ix:nonFraction></span> was used to refinance the Group&#8217;s existing debt with
IFC. The Tranche B totaling $<span id="xdx_905_eifrs-full--NetDebt_iI_c20231215__ifrs-full--BorrowingsByNameAxis__custom--BBVAPeruMember__ifrs-full--RedesignationAxis__custom--TrancheBMember_zo356NNyl4z3" title="Debt outstanding"><ix:nonFraction name="ifrs-full:NetDebt" contextRef="AsOf2023-12-15_custom_BBVAPeruMember_custom_TrancheBMember" id="Fact002854" format="ixt:numdotdecimal" decimals="0" unitRef="USD">11,330,000</ix:nonFraction></span> is expected to finance LLP&#8217;s other real estate projects. Tranche A and B will mature in
<span id="xdx_90F_ecustom--DebtTerm_dtM_c20231214__20231215__ifrs-full--BorrowingsByNameAxis__custom--BBVAPeruMember_zMLP1yaHUxIi" title="Debt term"><ix:nonNumeric contextRef="From2023-12-142023-12-15_custom_BBVAPeruMember" format="ixt-sec:durmonth" id="Fact002856" name="LPA:DebtTerm">10</ix:nonNumeric></span> years (with a <span id="xdx_90C_ecustom--PercentageOfBalloonPayment_iI_dp_uPure_c20231215__ifrs-full--BorrowingsByNameAxis__custom--BBVAPeruMember__ifrs-full--RedesignationAxis__custom--TrancheAMember_zEXp8OsSvFe" title="Percentage of balloon payment"><ix:nonFraction name="LPA:PercentageOfBalloonPayment" contextRef="AsOf2023-12-15_custom_BBVAPeruMember_custom_TrancheAMember" id="Fact002858" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">35</ix:nonFraction></span>% balloon payment for Tranche A) and carry a fixed interest rate of <span id="xdx_90A_eifrs-full--BorrowingsInterestRate_iI_dp_uPure_c20231215__ifrs-full--BorrowingsByNameAxis__custom--BBVAPeruMember__ifrs-full--RedesignationAxis__custom--TrancheAMember_zIcgtsRb8uOh" title="Interest rate percent"><ix:nonFraction name="ifrs-full:BorrowingsInterestRate" contextRef="AsOf2023-12-15_custom_BBVAPeruMember_custom_TrancheAMember" id="Fact002860" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">8.5</ix:nonFraction></span>% and <span id="xdx_90E_eifrs-full--BorrowingsInterestRate_iI_dp_uPure_c20231215__ifrs-full--BorrowingsByNameAxis__custom--BBVAPeruMember__ifrs-full--RedesignationAxis__custom--TrancheBMember_zks4xjkNL0mk" title="Interest rate percent"><ix:nonFraction name="ifrs-full:BorrowingsInterestRate" contextRef="AsOf2023-12-15_custom_BBVAPeruMember_custom_TrancheBMember" id="Fact002862" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">8.4</ix:nonFraction></span>%, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>LIBOR
Rate</i></b> &#8211; The Group modified all of its Costa Rican loans from LIBOR rate to SOFR by December 31, 2022. In July 2023, the
Group modified the rate for IFC loans from 6-month LIBOR to 6-month SOFR.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 164; Value: 33 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Long-Term
Debt Maturities </i></b>&#8211; Scheduled principal and interest payments due on the Group&#8217;s debt as of December 31, 2023, are
as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002864" name="LPA:DisclosureOfLongTermDebtMaturitiesExplanatory"><p id="xdx_89F_ecustom--DisclosureOfLongTermDebtMaturitiesExplanatory_zCqpNe3nRCt" style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BB_zBgrk6aRp7Ze">SCHEDULE
OF LONG-TERM DEBT MATURITIES</span></span> </p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td><td id="xdx_492_20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--MortgageLoanMember_zjPsz3rOYcaf" style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td><td id="xdx_49B_20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--SecuredBridgeLoanMember_zQifoKLLz8V5" style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td><td id="xdx_490_20231231_zxU7RkglK87f" style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Mortgage Loan</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Secured Bridge Loan</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Maturity:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="padding-left: 10pt; width: 52%; text-align: left">2024</td><td style="width: 2%">&#160;</td>
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    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right"><ix:nonFraction name="ifrs-full:LongtermBorrowings" contextRef="AsOf2023-12-31_ifrs-full_NotLaterThanOneYearMember" id="Fact002868" format="ixt:numdotdecimal" decimals="0" unitRef="USD">16,703,096</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
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    <td style="padding-left: 10pt; text-align: left">2025</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:LongtermBorrowings" contextRef="AsOf2023-12-31_custom_MortgageLoanMember_ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember" id="Fact002870" format="ixt:numdotdecimal" decimals="0" unitRef="USD">9,569,893</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2871">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:LongtermBorrowings" contextRef="AsOf2023-12-31_ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember" id="Fact002872" format="ixt:numdotdecimal" decimals="0" unitRef="USD">9,569,893</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_eifrs-full--LongtermBorrowings_iI_hifrs-full--MaturityAxis__ifrs-full--LaterThanTwoYearsAndNotLaterThanThreeYearsMember_z8uDN0qduuRd" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">2026</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:LongtermBorrowings" contextRef="AsOf2023-12-31_custom_MortgageLoanMember_ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" id="Fact002874" format="ixt:numdotdecimal" decimals="0" unitRef="USD">10,215,729</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2875">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:LongtermBorrowings" contextRef="AsOf2023-12-31_ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" id="Fact002876" format="ixt:numdotdecimal" decimals="0" unitRef="USD">10,215,729</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_405_eifrs-full--LongtermBorrowings_iI_hifrs-full--MaturityAxis__ifrs-full--LaterThanThreeYearsAndNotLaterThanFourYearsMember_z8vErxCUWNld" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">2027</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:LongtermBorrowings" contextRef="AsOf2023-12-31_custom_MortgageLoanMember_ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember" id="Fact002878" format="ixt:numdotdecimal" decimals="0" unitRef="USD">11,410,890</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2879">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:LongtermBorrowings" contextRef="AsOf2023-12-31_ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember" id="Fact002880" format="ixt:numdotdecimal" decimals="0" unitRef="USD">11,410,890</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_406_eifrs-full--LongtermBorrowings_iI_hifrs-full--MaturityAxis__ifrs-full--LaterThanFourYearsAndNotLaterThanFiveYearsMember_zhfok0VRqQk3" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">2028</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:LongtermBorrowings" contextRef="AsOf2023-12-31_custom_MortgageLoanMember_ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember" id="Fact002882" format="ixt:numdotdecimal" decimals="0" unitRef="USD">11,835,657</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2883">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:LongtermBorrowings" contextRef="AsOf2023-12-31_ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember" id="Fact002884" format="ixt:numdotdecimal" decimals="0" unitRef="USD">11,835,657</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_406_eifrs-full--LongtermBorrowings_iI_hifrs-full--MaturityAxis__ifrs-full--LaterThanFiveYearsMember_zEf5dax0Jtvh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Thereafter</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:LongtermBorrowings" contextRef="AsOf2023-12-31_custom_MortgageLoanMember_ifrs-full_LaterThanFiveYearsMember" id="Fact002886" format="ixt:numdotdecimal" decimals="0" unitRef="USD">211,609,005</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2887">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:LongtermBorrowings" contextRef="AsOf2023-12-31_ifrs-full_LaterThanFiveYearsMember" id="Fact002888" format="ixt:numdotdecimal" decimals="0" unitRef="USD">211,609,005</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_ecustom--AccruedAndDeferredFinancingCost_iNI_di_zYJq3f7F5Dqj" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Accrued and deferred financing cost, net</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2891">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_40F_eifrs-full--LongtermBorrowings_iI_zafHDdkkh9T8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="ifrs-full:LongtermBorrowings" contextRef="AsOf2023-12-31_custom_MortgageLoanMember" id="Fact002894" format="ixt:numdotdecimal" decimals="0" unitRef="USD">263,313,243</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8A2_zZbFK3XY9BY7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; color: red"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; color: red"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Financing
Cost </i></b>&#8211; The following table summarizes the weighted average net effective interest rate by type of financing facility as
of December 31, 2023 and 2022:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002898" name="LPA:DisclosureOfWeightedAverageNetEffectiveInterestRateExplanatory"><p id="xdx_89C_ecustom--DisclosureOfWeightedAverageNetEffectiveInterestRateExplanatory_zlnV14viCKCa" style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B0_zgqVAXivpIsf">SCHEDULE
OF WEIGHTED AVERAGE NET EFFECTIVE INTEREST RATE</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Amount Outstanding</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 44%; text-align: left">Mortgage Loan</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_983_ecustom--WeightedAverageInterestRateOfLoans_iI_pid_dp_uPure_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--MortgageLoanMember_fKDEp_z4ud75z2riVg" title="Weighted average interest rate" style="width: 10%; text-align: right"><ix:nonFraction name="LPA:WeightedAverageInterestRateOfLoans" contextRef="AsOf2023-12-31_custom_MortgageLoanMember" id="Fact002900" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">8.5</ix:nonFraction></td><td style="width: 1%; text-align: left">%</td><td style="width: 2%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Bridge Loan</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_984_ecustom--WeightedAverageInterestRateOfLoans_iI_pid_dp_uPure_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--BridgeLoansMember_fKDEp_zDg8qPA4iF6k" title="Weighted average interest rate" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="LPA:WeightedAverageInterestRateOfLoans" contextRef="AsOf2023-12-31_custom_BridgeLoansMember" id="Fact002908" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">20.2</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">%</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_981_ecustom--WeightedAverageInterestRateOfLoans_iI_pid_dp_uPure_c20231231_fKDEp_zxYq78ODInqa" title="Weighted average interest rate" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="LPA:WeightedAverageInterestRateOfLoans" contextRef="AsOf2023-12-31" id="Fact002916" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">8.8</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt">&#160;</td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_980_ecustom--WeightedAverageInterestRateOfLoans_iI_pid_dp_uPure_c20221231_fKDEp_zcVtq0wZcnp3" title="Weighted average interest rate" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="LPA:WeightedAverageInterestRateOfLoans" contextRef="AsOf2022-12-31" id="Fact002920" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">9.3</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt">&#160;</td>
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  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
  <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b id="xdx_F0C_zsbMVsEtGfj2">(1)</b></span></td>
  <td style="text-align: justify"><span id="xdx_F1B_zmgMcoLRVisb" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote002923" xml:lang="en-US">The interest rate presented represent the effective interest
rate (including debt issuance costs) at the end of the year for the debt outstanding.</ix:footnote></span></td></tr>
</table>


</ix:nonNumeric><p id="xdx_8A4_zOmTTgyPUGP" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002925" name="LPA:DisclosureOfComponentsOfFinancingCostExplanatory"><p id="xdx_899_ecustom--DisclosureOfComponentsOfFinancingCostExplanatory_zPFXIz2iPfD3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the components of financing cost including the deferred financial cost amortization for the year ended December
31, 2023, 2022 and 2021:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B9_zm11eC3Ey0ad">SCHEDULE
OF COMPONENTS OF FINANCING COST</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td><td id="xdx_49F_20230101__20231231_zcH4OfH7nh97" style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td><td id="xdx_499_20220101__20221231_zVX5vgPwDgui" style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td><td id="xdx_49F_20210101__20211231_zpg99eJSmS4k" style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td></tr>
  <tr id="xdx_40B_eifrs-full--InterestExpense_maFCBCzSzG_z3nggYUoPWxc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right"><ix:nonFraction name="ifrs-full:InterestExpense" contextRef="From2023-01-01to2023-12-31" id="Fact002927" format="ixt:numdotdecimal" decimals="0" unitRef="USD">22,557,977</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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  <tr id="xdx_40F_ecustom--GrossCommitmentFees_maFCBCzSzG_zce5tj39M6Hi" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_40A_ecustom--AmortizationOfDebtIssuanceCost_maFCBCzSzG_zQfcE6HXU1of" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_404_ecustom--DebtModificationGain_iN_di_msFCBCzSzG_zr8eFJEaZWGa" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_40F_ecustom--LossOnExtinguishmentOfDebt_maFCBCzSzG_z3mcsdc3XMO7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Debt extinguishment loss</td><td>&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="LPA:OtherExpenseRelatedToFinancingCost" contextRef="From2023-01-01to2023-12-31" id="Fact002947" format="ixt:numdotdecimal" decimals="0" unitRef="USD">593,623</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="color: #1F2123; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; color: #1F2123; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; color: #1F2123; text-align: right"><ix:nonFraction name="LPA:OtherExpenseRelatedToFinancingCost" contextRef="From2022-01-012022-12-31" id="Fact002948" format="ixt:numdotdecimal" decimals="0" unitRef="USD">112,542</ix:nonFraction></td><td style="padding-bottom: 1.5pt; color: #1F2123; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="LPA:OtherExpenseRelatedToFinancingCost" contextRef="From2021-01-012021-12-31" id="Fact002949" format="ixt:numdotdecimal" decimals="0" unitRef="USD">238,740</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_406_ecustom--FinanceCostsBeforeCapitalization_iT_mtFCBCzSzG_maFCzIqR_zobAezKf1ly3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Total financing cost before capitalization</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="LPA:FinanceCostsBeforeCapitalization" contextRef="From2023-01-01to2023-12-31" id="Fact002951" format="ixt:numdotdecimal" decimals="0" unitRef="USD">31,710,614</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="LPA:FinanceCostsBeforeCapitalization" contextRef="From2021-01-012021-12-31" id="Fact002953" format="ixt:numdotdecimal" decimals="0" unitRef="USD">10,690,249</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_403_ecustom--CapitalizedAmountsIntoInvestmentProperties_msFCzIqR_zxHIwl2ZNzX3" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Capitalized amounts into investment properties</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="LPA:CapitalizedAmountsIntoInvestmentProperties" contextRef="From2023-01-01to2023-12-31" id="Fact002955" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">599,550</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="LPA:CapitalizedAmountsIntoInvestmentProperties" contextRef="From2022-01-012022-12-31" id="Fact002956" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,454,262</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="LPA:CapitalizedAmountsIntoInvestmentProperties" contextRef="From2021-01-012021-12-31" id="Fact002957" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">890,691</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_409_eifrs-full--FinanceCosts_iT_mtFCzIqR_zWw8to07NXNd" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">Net financing cost</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="ifrs-full:FinanceCosts" contextRef="From2023-01-01to2023-12-31" id="Fact002959" format="ixt:numdotdecimal" decimals="0" unitRef="USD">31,111,064</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="ifrs-full:FinanceCosts" contextRef="From2022-01-012022-12-31" id="Fact002960" format="ixt:numdotdecimal" decimals="0" unitRef="USD">11,766,726</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="ifrs-full:FinanceCosts" contextRef="From2021-01-012021-12-31" id="Fact002961" format="ixt:numdotdecimal" decimals="0" unitRef="USD">9,799,558</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_ecustom--PaymentsForInterestAndCommitmentFee_iT_zMFdwOVpxiN7" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt">Total cash paid for interest and commitment fees</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="LPA:PaymentsForInterestAndCommitmentFee" contextRef="From2023-01-01to2023-12-31" id="Fact002963" format="ixt:numdotdecimal" decimals="0" unitRef="USD">24,862,976</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="LPA:PaymentsForInterestAndCommitmentFee" contextRef="From2022-01-012022-12-31" id="Fact002964" format="ixt:numdotdecimal" decimals="0" unitRef="USD">14,505,955</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="LPA:PaymentsForInterestAndCommitmentFee" contextRef="From2021-01-012021-12-31" id="Fact002965" format="ixt:numdotdecimal" decimals="0" unitRef="USD">9,391,336</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A1_ziHTJ98o11t4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Debt
Reconciliation </i></b>&#8211; The reconciliation of long term debt as of December 31, 2023 and 2022 were as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002967" name="LPA:DisclosureOfReconciliationOfLongTermDebtExplanatory"><p id="xdx_89D_ecustom--DisclosureOfReconciliationOfLongTermDebtExplanatory_z4ObyQRylnkd" style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt"><span id="xdx_8B2_zlTKJQ8Mw6yl">SCHEDULE OF RECONCILIATION OF LONG TERM DEBT</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto">
  <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: center">&#160;</td><td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td><td id="xdx_49B_20230101__20231231_zFI7NYMET6ge" style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td><td id="xdx_49E_20220101__20221231_z8c4BTbCu0Vf" style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr id="xdx_406_eifrs-full--LongtermBorrowings_iS_zJUhVuvvEik2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left">Beginning balance</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><ix:nonFraction name="ifrs-full:LongtermBorrowings" contextRef="AsOf2022-12-31" id="Fact002969" format="ixt:numdotdecimal" decimals="0" unitRef="USD">209,326,775</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><ix:nonFraction name="ifrs-full:LongtermBorrowings" contextRef="AsOf2021-12-31" id="Fact002970" format="ixt:numdotdecimal" decimals="0" unitRef="USD">188,719,114</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_404_ecustom--SecuredBankDebtBorrowings_zoom1hSjXknj" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Secured bank debt borrowings</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="LPA:SecuredBankDebtBorrowings" contextRef="From2023-01-01to2023-12-31" id="Fact002972" format="ixt:numdotdecimal" decimals="0" unitRef="USD">199,135,651</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="LPA:SecuredBankDebtBorrowings" contextRef="From2022-01-012022-12-31" id="Fact002973" format="ixt:numdotdecimal" decimals="0" unitRef="USD">44,217,867</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_ecustom--BridgeLoanBorrowings_z0QdStvDuir" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Bridge loan borrowings</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="LPA:BridgeLoanBorrowings" contextRef="From2023-01-01to2023-12-31" id="Fact002975" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,540,992</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2976">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_ecustom--RepaymentsOfSecuredBankDebt_z0aX0fqKjQSk" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Secured bank debt repayments</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="LPA:RepaymentsOfSecuredBankDebt" contextRef="From2023-01-01to2023-12-31" id="Fact002978" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">152,416,321</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="LPA:RepaymentsOfSecuredBankDebt" contextRef="From2022-01-012022-12-31" id="Fact002979" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">13,335,183</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_400_ecustom--RepaymentsOfBridgeLoan_zqim1cU7a8Fi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Bridge loan repayments</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="LPA:RepaymentsOfBridgeLoan" contextRef="From2023-01-01to2023-12-31" id="Fact002981" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">66,040</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2982">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_ecustom--LongTermAccruedInterest_ziAqejXLT7s" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Long&#8212;term accrued interest</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2984">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="LPA:LongTermAccruedInterest" contextRef="From2022-01-012022-12-31" id="Fact002985" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">9,733</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_400_eifrs-full--PaymentsForDebtIssueCosts_iN_di_zLgSEDaTJiq3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Debt issuance cost</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:PaymentsForDebtIssueCosts" contextRef="From2023-01-01to2023-12-31" id="Fact002987" format="ixt:numdotdecimal" decimals="0" unitRef="USD">814,661</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:PaymentsForDebtIssueCosts" contextRef="From2022-01-012022-12-31" id="Fact002988" format="ixt:numdotdecimal" decimals="0" unitRef="USD">41,550</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40E_ecustom--DeferredFinancingCostAmortization_zeZAfar5URma" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Deferred financing cost amortization</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="LPA:DeferredFinancingCostAmortization" contextRef="From2023-01-01to2023-12-31" id="Fact002990" format="ixt:numdotdecimal" decimals="0" unitRef="USD">184,423</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="LPA:DeferredFinancingCostAmortization" contextRef="From2022-01-012022-12-31" id="Fact002991" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,037,824</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_405_ecustom--LossOnExtinguishmentOfDebt_zSeBeSG8xnWd" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Debt extinguishment loss</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="LPA:LossOnExtinguishmentOfDebt" contextRef="From2023-01-01to2023-12-31" id="Fact002993" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,370,997</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2994">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_406_ecustom--DebtModificationGain_iN_di_zEr4l3s9SMZb" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Debt modification gain</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="LPA:DebtModificationGain" contextRef="From2023-01-01to2023-12-31" id="Fact002996" format="ixt:numdotdecimal" decimals="0" unitRef="USD">143,630</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="LPA:DebtModificationGain" contextRef="From2022-01-012022-12-31" id="Fact002997" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,775,054</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_409_ecustom--ForeignCurrencyTranslationEffect_zKBBDFnswCD7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Foreign currency translation effect</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="LPA:ForeignCurrencyTranslationEffect" contextRef="From2023-01-01to2023-12-31" id="Fact002999" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">263,951</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="LPA:ForeignCurrencyTranslationEffect" contextRef="From2022-01-012022-12-31" id="Fact003000" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">7,486,510</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_40C_eifrs-full--LongtermBorrowings_iE_z9tukc5V3hp5" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt">Ending balance</td><td style="padding-bottom: 2.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8A3_zrndCz1aZogh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<ix:exclude><!-- Field: Page; Sequence: 165; Value: 33 -->
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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent that the Group borrows funds specifically for the purpose of obtaining a qualifying asset, the Group determined the amount
of debt issuance costs eligible for capitalization. Debt issuance costs incurred of ($<span id="xdx_902_eifrs-full--PaymentsForDebtIssueCosts_c20230101__20231231_znSnAfrOMbUb" title="Debt issuance costs"><ix:nonFraction name="ifrs-full:PaymentsForDebtIssueCosts" contextRef="From2023-01-01to2023-12-31" id="Fact003005" format="ixt:numdotdecimal" decimals="0" unitRef="USD">814,661</ix:nonFraction></span>), ($<span id="xdx_90E_eifrs-full--PaymentsForDebtIssueCosts_c20220101__20221231_zELqq3SZh9lg" title="Debt issuance costs"><ix:nonFraction name="ifrs-full:PaymentsForDebtIssueCosts" contextRef="From2022-01-012022-12-31" id="Fact003007" format="ixt:numdotdecimal" decimals="0" unitRef="USD">41,550</ix:nonFraction></span>) and ($<span id="xdx_900_eifrs-full--PaymentsForDebtIssueCosts_c20210101__20211231_zjP72nWJIkl9" title="Debt issuance costs"><ix:nonFraction name="ifrs-full:PaymentsForDebtIssueCosts" contextRef="From2021-01-012021-12-31" id="Fact003009" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,070,987</ix:nonFraction></span>) for the years
ended December 31, 2023, 2022 and 2021, respectively, were capitalized.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Financial
Debt Covenants </i></b>&#8211; The loans described above are subject to certain affirmative covenants, including, among others, (i) reporting
of financial information; and (ii) maintenance of corporate existence, the sec urity interest in the properties subject to the loan and
appropriate insurance for such properties; and (iii) maintenance of certain financial ratios. In addition, the loans are subject to certain
negative covenants that restrict Latam Logistic Properties ability to, among other matters, incurs in additional indebtedness under or
create additional liens on the properties subject to the loans, change its corporate structure, make certain restricted payments, enter
into certain transactions with affiliates, amend certain material contracts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
loans contain, among others, the following events of default: (i) non-payment; (ii) false representations; (iii) failure to comply with
covenants; (iv) inability to generally pay debts as they become due; (v) any bankruptcy or insolvency event; (vi) disposition of the
subject properties; or (vii) change of control of the subject properties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, the group was compliant with, or otherwise had waivers for all debt covenants with its lenders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2022, the Group was not in compliance with certain debt covenants set forth in its loan agreements with Banco Davivienda,
Bancolombia and ITA&#218;. Since the liabilities were payable on demand as of December 31, 2022, and the Group did not have the right
to defer its settlement for at least twelve months after that date, the Group reclassified the debt balance with Banco Davivienda, Bancolombia
and ITA&#218; totaling $<span id="xdx_90A_eifrs-full--OtherBorrowings_iI_c20221231_zyZpJ4ohcN4g" title="Other borrowings"><ix:nonFraction name="ifrs-full:OtherBorrowings" contextRef="AsOf2022-12-31" id="Fact003011" format="ixt:numdotdecimal" decimals="0" unitRef="USD">87,366,478</ix:nonFraction></span> to be current liabilities as of December 31, 2022. The Group received the waivers for the requirement
to comply with the Banco Davivienda and Bancolombia financial covenants on February 17, 2023 and September 25, 2023, respectively. In
April, 2023 the Group refinanced its Banco Davivienda debt, thereby relieving any covenant requirement with that lender. The Bancolombia
waiver was effective through December 31, 2023 and ratio compliance testing will next be applicable for this loan in June, 2024. The
Group was in compliance with all the other debt covenants as of December 31, 2022.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact003013" name="ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory"><p id="xdx_801_eifrs-full--DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory_zMeNWYU0UGq5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>17.
<span id="xdx_824_zaKqkSyEmd72">EQUITY</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Latam
Logistic Properties, S.A. shareholders authorized a single class of common stock of <span id="xdx_908_eifrs-full--NumberOfSharesAuthorised_iI_c20231231_z5sTgnON5pqk" title="Shares authorized"><span id="xdx_900_eifrs-full--NumberOfSharesAuthorised_iI_c20221231_zKCMgGHbADUb" title="Shares authorized"><ix:nonFraction name="ifrs-full:NumberOfSharesAuthorised" contextRef="AsOf2023-12-31" id="Fact003015" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="ifrs-full:NumberOfSharesAuthorised" contextRef="AsOf2022-12-31" id="Fact003017" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">300,000,000</ix:nonFraction></ix:nonFraction></span></span> shares from which <span id="xdx_904_eifrs-full--NumberOfSharesIssuedAndFullyPaid_iI_c20231231_zWqnV73Ogy2h" title="Shares issued and fully paid"><span id="xdx_901_eifrs-full--NumberOfSharesIssuedAndFullyPaid_iI_c20221231_z9wxN0iXNU15" title="Shares issued and fully paid"><ix:nonFraction name="ifrs-full:NumberOfSharesIssuedAndFullyPaid" contextRef="AsOf2023-12-31" id="Fact003019" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="ifrs-full:NumberOfSharesIssuedAndFullyPaid" contextRef="AsOf2022-12-31" id="Fact003021" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">168,142,740</ix:nonFraction></ix:nonFraction></span></span> shares
were issued and fully paid with a nominal (par) value of $<span id="xdx_907_eifrs-full--ParValuePerShare_iI_c20231231_zxfVsjHs01Id" title="Nominal value"><span id="xdx_909_eifrs-full--ParValuePerShare_iI_c20221231_zwxQLi00l1ah" title="Nominal value"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2023-12-31" id="Fact003023" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2022-12-31" id="Fact003025" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.00</ix:nonFraction></ix:nonFraction></span></span> per share as of December 31, 2023 and 2022. Refer to Note 1 for more information
on the corporate conversation that occurred on January 13, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
shares are equally eligible to receive dividends and the repayment of capital and represent one vote at shareholders&#8217; meetings
of Latam Logistic Properties, S.A.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2023, 2022 and 2021 non-controlling partners have made capital contribution to the Group of $<span id="xdx_907_eifrs-full--ProceedsFromContributionsOfNoncontrollingInterests_c20230101__20231231_zxPZNIihsQsa" title="Capital contributions from non-controlling partners"><ix:nonFraction name="ifrs-full:ProceedsFromContributionsOfNoncontrollingInterests" contextRef="From2023-01-01to2023-12-31" id="Fact003027" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,870,314</ix:nonFraction></span>,
$<span id="xdx_90B_eifrs-full--ProceedsFromContributionsOfNoncontrollingInterests_c20220101__20221231_zh1wqPi7zz2f" title="Capital contributions from non-controlling partners"><ix:nonFraction name="ifrs-full:ProceedsFromContributionsOfNoncontrollingInterests" contextRef="From2022-01-012022-12-31" id="Fact003029" format="ixt:numdotdecimal" decimals="0" unitRef="USD">700,000</ix:nonFraction></span> and $<span id="xdx_909_eifrs-full--ProceedsFromContributionsOfNoncontrollingInterests_c20210101__20211231_z1JtnYXtNgyk" title="Capital contributions from non-controlling partners"><ix:nonFraction name="ifrs-full:ProceedsFromContributionsOfNoncontrollingInterests" contextRef="From2021-01-012021-12-31" id="Fact003031" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,084,160</ix:nonFraction></span> respectively, and the Group made distributions to the non-controlling partners of $<span id="xdx_90E_eifrs-full--DividendsPaidToNoncontrollingInterests_c20230101__20231231_zDTM7kz5ER38" title="Distributions to the non-controlling partners"><ix:nonFraction name="ifrs-full:DividendsPaidToNoncontrollingInterests" contextRef="From2023-01-01to2023-12-31" id="Fact003033" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,522,936</ix:nonFraction></span>, $<span id="xdx_903_eifrs-full--DividendsPaidToNoncontrollingInterests_c20220101__20221231_z14xUZx9EA9l" title="Distributions to the non-controlling partners"><ix:nonFraction name="ifrs-full:DividendsPaidToNoncontrollingInterests" contextRef="From2022-01-012022-12-31" id="Fact003035" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,067,803</ix:nonFraction></span> and
$<span id="xdx_900_eifrs-full--DividendsPaidToNoncontrollingInterests_c20210101__20211231_zm95vwRn3X7l" title="Distributions to the non-controlling partners"><ix:nonFraction name="ifrs-full:DividendsPaidToNoncontrollingInterests" contextRef="From2021-01-012021-12-31" id="Fact003037" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,024,747</ix:nonFraction></span>, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Retained
earnings consist of legal reserves and accumulated earnings. According to the legislation in effect in several countries in which the
Group operates, the Group&#8217;s subsidiaries must appropriate a portion of each year&#8217;s net earnings to their respective legal
reserve. The legal reserve amount varies by jurisdiction and ranges from <span id="xdx_901_ecustom--LegalReserveAmountPercentage_pid_dp_uPure_c20230101__20231231__ifrs-full--RangeAxis__ifrs-full--BottomOfRangeMember_zp9ZG1Uyz0ca" title="Legal reserve amount percentage"><ix:nonFraction name="LPA:LegalReserveAmountPercentage" contextRef="From2023-01-012023-12-31_ifrs-full_BottomOfRangeMember16056125" id="Fact003039" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5</ix:nonFraction>%</span> to <span id="xdx_90D_ecustom--LegalReserveAmountPercentage_pid_dp_uPure_c20230101__20231231__ifrs-full--RangeAxis__ifrs-full--TopOfRangeMember_zJI8NVnEmN83" title="Legal reserve amount percentage"><ix:nonFraction name="LPA:LegalReserveAmountPercentage" contextRef="From2023-01-012023-12-31_ifrs-full_TopOfRangeMember16056156" id="Fact003041" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction>%</span> of the net earnings generated by operating entities,
up to a cap of <span id="xdx_907_ecustom--NetEarningsPercentage_pid_dp_uPure_c20230101__20231231__ifrs-full--RangeAxis__ifrs-full--BottomOfRangeMember_zeWTCSyuo4le" title="Net earnings percentage"><ix:nonFraction name="LPA:NetEarningsPercentage" contextRef="From2023-01-012023-12-31_ifrs-full_BottomOfRangeMember16056125" id="Fact003043" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction>%</span> to <span id="xdx_90C_ecustom--NetEarningsPercentage_pid_dp_uPure_c20230101__20231231__ifrs-full--RangeAxis__ifrs-full--TopOfRangeMember_zo8jQhSCtcla" title="Net earnings percentage"><ix:nonFraction name="LPA:NetEarningsPercentage" contextRef="From2023-01-012023-12-31_ifrs-full_TopOfRangeMember16056156" id="Fact003045" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">50</ix:nonFraction>%</span> of that entity&#8217;s capital stock.</span></p>
<!-- Field: Split-Segment; Name: 001 -->
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:exclude><!-- Field: Page; Sequence: 166; Value: 33 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->51<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact003047" name="ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory"><p id="xdx_801_eifrs-full--DisclosureOfNoncontrollingInterestsExplanatory_zAYzTXtCFsU7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>18.
<span id="xdx_829_zUGEk9r4mxOj">NON&#8212;CONTROLLING INTERESTS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
September 2018, the Group entered in a real estate partnership for the development of Latam Parque Logistico Coyol II in Costa Rica.
The partnership includes two entities that the Group consolidates but does not own <span id="xdx_90F_ecustom--ProportionOfOwnershipInterestsNotOwnByEntities_pid_dp_uPure_c20180901__20180930__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TwoPartnershipEntitiesMember_zg4jBLID6LC7" title="Percentage of interest not own"><ix:nonFraction name="LPA:ProportionOfOwnershipInterestsNotOwnByEntities" contextRef="From2018-09-012018-09-30_custom_TwoPartnershipEntitiesMember" id="Fact003049" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% of the equity (Latam Propco El Coyol Dos S de
R.L. and Latam Logistic Pan Holdco El Coyol II S de R.L., collectively, &#8220;Latam Parque Logistico Coyol II&#8221;). The Group reports
a non-controlling interest in relation to this partnership. The Group has complete responsibility, authority and discretion in key decision
activities management of the partnership. The Group, through its position of Directing Partner, is responsible for the operations of
the Latam Parque Logistico Coyol II and has the existing rights and ability to direct the relevant activities of the entities, indicating
the Group&#8217;s power over the non-controlling investee.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
December 2020, the Group entered in a real estate partnership for the development of Latam Parque Logistico San Jose in Costa Rica. The
partnership includes three entities that the Group consolidates but does not own <span id="xdx_90F_ecustom--ProportionOfOwnershipInterestsNotOwnByEntities_pid_dp_uPure_c20201201__20201231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--ThreePartnershipEntitiesMember_zjqXE9LrlhIi" title="Percentage of interest not own"><ix:nonFraction name="LPA:ProportionOfOwnershipInterestsNotOwnByEntities" contextRef="From2020-12-012020-12-31_custom_ThreePartnershipEntitiesMember" id="Fact003051" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% of the equity (Latam Logistic Pan Holdco Verbena
I S de R.L., Latam Logistic Pan Holdco Verbena II S, S.R.L., and 3101784433, S.R.L., collectively, &#8220;Latam Parque Logistico San
Jos&#233; &#8212; Verbena&#8221;). The Group reports a non-controlling interest in relation to this partnership. The Group has complete
responsibility, authority and discretion in the day-to-day management of the partnership. Through its position as Managing Partner, the
Group is responsible for the daily operations of Latam Parque Logistico San Jos&#233; &#8212; Verbena without prior approval of the
other managers and equity holders, and has the existing rights and ability to direct the relevant activities of the entities, indicating
the Group&#8217;s power over the non-controlling investees.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
March 2021, the Group entered into a real estate partnership with Capia Sociedad Administradora de Fondos de Inversion, S.A., through
its investment fund Capia Radix Fondo de Inversion (Capia Radix) (together as &#8220;CAPIA&#8221;), an investment fund managed by CAPIA
for the development of Parque Log&#237;stico Callao located in the submarket of Callao in Lima, Peru within the Jorge Chavez International
Lima Airport land concession. Parque Log&#237;stico Callao will be developed in four phases of a building per phase. The partnership
includes one entity that the Group consolidates but does not own <span id="xdx_901_ecustom--ProportionOfOwnershipInterestsNotOwnByEntities_pid_dp_uPure_c20210301__20210331__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--OnePartnershipEntityMember_zP7UPSTl5MEe" title="Percentage of interest not own"><ix:nonFraction name="LPA:ProportionOfOwnershipInterestsNotOwnByEntities" contextRef="From2021-03-012021-03-31_custom_OnePartnershipEntityMember" id="Fact003053" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% of its equity (Parque Log&#237;stico Callao, S.R.L., &#8220;Parque
Log&#237;stico Callao&#8221;). <span id="xdx_90E_ecustom--DescriptionOfGroupParticipationInPartnershipEntity_c20210301__20210331__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--OnePartnershipEntityMember_zFifpbGRfKNf" title="Description of group participation in partnership entity"><ix:nonNumeric contextRef="From2021-03-012021-03-31_custom_OnePartnershipEntityMember" id="Fact003055" name="LPA:DescriptionOfGroupParticipationInPartnershipEntity">According to the initial terms of the partnership agreement, the Group participation in the partnership
entity will be of 50% during the construction of the first two phases with a dilution in the construction of the remaining two phases
for a total participation of 33% at the end of the fourth phase.</ix:nonNumeric></span> On November 24, 2023, both partners agreed to modify the ownership interest,
whereas CAPIA became owner of <span id="xdx_900_eifrs-full--ProportionOfOwnershipInterestsHeldByNoncontrollingInterests_pid_dp_uPure_c20231124__20231124__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--CapiaRadixFondodeInversionMember_ziV6JMtBF4Na" title="Ownership interest percentage"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" contextRef="From2023-11-242023-11-24_custom_CapiaRadixFondodeInversionMember" id="Fact003057" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">60</ix:nonFraction></span>% of the shares of the Partnership and LLP&#8217;s interest was decreased to <span id="xdx_903_ecustom--ProportionOfOwnershipInterestsDecreasePercentage_pid_dp_uPure_c20231124__20231124__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--CapiaRadixFondodeInversionMember_zTWp10y8eSje" title="Ownership interest decreased percent"><ix:nonFraction name="LPA:ProportionOfOwnershipInterestsDecreasePercentage" contextRef="From2023-11-242023-11-24_custom_CapiaRadixFondodeInversionMember" id="Fact003059" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">40</ix:nonFraction></span>%, which was supported
by an additional capital contribution from CAPIA to the Partnership, effective as of the date of the agreement. The Group reports a non-controlling
interest in relation to this partnership. The Group has complete responsibility, authority and discretion in the day-to-day management
of the partnership. The Group, through the position of General Manager, is responsible for the daily operations of the Parque Log&#237;stico
Callao, and has the existing rights and ability to direct the relevant activities of the entity, indicating the Group&#8217;s power over
the non-controlling investee.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 17, 2021, the Group entered into a real estate partnership for the acquisition of LatAm Lagunilla Industrial Park in Costa
Rica. The partnership includes two entities that the Group consolidates but do not own <span id="xdx_906_ecustom--ProportionOfOwnershipInterestsNotOwnByEntities_pid_dp_uPure_c20210917__20210917__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TwoPartnershipEntitiesMember_zpdQ7pfXxgMc" title="Percentage of interest not own"><ix:nonFraction name="LPA:ProportionOfOwnershipInterestsNotOwnByEntities" contextRef="From2021-09-172021-09-17_custom_TwoPartnershipEntitiesMember" id="Fact003061" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% of the equity (Latam Logistic Pan Holdco
Lagunilla I, S.R.L., and Latam Logistic Propco Lagunilla I S de R.L., collectively, &#8220;Latam Lagunilla Industrial Park&#8221;). The
Group reports a non-controlling interest in relation to this partnership. The Group has complete responsibility, authority and discretion
in the day-to-day management of the partnership, and it has the ability to direct the relevant activities of Latam Lagunilla Industrial
Park, indicating the Group&#8217;s power over the non-controlling investee. On October 31, 2022, the Group sold its interest in the real
estate partnership to the non-controlling investee and recognized a loss of $<span id="xdx_90C_eifrs-full--LossesOnDisposalsOfInvestmentProperties_c20220101__20221231_zjb4MEx68mOe" title="Loss on sale of investment properties"><ix:nonFraction name="ifrs-full:LossesOnDisposalsOfInvestmentProperties" contextRef="From2022-01-012022-12-31" id="Fact003063" format="ixt:numdotdecimal" decimals="0" unitRef="USD">486,863</ix:nonFraction></span> in the loss on sale of investment properties in
the consolidated statements of profit or loss for the year ended December 31, 2022. As of December 31, 2022, the two entities within
Latam Lagunilla Industrial Park were no longer consolidated within the Group&#8217;s consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact003065" name="LPA:DisclosureOfOwnershipsPercentageandNoncontrollingInterestsExplanatory"><p id="xdx_898_ecustom--DisclosureOfOwnershipsPercentageandNoncontrollingInterestsExplanatory_zGWl170KDfP9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the Group ownerships percentage and NCI as of December 31, 2023 and 2022. Each NCI partnership in the following
table corresponds to multiple entities in Note 2 (e).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 28.1pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B5_zrDPGsmqoFac" style="display: none">SCHEDULE OF GROUP OWNERSHIPS PERCENTAGE AND NON CONTROLLING INTERESTS</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 28.1pt; text-align: justify"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    Parque Logistico Coyol II</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Latam
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_985_eifrs-full--NoncontrollingInterests_iI_c20221231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--LatamParqueLogisticoSanJoseVerbenaMember_zNKnWR8nPeW4" title="Non-controlling interests" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:NoncontrollingInterests" contextRef="AsOf2022-12-31_custom_LatamParqueLogisticoSanJoseVerbenaMember" id="Fact003085" format="ixt:numdotdecimal" decimals="0" unitRef="USD">23,567,619</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Parque
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_984_eifrs-full--NoncontrollingInterests_iI_c20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--ParqueLogisticoCallaoMember_zWmsTO6DL5U3" title="Non-controlling interests" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:NoncontrollingInterests" contextRef="AsOf2023-12-31_custom_ParqueLogisticoCallaoMember" id="Fact003093" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,827,257</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98B_eifrs-full--NoncontrollingInterests_iI_c20221231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--ParqueLogisticoCallaoMember_zTg4DM4Ihkxk" title="Non-controlling interests" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:NoncontrollingInterests" contextRef="AsOf2022-12-31_custom_ParqueLogisticoCallaoMember" id="Fact003095" format="ixt:numdotdecimal" decimals="0" unitRef="USD">799,748</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td id="xdx_98D_eifrs-full--NoncontrollingInterests_iI_c20231231_zzF8HQdzFMQa" title="Non-controlling interests" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:NoncontrollingInterests" contextRef="AsOf2023-12-31" id="Fact003097" format="ixt:numdotdecimal" decimals="0" unitRef="USD">38,616,515</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td id="xdx_983_eifrs-full--NoncontrollingInterests_iI_c20221231_z13wgIuTrTvf" title="Non-controlling interests" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:NoncontrollingInterests" contextRef="AsOf2022-12-31" id="Fact003099" format="ixt:numdotdecimal" decimals="0" unitRef="USD">33,252,465</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 28.1pt; text-align: justify"></p>

</ix:nonNumeric><p id="xdx_8A1_zK6Fwb5TXYll" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact003101" name="ifrs-full:DisclosureOfInterestsInSubsidiariesExplanatory"><p id="xdx_897_eifrs-full--DisclosureOfInterestsInSubsidiariesExplanatory_zd3JDoBGffk7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the years ended December 31, 2023 and 2022, the partnership entities paid distribution to the NCI partners as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B4_z6pEEKoP8h79" style="display: none">SCHEDULE OF PARTNERSHIP ENTITIES PAID DISTRIBUTION TO NON-CONTROLLING INVESTEE PARTNERS</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:DividendsPaidToNoncontrollingInterests" contextRef="From2021-01-012021-12-31_custom_LatamParqueLogisticoCoyolIIMember" id="Fact003105" format="ixt:numdotdecimal" decimals="0" unitRef="USD">250,000</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40E_eifrs-full--DividendsPaidToNoncontrollingInterests_hifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--LatamParqueLogisticoSanJoseVerbenaMember_zaojSDVhFZX9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Latam
    Parque Log&#237;stico San Jos&#233; &#8212;Verbena</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:DividendsPaidToNoncontrollingInterests" contextRef="From2023-01-012023-12-31_custom_LatamParqueLogisticoSanJoseVerbenaMember" id="Fact003107" format="ixt:numdotdecimal" decimals="0" unitRef="USD">847,882</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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</ix:nonNumeric><p id="xdx_8AF_z3FvFXDc0u7c" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 28.1pt; text-align: justify"></p>


<ix:exclude><!-- Field: Page; Sequence: 167; Options: NewSection; Value: 52 -->
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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact003119" name="LPA:DisclosureOfDetailedInformationAboutNonControllingPartnershipEntitiesBalanceSheetExplanatory"><p id="xdx_89D_ecustom--DisclosureOfDetailedInformationAboutNonControllingPartnershipEntitiesBalanceSheetExplanatory_zcGfJmd89jMh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Summarized
financial information of non-controlling partnership entities&#8217; total assets and total liabilities as of December 31, 2023 and 2022
was as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B1_zuTUd88rIlG3" style="display: none">SCHEDULE OF NON-CONTROLLING PARTNERSHIP ENTITIES TOTAL ASSETS AND TOTAL LIABILITIES</span></p>

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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_407_eifrs-full--EquityAndLiabilitiesAbstract_iB_zm6ACKYn9LL6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LIABILITIES
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_405_eifrs-full--CurrentLiabilitiesAbstract_i01B_zg52hBz53CWd" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CURRENT
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:TradeAndOtherCurrentPayables" contextRef="AsOf2023-12-31_custom_LatamParqueLogisticoSanJoseVerbenaMember" id="Fact003186" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,027,672</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_40E_ecustom--DepositsForSaleOfAssetsCurrent_i02I_maLzqdE_zF0X15zz7d7a" style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deposits
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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  <tr id="xdx_40C_eifrs-full--Liabilities_i01TI_mtLzqdE_zx6OhH8Jsbr2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40C_eifrs-full--EquityAbstract_iB_zjSmTqRcux28" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EQUITY:</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_403_eifrs-full--EquityAttributableToOwnersOfParent_i01I_z38J4tPRH42k" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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  <tr id="xdx_402_eifrs-full--PropertyPlantAndEquipment_i02I_maAzBHe_zZwCpQOiZbX" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr id="xdx_408_eifrs-full--Assets_i01TI_mtAzBHe_zbe6C0WMBzJ5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_407_eifrs-full--EquityAndLiabilitiesAbstract_iB_zGHDqjqJAj6k" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr id="xdx_405_eifrs-full--CurrentLiabilitiesAbstract_i01B_z7Ovc0DPWV3b" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_405_eifrs-full--TradeAndOtherCurrentPayables_i02I_maLzS6X_zlMvo5ybPr4c" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr id="xdx_40E_ecustom--DepositsForSaleOfAssetsCurrent_i02I_maLzS6X_zbQIVd93Blta" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deposits
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl3307">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40F_eifrs-full--NoncurrentLiabilitiesAbstract_i01B_zeWD7229Iuda" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NON-CURRENT
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40F_eifrs-full--NoncurrentPayables_i02I_maLzS6X_z9regAx7yrD" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:NoncurrentPayables" contextRef="AsOf2022-12-31_custom_LatamParqueLogisticoCoyolIIMember" id="Fact003313" format="ixt:numdotdecimal" decimals="0" unitRef="USD">9,780,656</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl3315">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40B_ecustom--SecurityDepositsNonCurrent_i02I_maLzS6X_zsX7ETHe5NQ9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Security
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="LPA:SecurityDepositsNonCurrent" contextRef="AsOf2022-12-31_custom_LatamParqueLogisticoCoyolIIMember" id="Fact003317" format="ixt:numdotdecimal" decimals="0" unitRef="USD">195,000</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="LPA:SecurityDepositsNonCurrent" contextRef="AsOf2022-12-31_custom_LatamParqueLogisticoSanJoseVerbenaMember" id="Fact003318" format="ixt:numdotdecimal" decimals="0" unitRef="USD">196,755</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="LPA:SecurityDepositsNonCurrent" contextRef="AsOf2022-12-31_custom_ParqueLogisticoCallaoMember" id="Fact003319" format="ixt:numdotdecimal" decimals="0" unitRef="USD">51,394</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40C_eifrs-full--DeferredTaxLiabilities_i02I_maLzS6X_zHXYcyJpvif2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
    tax liability</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:DeferredTaxLiabilities" contextRef="AsOf2022-12-31_custom_LatamParqueLogisticoCoyolIIMember" id="Fact003321" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,821,316</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:DeferredTaxLiabilities" contextRef="AsOf2022-12-31_custom_LatamParqueLogisticoSanJoseVerbenaMember" id="Fact003322" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,511,336</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl3323">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40C_eifrs-full--Liabilities_i01TI_mtLzS6X_zZlNTVF7Avj1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:Liabilities" contextRef="AsOf2022-12-31_custom_LatamParqueLogisticoCoyolIIMember" id="Fact003325" format="ixt:numdotdecimal" decimals="0" unitRef="USD">14,112,609</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:Liabilities" contextRef="AsOf2022-12-31_custom_LatamParqueLogisticoSanJoseVerbenaMember" id="Fact003326" format="ixt:numdotdecimal" decimals="0" unitRef="USD">43,930,036</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:Liabilities" contextRef="AsOf2022-12-31_custom_ParqueLogisticoCallaoMember" id="Fact003327" format="ixt:numdotdecimal" decimals="0" unitRef="USD">79,684</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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</ix:nonNumeric><p id="xdx_8A3_zCw3YOPGit4f" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 168; Value: 52 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact003341" name="LPA:DisclosureOfDetailedInformationAboutNetEarningsAttributableToNonControllingPartnershipExplanatory"><p id="xdx_898_ecustom--DisclosureOfDetailedInformationAboutNetEarningsAttributableToNonControllingPartnershipExplanatory_zq4E2Pe7KsCh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 28.1pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:ProfitLossAttributableToNoncontrollingInterests" contextRef="From2021-01-012021-12-31_custom_LatamParqueLogisticoSanJoseVerbenaMember" id="Fact003353" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,323,820</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40F_eifrs-full--ProfitLossAttributableToNoncontrollingInterests_i01_hifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--LatamLagunillaIndustrialParkMember_z4NILlZTwvMj" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Latam
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl3355">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:ProfitLossAttributableToNoncontrollingInterests" contextRef="From2022-01-012022-12-31_custom_LatamLagunillaIndustrialParkMember" id="Fact003356" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">111,583</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_409_eifrs-full--ProfitLossAttributableToNoncontrollingInterests_i01_hifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--ParqueLogisticoCallaoMember_z6irkkbhHJv4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Parque
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    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:ProfitLossAttributableToNoncontrollingInterests" contextRef="From2021-01-012021-12-31" id="Fact003365" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,542,880</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_407_eifrs-full--ProfitLossAttributableToNoncontrollingInterests_i01_zYVo0CpO5ujd" style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    earnings (loss) attributable to non-controlling interests</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:ProfitLossAttributableToNoncontrollingInterests" contextRef="From2023-01-01to2023-12-31" id="Fact003367" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,016,672</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:ProfitLossAttributableToNoncontrollingInterests" contextRef="From2022-01-012022-12-31" id="Fact003368" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,412,623</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:ProfitLossAttributableToNoncontrollingInterests" contextRef="From2021-01-012021-12-31" id="Fact003369" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,542,880</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
</table>

</ix:nonNumeric><p id="xdx_8A2_zBYjWK8KhpB4" style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact003371" name="ifrs-full:DisclosureOfEarningsPerShareExplanatory"><p id="xdx_804_eifrs-full--DisclosureOfEarningsPerShareExplanatory_zwRIH4e2X2sh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>19.
<span id="xdx_820_zseblzIunpr8">EARNINGS PER SHARE</span></b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group determines basic earnings per share based on the weighted average number of shares of common stock outstanding during the year.
The Group computes diluted earnings per share on the weighted average number of shares outstanding combined with the incremental weighted
average effect from all outstanding potentially dilutive instruments. As described in Note 1, the Conversion of the Group from S.R.L.
to S.A. represents a change in the form of legal ownership, which is akin to a stock split. The calculation of earnings per share has
been adjusted retrospectively to accommodate this change in company structure.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact003373" name="ifrs-full:EarningsPerShareExplanatory"><p id="xdx_89C_eifrs-full--EarningsPerShareExplanatory_zGwkrBE0hzg5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
calculated basic and diluted earnings per share for the year ended December 31, 2023, 2022 and 2021, were the same, as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B5_zfGkYjPPJavj" style="display: none">SCHEDULE OF BASIC AND DILUTED EARNINGS PER SHARE</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted
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</ix:nonNumeric><p id="xdx_8AE_zuMLXTSDgBG" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact003403" name="ifrs-full:DisclosureOfIncomeTaxExplanatory"><p id="xdx_805_eifrs-full--DisclosureOfIncomeTaxExplanatory_zvleijM0XrEa" style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20.
<span id="xdx_829_zj71S5ZKlLz">INCOME TAX</span></b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact003405" name="LPA:DisclosureOfDetailedInformationAboutIncomeTaxFromContinuedOperationsExplanatory"><p id="xdx_894_ecustom--DisclosureOfDetailedInformationAboutIncomeTaxFromContinuedOperationsExplanatory_zIk6gPnQvcO7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2023, 2022 and 2021, income tax from continued operations was as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B3_zmdoX4IUYuj" style="display: none">SCHEDULE OF INCOME TAX FROM CONTINUED OPERATIONS</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 52%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:CurrentTaxExpenseIncome" contextRef="From2023-01-01to2023-12-31" id="Fact003407" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,209,629</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
    income tax (benefit) expense</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:AdjustmentsForDeferredTaxOfPriorPeriods" contextRef="From2023-01-01to2023-12-31" id="Fact003411" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,229,007</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:AdjustmentsForDeferredTaxOfPriorPeriods" contextRef="From2021-01-012021-12-31" id="Fact003413" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,581,072</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_407_eifrs-full--IncomeTaxExpenseContinuingOperations_iT_mtITECOzyA4_zo0VNbGjaYp8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax
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    <td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:IncomeTaxExpenseContinuingOperations" contextRef="From2023-01-01to2023-12-31" id="Fact003415" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,980,622</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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</ix:nonNumeric><p id="xdx_8A6_zQ7bJtMHcWbi" style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact003419" name="LPA:DisclosureOfDetailedInformationAboutIncomeTaxExpenseExplanatory"><p id="xdx_897_ecustom--DisclosureOfDetailedInformationAboutIncomeTaxExpenseExplanatory_zTsacR8fsRi3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reconciliations
of income taxes from the Costa Rica national statutory rate of <span id="xdx_908_eifrs-full--AverageEffectiveTaxRate_pid_dp_uPure_c20230101__20231231__ifrs-full--GeographicalAreasAxis__country--CR_zFDNMqDvFhE2" title="Statutory tax rate" class="xdx_phnt_RGlzY2xvc3VyZSAtIElOQ09NRSBUQVggKERldGFpbHMgTmFycmF0aXZlKQA_"><ix:nonFraction name="ifrs-full:AverageEffectiveTaxRate" contextRef="From2023-01-012023-12-31_country_CR" id="Fact003421" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">30</ix:nonFraction></span>% to the consolidated effective income tax rate are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B3_zc0upwEz1UHb" style="display: none">SCHEDULE OF EFFECTIVE INCOME TAX EXPENSES</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 52%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
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  <tr id="xdx_40F_eifrs-full--TaxExpenseIncomeAtApplicableTaxRate_maITECOzTM6_zBLoFg5CNW45" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income
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  <tr id="xdx_40E_eifrs-full--TaxEffectOfForeignTaxRates_maITECOzTM6_zvdqJMNe3IK7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:TaxEffectOfForeignTaxRates" contextRef="From2023-01-01to2023-12-31" id="Fact003433" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,442,871</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_401_ecustom--TaxAttributableToExchangeGainLosses_iN_di_msITECOzTM6_zXmHJuHddAu1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="LPA:TaxAttributableToExchangeGainLosses" contextRef="From2023-01-01to2023-12-31" id="Fact003437" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,048,684</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="LPA:TaxAttributableToExchangeGainLosses" contextRef="From2022-01-012022-12-31" id="Fact003438" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,882,252</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="LPA:TaxAttributableToExchangeGainLosses" contextRef="From2021-01-012021-12-31" id="Fact003439" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">2,056,492</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40F_ecustom--TaxExpenseIncomeChangeInUnrecognizedDeferredAssets_maITECOzTM6_zLUembwp5tZi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Change
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="LPA:TaxExpenseIncomeChangeInUnrecognizedDeferredAssets" contextRef="From2022-01-012022-12-31" id="Fact003442" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">238,549</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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</ix:nonNumeric><p id="xdx_8AD_zJo6oGXxMAc2" style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 169; Value: 52 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->54<!-- Field: /Sequence --></td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group distributed income from an entity in Costa Rica to the parent entity in Panama. While Panama does not tax foreign source earnings,
the Costa Rica entity is subject to a <span id="xdx_90D_eifrs-full--OtherTaxRateEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome_pid_dp_uPure_c20230101__20231231__ifrs-full--GeographicalAreasAxis__country--CR_zdSFEtT2fI31" title="Withholding tax rate" class="xdx_phnt_RGlzY2xvc3VyZSAtIElOQ09NRSBUQVggKERldGFpbHMgTmFycmF0aXZlKQA_"><ix:nonFraction name="ifrs-full:OtherTaxRateEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome" contextRef="From2023-01-012023-12-31_country_CR" id="Fact003461" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">15</ix:nonFraction></span>% withholding tax payable to Costa Rica for earnings distributed out of the country. The Group
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group is subject to a newly enacted alternative minimum tax (&#8220;AMT&#8221;) of <span id="xdx_90A_ecustom--TaxRateEffectOfAlternativeMinimumTax_pid_dp_uPure_c20230101__20231231__ifrs-full--GeographicalAreasAxis__country--CO_zyFTlzGINELc" title="Alternative minimum tax rate" class="xdx_phnt_RGlzY2xvc3VyZSAtIElOQ09NRSBUQVggKERldGFpbHMgTmFycmF0aXZlKQA_"><ix:nonFraction name="LPA:TaxRateEffectOfAlternativeMinimumTax" contextRef="From2023-01-012023-12-31_country_CO" id="Fact003465" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">15</ix:nonFraction></span>% in Colombia. The Colombia AMT is based on financial
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact003469" name="ifrs-full:DisclosureOfDeferredTaxesExplanatory"><p id="xdx_89B_eifrs-full--DisclosureOfDeferredTaxesExplanatory_zv3kqoc5mH27" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Details
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B2_zfmaSucIWKh" style="display: none">SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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  <tr id="xdx_406_ecustom--DeferredTaxAssetsEmployeeBenefits_i01_maDTAzRQw_zcJpM6bCFykj" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr id="xdx_40D_ecustom--DeferredTaxAssetsDeferredDebtInterest_i01_maDTAzRQw_z2vDSLmaKrS" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="LPA:DeferredTaxLiabilitiesPrepaidAndOtherAssets" contextRef="AsOf2022-12-31" id="Fact003508" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">96,537</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="LPA:DeferredTaxLiabilitiesDeferredFinancingCost" contextRef="AsOf2023-12-31" id="Fact003510" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">3,698,940</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_406_ecustom--DeferredTaxLiabilitiesRightOfUseAsset_i01I_zMZL3wb5KPyi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_401_eifrs-full--DeferredTaxLiabilities_i01NI_di_ziTt7LeltsEd" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_405_eifrs-full--DeferredTaxLiabilityAsset_iI_zp8T5bd9H3Bf" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    deferred tax liability</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:DeferredTaxLiabilityAsset" contextRef="AsOf2022-12-31" id="Fact003520" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">36,976,603</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
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</ix:nonNumeric><p id="xdx_8AD_zO140NNcIkSi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
movement in the deferred tax assets and deferred tax liabilities (&#8220;DTLs&#8221;) was reflected in continuing operations and no other
component of income.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, the Group had $<span id="xdx_90C_eifrs-full--DeferredTaxAssets_iI_c20231231_zVVPpTi5snrf" title="Deferred tax assets"><ix:nonFraction name="ifrs-full:DeferredTaxAssets" contextRef="AsOf2023-12-31" id="Fact003522" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,328,781</ix:nonFraction></span> and $<span id="xdx_909_eifrs-full--DeferredTaxLiabilities_iI_c20231231_zYUeMtt2G9Kl" title="Deferred tax liabilities"><ix:nonFraction name="ifrs-full:DeferredTaxLiabilities" contextRef="AsOf2023-12-31" id="Fact003524" format="ixt:numdotdecimal" decimals="0" unitRef="USD">40,434,260</ix:nonFraction></span> in DTAs and DTLs, respectively. The DTAs included approximately $<span id="xdx_905_ecustom--DeferredTaxAssetsNetOperatingLossAndTaxCreditCarryforwards_iI_c20231231_zI1tPk857Vib" title="Net operating loss carryforwards"><ix:nonFraction name="LPA:DeferredTaxAssetsNetOperatingLossAndTaxCreditCarryforwards" contextRef="AsOf2023-12-31" id="Fact003526" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,428,097</ix:nonFraction></span>
related to net operating loss carryforwards (NOLs) that can be used to offset taxable income in future periods and reduce the Group income
taxes payable in those future periods. These recognized NOLs have carryforward periods ending prior to 2034.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group operates in Colombia, Costa Rica, and Peru using local country operating corporations, generally owned by holding companies in
Panama. The Panama holding companies are not subject to tax on income sourced outside of Panama, and the Group has no deferred tax liability
recognized for its investment in subsidiaries.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, the Group considered it more likely than not that the benefit from certain entities&#8217; NOL carryforwards will
not be used to offset taxable profits and there are no other tax planning opportunities or other evidence of recoverability in the near
future to realize these DTAs. In addition, it is possible that some or all of these NOL carryforwards could ultimately expire unused
due to carryforward periods ending prior to 2035. In recognition of this risk, the Group has unrecognized deferred tax assets of $<span id="xdx_90B_eifrs-full--TaxBenefitArisingFromPreviouslyUnrecognisedTaxLossTaxCreditOrTemporaryDifferenceOfPriorPeriodUsedToReduceDeferredTaxExpense_c20230101__20231231_zn6sYgBIvNAd" title="Unrecognized deferred tax assets"><ix:nonFraction name="ifrs-full:TaxBenefitArisingFromPreviouslyUnrecognisedTaxLossTaxCreditOrTemporaryDifferenceOfPriorPeriodUsedToReduceDeferredTaxExpense" contextRef="From2023-01-01to2023-12-31" id="Fact003528" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,347,445</ix:nonFraction></span>
related to these NOL carryforwards.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 28.35pt; text-align: justify"></p>

<ix:exclude><!-- Field: Page; Sequence: 170; Value: 52 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->55<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 28.35pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group files income tax returns as required by the tax laws of the jurisdictions in which it operates. In the normal course of business,
the Group may be subject to examination by local tax authorities. As of December 31, 2023, in general, the Group&#8217;s local income
tax years between 2018 and 2023 remain open and are subject to examination. The Group has no unrecognized tax benefits as of December
31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
December 2021, the Organisation for Economic Co-operation and Development issued model rules for a new global minimum tax framework (&#8220;Pillar
Two&#8221;), and various government around the world have passed, or are in the process of passing, legislation on this. Certain Pillar
Two rules take effect in 2024 and 2025, depending on whether a particular jurisdiction has integrated the legislation into local law.
LLP is continuing to monitor these impacts on its operating footprint and does not anticipate an increase in income tax expense
associated with Pillar Two.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact003530" name="ifrs-full:DisclosureOfEmployeeBenefitsExplanatory"><p id="xdx_80C_eifrs-full--DisclosureOfEmployeeBenefitsExplanatory_zuQleIqfav4d" style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>21.
<span id="xdx_821_zcw4kwG99J04">EMPLOYEE BENEFITS</span></b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employee
benefits are recognized in general and administrative expense in the consolidated statements of profit or loss and comprehensive loss,
and for the years ended December 31, 2023, 2022 and 2021, consisted of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact003532" name="ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory"><p id="xdx_89F_eifrs-full--DisclosureOfDefinedBenefitPlansExplanatory_z8fR7bJcNYBk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span id="xdx_8BC_zV8JaFfKat5k" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">SCHEDULE OF EMPLOYEE BENEFITS</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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</ix:nonNumeric><p id="xdx_8AC_z7wsMfBnNdba" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact003546" name="ifrs-full:DisclosureOfRelatedPartyExplanatory"><p id="xdx_804_eifrs-full--DisclosureOfRelatedPartyExplanatory_zo2yLKvZwEyd" style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>22.
<span id="xdx_82B_zcbT0m6RugOk">RELATED PARTY TRANSACTIONS</span></b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transactions
between the Group and its related parties are made on terms equivalent to those that prevail in arm&#8217;s length transactions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Subsidiaries</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transactions
between the Group and its subsidiaries are eliminated on consolidation and therefore are not disclosed. Details of the principal group
companies are given in Note 2. Partnerships the Group enters into are fully consolidated as disclosed in Note 18.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Key
Management Personnel Compensation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact003548" name="ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory"><p id="xdx_895_eifrs-full--DisclosureOfTransactionsBetweenRelatedPartiesExplanatory_zJ2Wqs69jM99" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amounts disclosed in the table represent the amounts recognized as general and administrative expenses in the consolidated statements
of profit or loss and comprehensive income (loss), related to key management personnel for the years ended December 31, 2023, 2022 and
2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B9_zF7iHhe4Diic" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">SCHEDULE OF GENERAL AND ADMINISTRATIVE EXPENSES</span>&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 28.35pt; text-align: justify"></p>

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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:OtherLongtermBenefits" contextRef="From2023-01-01to2023-12-31" id="Fact003566" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,783</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:OtherLongtermBenefits" contextRef="From2022-01-012022-12-31" id="Fact003567" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,587</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:OtherLongtermBenefits" contextRef="From2021-01-012021-12-31" id="Fact003568" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,962</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl3572">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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</ix:nonNumeric><p id="xdx_8A3_zNync3Cx2yVi" style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


<ix:exclude><!-- Field: Page; Sequence: 171; Value: 52 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Due
from affiliates</b> <i>&#8211;</i> On June 25, 2015, the Group entered into an agreement with Latam Logistics Investments, LLC
(&#8220;LLI&#8221;). In July 2020, the Group expanded the loan receivable from LLI to $<span id="xdx_906_eifrs-full--LoansAndReceivables_iI_c20200731__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--LatamLogisticsInvestmentsLLCMember_zGPKXhTYuz6i" title="Loans receivables"><ix:nonFraction name="ifrs-full:LoansAndReceivables" contextRef="AsOf2020-07-31_custom_LatamLogisticsInvestmentsLLCMember" id="Fact003578" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,165,000</ix:nonFraction></span>
from $<span id="xdx_908_eifrs-full--LoansAndReceivables_iI_c20150625__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--LatamLogisticsInvestmentsLLCMember_zw2RoX1ZZNml" title="Loans receivables"><ix:nonFraction name="ifrs-full:LoansAndReceivables" contextRef="AsOf2015-06-25_custom_LatamLogisticsInvestmentsLLCMember" id="Fact003580" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,015,000</ix:nonFraction></span>
and extended the term to December 31, 2023. In June 2021, the Group expanded the loan receivable from LLI to $<span id="xdx_90C_eifrs-full--LoansAndReceivables_iI_c20210630__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--LatamLogisticsInvestmentsLLCMember_zryRfYdl30D8" title="Loans receivables"><ix:nonFraction name="ifrs-full:LoansAndReceivables" contextRef="AsOf2021-06-30_custom_LatamLogisticsInvestmentsLLCMember" id="Fact003582" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,850,000</ix:nonFraction></span>
from $<span id="xdx_906_eifrs-full--LoansAndReceivables_iI_c20200731__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--LatamLogisticsInvestmentsLLCMember_zuOFUjx6lGd" title="Loans receivables"><ix:nonFraction name="ifrs-full:LoansAndReceivables" contextRef="AsOf2020-07-31_custom_LatamLogisticsInvestmentsLLCMember" id="Fact003584" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,165,000</ix:nonFraction></span>
and in May 2022, the Group expanded the loan receivable from LLI to $<span id="xdx_904_eifrs-full--LoansAndReceivables_iI_c20220531__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--LatamLogisticsInvestmentsLLCMember_zLWHYkQtWqhh" title="Loans receivables"><ix:nonFraction name="ifrs-full:LoansAndReceivables" contextRef="AsOf2022-05-31_custom_LatamLogisticsInvestmentsLLCMember" id="Fact003586" format="ixt:numunitdecimalin" decimals="0" unitRef="USD">6,950,00</ix:nonFraction></span>
from $<span id="xdx_90C_eifrs-full--LoansAndReceivables_iI_c20210630__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--LatamLogisticsInvestmentsLLCMember_zLjGMJjC0gO4" title="Loans receivables"><ix:nonFraction name="ifrs-full:LoansAndReceivables" contextRef="AsOf2021-06-30_custom_LatamLogisticsInvestmentsLLCMember" id="Fact003588" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,850,000</ix:nonFraction></span>.
The expiration date of the loan remains as of December 31, 2023. The loan bears an annual interest rate of <span id="xdx_900_eifrs-full--BorrowingsInterestRate_iI_pid_dp_uPure_c20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--LatamLogisticsInvestmentsLLCMember_zlqopJywhjbe" title="Annual interest rate"><ix:nonFraction name="ifrs-full:BorrowingsInterestRate" contextRef="AsOf2023-12-31_custom_LatamLogisticsInvestmentsLLCMember16062046" id="Fact003590" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">9.0</ix:nonFraction></span>%.
Principal and interest are due at maturity.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LLI
is a wholly owned company of one of the prior executives of the Group and it owns <span id="xdx_907_eifrs-full--ProportionOfOwnershipInterestsHeldByNoncontrollingInterests_pid_dp_uPure_c20230101__20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--LatamLogisticsInvestmentsLLCMember_zXDNotto6Hui" title="Ownership interest rate"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" contextRef="From2023-01-012023-12-31_custom_LatamLogisticsInvestmentsLLCMember" id="Fact003592" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">8.0</ix:nonFraction></span>% of the Group. The interest income for LLI was
$<span id="xdx_906_eifrs-full--InterestRevenueExpense_c20230101__20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--LatamLogisticsInvestmentsLLCMember_zGLTARBR13v7" title="Interest income"><ix:nonFraction name="ifrs-full:InterestRevenueExpense" contextRef="From2023-01-012023-12-31_custom_LatamLogisticsInvestmentsLLCMember" id="Fact003594" format="ixt:numdotdecimal" decimals="0" unitRef="USD">644,219</ix:nonFraction></span> and $<span id="xdx_907_eifrs-full--InterestRevenueExpense_c20220101__20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--LatamLogisticsInvestmentsLLCMember_zwAsP3Hxg2El" title="Interest income"><ix:nonFraction name="ifrs-full:InterestRevenueExpense" contextRef="From2022-01-012022-12-31_custom_LatamLogisticsInvestmentsLLCMember" id="Fact003596" format="ixt:numdotdecimal" decimals="0" unitRef="USD">561,372</ix:nonFraction></span> for the years ended December 31, 2023, and 2022, respectively. As of December 31, 2023, and 2022, the loan receivable
from affiliates balances outstanding were as follows:</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact003598" name="ifrs-full:DisclosureOfAcquiredReceivablesExplanatory"><p id="xdx_893_eifrs-full--DisclosureOfAcquiredReceivablesExplanatory_zxtHTFurdeyg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span id="xdx_8B3_zGVnAt9tJsD4" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">SCHEDULE OF LOAN RECEIVABLE</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
    receivable:</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_400_eifrs-full--InterestReceivable_iI_hifrs-full--CategoriesOfRelatedPartiesAxis__custom--LatamLogisticsInvestmentsLLCMember_zD5HPdbbOo7g" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Latam
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  <tr id="xdx_403_eifrs-full--InterestReceivable_iI_hifrs-full--CategoriesOfRelatedPartiesAxis__custom--LatamLogisticsInvestmentsLLCMember_maCRDFAz92f_z9BiMdHxpew9" style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
    receivable</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:InterestReceivable" contextRef="AsOf2023-12-31_custom_LatamLogisticsInvestmentsLLCMember16062046" id="Fact003603" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,324,041</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:InterestReceivable" contextRef="AsOf2022-12-31_custom_LatamLogisticsInvestmentsLLCMember16062109" id="Fact003604" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,848,945</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
    receivable:</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_402_eifrs-full--LoansAndReceivables_iI_hifrs-full--CategoriesOfRelatedPartiesAxis__custom--LatamLogisticsInvestmentsLLCMember_zGqIZHtL8L95" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Latam
    Logistics Investments, LLC</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:LoansAndReceivables" contextRef="AsOf2023-12-31_custom_LatamLogisticsInvestmentsLLCMember16062046" id="Fact003606" format="ixt:numdotdecimal" decimals="0" unitRef="USD">7,139,123</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:LoansAndReceivables" contextRef="AsOf2022-12-31_custom_LatamLogisticsInvestmentsLLCMember16062109" id="Fact003607" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,950,000</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_409_eifrs-full--LoansAndReceivables_iI_hifrs-full--CategoriesOfRelatedPartiesAxis__custom--LatamLogisticsInvestmentsLLCMember_maCRDFAz92f_zbfWB6hFfuG" style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
    receivable</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:LoansAndReceivables" contextRef="AsOf2023-12-31_custom_LatamLogisticsInvestmentsLLCMember16062046" id="Fact003609" format="ixt:numdotdecimal" decimals="0" unitRef="USD">7,139,123</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:LoansAndReceivables" contextRef="AsOf2022-12-31_custom_LatamLogisticsInvestmentsLLCMember16062109" id="Fact003610" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,950,000</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr id="xdx_400_eifrs-full--CurrentReceivablesDueFromAssociates_iTI_mtCRDFAz92f_zWem3I3kScd8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    due from affiliates</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:CurrentReceivablesDueFromAssociates" contextRef="AsOf2023-12-31" id="Fact003612" format="ixt:numdotdecimal" decimals="0" unitRef="USD">9,463,164</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:CurrentReceivablesDueFromAssociates" contextRef="AsOf2022-12-31" id="Fact003613" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,798,945</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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</ix:nonNumeric><p id="xdx_8A4_zcn2Oa4qwLfa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, and 2022, the loan receivable has a fixed interest rate of <span id="xdx_900_eifrs-full--BorrowingsInterestRate_iI_pid_dp_uPure_c20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--LatamLogisticsInvestmentsLLCMember_zanVCgDdy04a" title="Annual interest rate"><span id="xdx_90C_eifrs-full--BorrowingsInterestRate_iI_pid_dp_uPure_c20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--LatamLogisticsInvestmentsLLCMember_zWszQFFvv5Zg" title="Annual interest rate"><ix:nonFraction name="ifrs-full:BorrowingsInterestRate" contextRef="AsOf2023-12-31_custom_LatamLogisticsInvestmentsLLCMember16062046" id="Fact003615" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure"><ix:nonFraction name="ifrs-full:BorrowingsInterestRate" contextRef="AsOf2022-12-31_custom_LatamLogisticsInvestmentsLLCMember16062109" id="Fact003617" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">9</ix:nonFraction></ix:nonFraction></span></span>% and a due date of December 31, 2023. The main conditions
of the loan receivable are payment of the balance at maturity including interest receivable, the possibility of early payments without
penalty, guarantee over common shares and a promissory note.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
loan receivable is collateralized by the affiliate&#8217;s equity interests in the Group (refer to Note 25 for additional information).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, and 2022, there was <span id="xdx_907_eifrs-full--TradeAndOtherCurrentPayablesToRelatedParties_iI_dxL_c20231231_zPGQaQdox5e3" title="Amount owed to related parties::XDX::-"><span id="xdx_90B_eifrs-full--TradeAndOtherCurrentPayablesToRelatedParties_iI_dxL_c20221231_zdRxiE8nG26h" title="Amount owed to related parties::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl3619"><span style="-sec-ix-hidden: xdx2ixbrl3621">no</span></span></span></span> amount owed to related parties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Additional
transactions with key management personnel</b> &#8211; A related party entity provided $<span id="xdx_909_eifrs-full--KeyManagementPersonnelCompensation_c20230101__20231231_zZ87ikYB6fx2" title="Key management personnel compensation"><ix:nonFraction name="ifrs-full:KeyManagementPersonnelCompensation" contextRef="From2023-01-01to2023-12-31" id="Fact003623" format="ixt:numdotdecimal" decimals="0" unitRef="USD">567,764</ix:nonFraction></span> of management and advisory services to
the Group for the year ended December 31, 2023.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact003625" name="ifrs-full:DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory"><p id="xdx_80F_eifrs-full--DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory_ztsrMeZFK3Ec" style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>23.
<span id="xdx_823_zbVxIXnpMyk8">FINANCIAL INSTRUMENTS AND RISK MANAGEMENT</span></b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>a.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Capital
                                            Management</b></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the purpose of the Group&#8217;s capital management, capital includes issued capital, share premium and all other equity reserves attributable
to the equity holders of the Group. The Group manages its capital structure and makes adjustments in light of changes in economic conditions
and the requirements of the financial covenants. To maintain or adjust the capital structure, the Group may adjust the dividend payment
to shareholders, return capital to shareholders or issue new shares. The primary objective of the Group&#8217;s capital management is
to ensure that it remains within its quantitative banking covenants and maintains a strong credit rating. No changes were made in the
objectives, policies or processes during the years ended December 31, 2023 and 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 172; Value: 52 -->
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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
disclosed within Note 16, the Group has various debt facilities in place. In certain cases, the facilities may have financial covenants
which are generally in the form of minimum debt service coverage ratios, debt leverage ratios, restricted cash equivalent accounts required
for debt service coverage, as well as non-financial covenants which require financial statement presentation to the creditor. Refer to
Note 16 for more information on debt covenants and waivers as applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group may also be subject to legal reserves in the countries in which it operates. Refer to Note 17 for more information.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font: small-caps 10pt Times New Roman, Times, Serif"><b>b.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font: small-caps 10pt Times New Roman, Times, Serif"><b>Financial
                                            Risk Management</b></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font: small-caps 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group has exposure to the following risks arising from financial instruments:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 56.7pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Credit
                                            risk</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 85.05pt; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liquidity
                                            risk</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 85.05pt; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Market
                                            risk</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 85.05pt; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.35in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Risk
                                            Management Framework</i></b> &#8211; The Group&#8217;s Board of Directors has overall responsibility
                                            for the establishment and oversight of the Group&#8217;s risk management framework. The Group&#8217;s
                                            Chief Executive Officer (CEO) is responsible for developing and monitoring the Group&#8217;s
                                            risk management policies. The CEO reports regularly to the Board of Directors on its activities.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 85.05pt; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.85in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s risk management policies are established to identify and analyze the risks faced by the Group, to set appropriate risk
limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect
changes in market conditions and the Group&#8217;s activities. The Group, through its training and management standards and procedures,
aims to develop a disciplined and constructive control environment in which all employees understand their roles and obligation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 85.05pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.35in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Credit
                                            Risk</i></b> &#8211; Credit risk is the risk of financial loss to the Group if a customer
                                            or counterparty to a financial instrument fails to meet its contractual obligations. The
                                            Group is exposed to credit risks from lease receivables, tenant notes receivables as well
                                            as due from affiliates.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 85.05pt; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.85in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exposure
to Credit Risk</b> &#8211; The following financial assets as of December 31, 2023 and 2022 represent the maximum credit exposure:</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact003627" name="ifrs-full:DisclosureOfFinancialAssetsExplanatory"><p id="xdx_892_eifrs-full--DisclosureOfFinancialAssetsExplanatory_z0S1irdOyS66" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 85.05pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B3_z6iXkWnRDsO4" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">SCHEDULE OF FINANCIAL ASSETS</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 88%; margin-left: 0.85in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_49C_20231231_zOVyZakB0Kmd" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_495_20221231_z8dPgiahiML3" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_408_eifrs-full--CashAndCashEquivalents_i01I_maCAzJgI_zXQXV9v2cMCl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 52%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
    and cash equivalents</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:CashAndCashEquivalents" contextRef="AsOf2023-12-31" id="Fact003629" format="ixt:numdotdecimal" decimals="0" unitRef="USD">35,242,363</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:CashAndCashEquivalents" contextRef="AsOf2022-12-31" id="Fact003630" format="ixt:numdotdecimal" decimals="0" unitRef="USD">14,988,112</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40F_eifrs-full--ReceivablesFromSaleOfProperties_i01I_zONUwy6Pgjeh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Receivables
    from the sale of investment properties</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:ReceivablesFromSaleOfProperties" contextRef="AsOf2023-12-31" id="Fact003632" format="ixt:numdotdecimal" decimals="0" unitRef="USD">9,030,614</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl3633">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40E_ecustom--LeaseAndOtherReceivables_i01I_zRj9SLViH1hb" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lease
    and other receivables</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="LPA:LeaseAndOtherReceivables" contextRef="AsOf2023-12-31" id="Fact003635" format="ixt:numdotdecimal" decimals="0" unitRef="USD">10,506,310</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="LPA:LeaseAndOtherReceivables" contextRef="AsOf2022-12-31" id="Fact003636" format="ixt:numdotdecimal" decimals="0" unitRef="USD">9,313,109</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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</ix:nonNumeric><p id="xdx_8A0_zzuUHXhIStck" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 84.95pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.85in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
and restricted cash equivalent are held in reputable financial institutions and carries minimal risk.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 84.95pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.85in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
credit quality of the tenant is assessed at the time of entering into a lease agreement. The outstanding lease and other receivables
figures disclosed in the aforementioned table pertain to the gross amounts of outstanding lease and other receivables, prior to accounting
for expected credit losses. Likewise, receivables arising from the sale of investment properties are presented at their undiscounted
balances. The outstanding balances are regularly monitored. An impairment analysis is performed at each reporting date on an individual
basis for each counterparty. In general, concentration risk in lease and other receivables is limited due to the receivables being dispersed
across different counterparties. Refer to Note 9 for details.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 173; Value: 52 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.35in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Liquidity
                                            Risk</i></b> &#8211; Liquidity risk is the risk that the Group will encounter difficulty
                                            in meeting the obligations associated with financial liabilities that are settled by delivering
                                            cash or another financial asset. The Group&#8217;s approach to managing is to ensure, to
                                            the extent possible, that it will have sufficient liquidity to meet its liabilities when
                                            due, under both normal and stressed conditions, without incurring in unacceptable losses
                                            or risking damage to the Group&#8217;s reputation, and to maintain a balance between continuity
                                            of funding and flexibility through the use of bank deposits and loans.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 85.5pt; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.85in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Typically,
the Group ensures that it has sufficient cash on demand, including deposits at banks and the balances of short-term credit facilities
with diverse funding resources and committed borrowing facilities, to meet expected operating expenses for a period of 90 days, including
the servicing of financial obligations. This excludes the potential impact of extreme circumstances that cannot be reasonably predicted,
such as natural disasters.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 85.05pt; text-align: justify; text-indent: 0.45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.85in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group has access to a sufficient variety of sources of funding to repay debt maturing within 12 months in the normal course of business.
Refer to Notes 2 and 16 for more information on a debt covenant matter that arose effective December 31, 2022, as a result of which the
Group categorized the related debt balance as repayable on demand. As disclosed in Note 16, the Group resolved this matter and received
the waivers for the requirement to comply with the financial covenants for the related debt relating to Banco Davivienda and Bancolombia
on February 17, 2023 and September 25, 2023, respectively. In April 2023 the Group refinanced its Banco Davivienda debt, thereby relieving
any covenant requirement with that lender. The Bancolombia waiver was effective through December 31, 2023. The Group was in compliance
with all the other debt covenants as of December 31, 2023 and 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 85.05pt; text-align: justify; text-indent: 0.45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.85in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exposure
to Liquidity Risk</b> &#8211; The following tables detail the remaining contractual maturities of financial liabilities at the end of
reporting period. The amounts are gross and undiscounted cash flows and include contractual interest payments.</span></p>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
    31, 2023</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_499_20231231__ifrs-full--MaturityAxis__ifrs-full--NotLaterThanOneMonthMember_zHi8Acd3ve7c" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
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    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="LPA:LongAndShorttermDebt" contextRef="AsOf2023-12-31_ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember" id="Fact003694" format="ixt:numdotdecimal" decimals="0" unitRef="USD">43,032,169</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="LPA:LongAndShorttermDebt" contextRef="AsOf2023-12-31" id="Fact003696" format="ixt:numdotdecimal" decimals="0" unitRef="USD">271,344,270</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:DerivativeFinancialLiabilitiesUndiscountedCashFlows" contextRef="AsOf2023-12-31_ifrs-full_NotLaterThanOneMonthMember" id="Fact003698" format="ixt:numdotdecimal" decimals="0" unitRef="USD">772,546</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:DerivativeFinancialLiabilitiesUndiscountedCashFlows" contextRef="AsOf2023-12-31_ifrs-full_LaterThanOneMonthAndNotLaterThanThreeMonthsMember" id="Fact003699" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,393,060</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:DerivativeFinancialLiabilitiesUndiscountedCashFlows" contextRef="AsOf2023-12-31_ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember" id="Fact003701" format="ixt:numdotdecimal" decimals="0" unitRef="USD">46,021,782</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:DerivativeFinancialLiabilitiesUndiscountedCashFlows" contextRef="AsOf2023-12-31_ifrs-full_LaterThanFiveYearsMember" id="Fact003702" format="ixt:numdotdecimal" decimals="0" unitRef="USD">218,312,333</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:DerivativeFinancialLiabilitiesUndiscountedCashFlows" contextRef="AsOf2023-12-31" id="Fact003703" format="ixt:numdotdecimal" decimals="0" unitRef="USD">298,578,357</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 174; Value: 52 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->59<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
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  <tr id="xdx_405_ecustom--RetainagePayable_iI_zk8TRdqLC6ra" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr id="xdx_400_ecustom--SecurityDepositAssets_iI_zQpSPQE1XWw7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Security
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl3737">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_407_ecustom--DepositForAssetHeldForSale_iI_z2rQ41u8qzZ2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deposit
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl3740">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl3741">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl3743">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl3744">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_407_ecustom--LongAndShorttermDebt_iI_zlboWBdYXEac" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="LPA:LongAndShorttermDebt" contextRef="AsOf2022-12-31_ifrs-full_NotLaterThanOneMonthMember" id="Fact003747" format="ixt:numdotdecimal" decimals="0" unitRef="USD">87,906,445</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="LPA:LongAndShorttermDebt" contextRef="AsOf2022-12-31_ifrs-full_LaterThanOneMonthAndNotLaterThanThreeMonthsMember" id="Fact003748" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,888,900</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="LPA:LongAndShorttermDebt" contextRef="AsOf2022-12-31_ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember" id="Fact003750" format="ixt:numdotdecimal" decimals="0" unitRef="USD">29,632,991</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="LPA:LongAndShorttermDebt" contextRef="AsOf2022-12-31_ifrs-full_LaterThanFiveYearsMember" id="Fact003751" format="ixt:numdotdecimal" decimals="0" unitRef="USD">74,754,632</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="LPA:LongAndShorttermDebt" contextRef="AsOf2022-12-31" id="Fact003752" format="ixt:numdotdecimal" decimals="0" unitRef="USD">215,849,667</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_408_eifrs-full--DerivativeFinancialLiabilitiesUndiscountedCashFlows_iI_zb0EfZM2oPQ4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:DerivativeFinancialLiabilitiesUndiscountedCashFlows" contextRef="AsOf2022-12-31_ifrs-full_NotLaterThanOneMonthMember" id="Fact003754" format="ixt:numdotdecimal" decimals="0" unitRef="USD">88,288,762</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:DerivativeFinancialLiabilitiesUndiscountedCashFlows" contextRef="AsOf2022-12-31_ifrs-full_LaterThanOneMonthAndNotLaterThanThreeMonthsMember" id="Fact003755" format="ixt:numdotdecimal" decimals="0" unitRef="USD">13,769,556</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:DerivativeFinancialLiabilitiesUndiscountedCashFlows" contextRef="AsOf2022-12-31_ifrs-full_LaterThanThreeMonthsAndNotLaterThanOneYearMember" id="Fact003756" format="ixt:numdotdecimal" decimals="0" unitRef="USD">24,123,506</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:DerivativeFinancialLiabilitiesUndiscountedCashFlows" contextRef="AsOf2022-12-31_ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember" id="Fact003757" format="ixt:numdotdecimal" decimals="0" unitRef="USD">31,436,904</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:DerivativeFinancialLiabilitiesUndiscountedCashFlows" contextRef="AsOf2022-12-31_ifrs-full_LaterThanFiveYearsMember" id="Fact003758" format="ixt:numdotdecimal" decimals="0" unitRef="USD">74,754,632</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:DerivativeFinancialLiabilitiesUndiscountedCashFlows" contextRef="AsOf2022-12-31" id="Fact003759" format="ixt:numdotdecimal" decimals="0" unitRef="USD">232,373,360</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A6_z1G2fbosebcf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 84.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.85in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s minimum lease payments are disclosed on Note 15.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 84.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.35in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">d.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Market
                                            Risk</i></b> &#8211; Market risk is the risk that changes in market prices, such as foreign
                                            exchange rates and interest rates will affect the Group&#8217;s income or the value of its
                                            holdings of financial instruments. The objective of market risk management is to manage and
                                            control market risk exposures within acceptable parameters, while optimizing the return.
                                            Market risk comprises two types of risks: interest rate risk and currency risk.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 85.6pt; text-align: justify; text-indent: -28.9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.85in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Currency
Risk</b> &#8211; Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of
changes in foreign exchange rates. The Group&#8217;s exposure to the risk of changes in foreign exchange rates relates primarily to its
operating activities (when revenue or expense is denominated in a foreign currency) and its loans with financial institutions, some of
which are denominated in foreign currency. The functional currency of the Group is USD.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 85.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.85in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the reporting date, the Group has monetary assets and liabilities in currencies other than the functional currency. The main foreign
currencies used by the Group are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 85.05pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.35in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CRC</span></td></tr><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
                                                                                                                                                                                                                                                                                                                                                                                                                  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PEN</span></td></tr>
                                                                                                                                                                                                                                                                                                                                                                                                                  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
                                                                                                                                                                                                                                                                                                                                                                                                                  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">COP</span></td></tr>
                                                                                                                                                                                                                                                                                                                                                                                                                  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 113.4pt; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.85in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
respect of monetary assets and liabilities denominated in CRC, PEN and COP, the Group&#8217;s policy is to ensure that its net exposure
is kept at an acceptable level by buying or selling CRC, PEN and COP at spot rates when necessary to address short-term imbalances.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 85.05pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact003761" name="LPA:DisclosureOfForeignCurrencyExchangeExplanatory"><p id="xdx_89C_ecustom--DisclosureOfForeignCurrencyExchangeExplanatory_zLvSY6DKjr2a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.85in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
carrying amounts of the Group&#8217;s foreign currency denominated monetary assets and monetary liabilities at the end of the reporting
period are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 85.05pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B1_zfDAc7GfyKpi" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">SCHEDULE OF FOREIGN CURRENCY EXCHANGE</span>&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 88%; margin-left: 0.85in">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Monetary
    assets and liabilities denominated in:</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_490_20231231__srt--CurrencyAxis__custom--CRCMember_zwSkc0vKFPO" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CRC</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_495_20231231__srt--CurrencyAxis__custom--PENMember_zbsWENWN8oFb" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PEN</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_494_20231231__srt--CurrencyAxis__custom--ForeignCurrencyMember_zNEBhaCNzckf" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(in
    USD)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    of December 31, 2023</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Monetary
    assets and liabilities denominated in:</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CRC</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PEN</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40D_eifrs-full--CashAndCashEquivalents_iI_zPFdvULNcwN6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 52%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
    and cash equivalents</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:CashAndCashEquivalents" contextRef="AsOf2023-12-31_custom_CRCMember" id="Fact003763" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,599</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:CashAndCashEquivalents" contextRef="AsOf2023-12-31_custom_PENMember" id="Fact003764" format="ixt:numdotdecimal" decimals="0" unitRef="USD">479,057</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:CashAndCashEquivalents" contextRef="AsOf2023-12-31_custom_ForeignCurrencyMember" id="Fact003765" format="ixt:numdotdecimal" decimals="0" unitRef="USD">485,656</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_409_ecustom--LeaseAndOtherReceivablesNet_iI_zUsP0UyoHIE3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lease
    and other receivables, net</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="LPA:LeaseAndOtherReceivablesNet" contextRef="AsOf2023-12-31_custom_PENMember" id="Fact003768" format="ixt:numdotdecimal" decimals="0" unitRef="USD">135,275</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_404_ecustom--AssetsAndLiabilitiesGross_iI_zsrnJHfZ10o1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 175; Value: 52 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->60<!-- Field: /Sequence --></td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 85.05pt; text-align: justify"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 88%; margin-left: 0.85in">
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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  <tr id="xdx_401_ecustom--OtherCurrentAndNoncurrentAssets_iI_zZNU3yOE3ssj" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40A_ecustom--AccountsPayableAndAccruedExpenses_iI_zQuAsfhU6Qkk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="LPA:AccountsPayableAndAccruedExpenses" contextRef="AsOf2022-12-31_custom_PENMember" id="Fact003808" format="ixt:numdotdecimal" decimals="0" unitRef="USD">179,676</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="LPA:AccountsPayableAndAccruedExpenses" contextRef="AsOf2022-12-31_custom_ForeignCurrencyMember" id="Fact003809" format="ixt:numdotdecimal" decimals="0" unitRef="USD">361,127</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_404_ecustom--AssetsAndLiabilitiesGross_iI_zc7h2tQUrBV1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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</ix:nonNumeric><p id="xdx_8A9_zYIhI0cZDj88" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 84.95pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.85in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, and 2022, the net assets in foreign operations of the Group whose functional currency is different from the USD
and for which the differences in foreign currency were recognized in OCI amounting to $<span id="xdx_90B_eifrs-full--OtherComprehensiveIncomeNetOfTaxChangeInValueOfForeignCurrencyBasisSpreads_c20230101__20231231_z32JPwsdpq85" title="Differences in foreign currency"><ix:nonFraction name="ifrs-full:OtherComprehensiveIncomeNetOfTaxChangeInValueOfForeignCurrencyBasisSpreads" contextRef="From2023-01-01to2023-12-31" id="Fact003819" format="ixt:numdotdecimal" decimals="0" unitRef="USD">88,689,861</ix:nonFraction></span> and $<span id="xdx_90E_eifrs-full--OtherComprehensiveIncomeNetOfTaxChangeInValueOfForeignCurrencyBasisSpreads_c20220101__20221231_z9yD5M5rtIWe" title="Differences in foreign currency"><ix:nonFraction name="ifrs-full:OtherComprehensiveIncomeNetOfTaxChangeInValueOfForeignCurrencyBasisSpreads" contextRef="From2022-01-012022-12-31" id="Fact003821" format="ixt:numdotdecimal" decimals="0" unitRef="USD">49,411,608</ix:nonFraction></span>, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 84.95pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.85in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Sensitivity
Analysis</i> &#8211; The following tables detail the Group&#8217;s sensitivity to a <span id="xdx_90F_ecustom--SensitivityAnalysisPercentageOfForeignCurrency_iI_pid_dp_uPure_c20231231_zGhZ0YwjHht5" title="Sensitivity analysis percentage"><ix:nonFraction name="LPA:SensitivityAnalysisPercentageOfForeignCurrency" contextRef="AsOf2023-12-31" id="Fact003823" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction></span>% appreciation or depreciation in the USD against
foreign currencies listed above. <span id="xdx_904_ecustom--SensitivityAnalysisPercentageOfForeignCurrency_iI_pid_dp_uPure_c20231231_zR0d12aiauwa" title="Sensitivity analysis percentage"><ix:nonFraction name="LPA:SensitivityAnalysisPercentageOfForeignCurrency" contextRef="AsOf2023-12-31" id="Fact003825" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction></span>% is the sensitivity rate used when reporting foreign currency risk internally to key management personnel
and represents management&#8217;s assessment of the reasonably possible change in foreign exchange rates. The sensitivity analysis reflects
foreign currency revaluation or translation impacts on the Group&#8217;s net income and equity through OCI for a <span id="xdx_90F_ecustom--SensitivityAnalysisPercentageOfForeignCurrency_iI_pid_dp_uPure_c20231231_zbmnPgZ6RhIc" title="Sensitivity analysis percentage"><ix:nonFraction name="LPA:SensitivityAnalysisPercentageOfForeignCurrency" contextRef="AsOf2023-12-31" id="Fact003827" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction></span>% change in foreign
currency exchange rates. A <span id="xdx_902_ecustom--SensitivityAnalysisPercentageOfForeignCurrency_iI_pid_dp_uPure_c20231231_zxttCddxRnyh" title="Sensitivity analysis percentage"><span id="xdx_902_ecustom--SensitivityAnalysisPercentageOfForeignCurrency_iI_pid_dp_uPure_c20221231_zQYaCCH7pe6i" title="Sensitivity analysis percentage"><ix:nonFraction name="LPA:SensitivityAnalysisPercentageOfForeignCurrency" contextRef="AsOf2023-12-31" id="Fact003829" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure"><ix:nonFraction name="LPA:SensitivityAnalysisPercentageOfForeignCurrency" contextRef="AsOf2022-12-31" id="Fact003831" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction></ix:nonFraction></span></span>% strengthening (weakening) of the USD against the foreign currencies as of December 31, 2023, 2022, and
2021 would have decreased (increased) net income and equity through OCI by the amounts shown below. This analysis assumes that all other
variables, particularly interest rates, remained constant.</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact003833" name="ifrs-full:DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory"><p id="xdx_891_eifrs-full--DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory_zlJ86Gxwnw6a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 84.95pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B6_z56Lk4WvAIei" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">SCHEDULE OF SENSITIVITY ANALYSIS</span>&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 88%; margin-left: 0.85in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
    the year ended December 31, 2023</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_49E_20230101__20231231__ifrs-full--ActuarialAssumptionsAxis__custom--StrengtheningMember_z6JM8sXcUBFf" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Strengthening</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_49B_20230101__20231231__ifrs-full--ActuarialAssumptionsAxis__custom--WeakeningMember_zq5jhjxl5fU" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weakening</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40D_eifrs-full--ProfitLoss_zUgptfhI61V6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Profit
    or Loss</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2023-01-012023-12-31_custom_StrengtheningMember" id="Fact003835" format="ixt:numdotdecimal" decimals="0" unitRef="USD">329,914</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2023-01-012023-12-31_custom_WeakeningMember" id="Fact003836" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">329,914</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_402_eifrs-full--ChangesInEquity_zaRer9NiELX4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equity</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:ChangesInEquity" contextRef="From2023-01-012023-12-31_custom_StrengtheningMember" id="Fact003838" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,868,986</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:ChangesInEquity" contextRef="From2023-01-012023-12-31_custom_WeakeningMember" id="Fact003839" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">8,868,986</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 84.95pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 88%; margin-left: 0.85in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
    the year ended December 31, 2022</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_497_20220101__20221231__ifrs-full--ActuarialAssumptionsAxis__custom--StrengtheningMember_zuO6P0yLMxC9" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Strengthening</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_49A_20220101__20221231__ifrs-full--ActuarialAssumptionsAxis__custom--WeakeningMember_zY9UBPq6duc8" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weakening</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_403_eifrs-full--ProfitLoss_zVDzeiydjDVl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Profit
    or Loss</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2022-01-012022-12-31_custom_StrengtheningMember" id="Fact003841" format="ixt:numdotdecimal" decimals="0" unitRef="USD">405,261</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2022-01-012022-12-31_custom_WeakeningMember" id="Fact003842" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">405,261</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_40C_eifrs-full--ChangesInEquity_zHpjF3NaS5a7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equity</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:ChangesInEquity" contextRef="From2022-01-012022-12-31_custom_StrengtheningMember" id="Fact003844" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,941,161</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:ChangesInEquity" contextRef="From2022-01-012022-12-31_custom_WeakeningMember" id="Fact003845" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">4,941,161</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 84.95pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 88%; margin-left: 0.85in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
    the year ended December 31, 2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_490_20210101__20211231__ifrs-full--ActuarialAssumptionsAxis__custom--StrengtheningMember_zF4J3sG6vqec" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Strengthening</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_49D_20210101__20211231__ifrs-full--ActuarialAssumptionsAxis__custom--WeakeningMember_zSldqbfFPsh" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weakening</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_400_eifrs-full--ProfitLoss_zHzuC82udPv8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Profit
    or Loss</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2021-01-012021-12-31_custom_StrengtheningMember" id="Fact003847" format="ixt:numdotdecimal" decimals="0" unitRef="USD">508,411</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2021-01-012021-12-31_custom_WeakeningMember" id="Fact003848" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">508,411</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_40B_eifrs-full--ChangesInEquity_zx7FBMfRHP64" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equity</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:ChangesInEquity" contextRef="From2021-01-012021-12-31_custom_WeakeningMember" id="Fact003851" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">6,191,813</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
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</ix:nonNumeric><p id="xdx_8A6_zkIyMCTHn6F9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.85in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Interest
Rate Risk</b> &#8211; Interest rate risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes
in market interest rates. The Group&#8217;s exposure to the risk of changes in market interest rates relates primarily to its long-term
debt obligations with floating interest rates. Therefore, variations in interest rates at the reporting date would affect profit or loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 84.95pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.85in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Sensitivity
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2022 would have decreased (increased) net income by the amounts shown below. This analysis assumes that all other variables remained
constant.</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact003857" name="LPA:DisclosureOfSensitivityAnalysisForLongTermDebtExplanatory"><p id="xdx_894_ecustom--DisclosureOfSensitivityAnalysisForLongTermDebtExplanatory_z7lx9laEQvF7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BB_zcFKIGkAMw9l" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">SCHEDULE
OF SENSITIVITY ANALYSIS OF LONG-TERM DEBT</span>&#160;</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 88%; margin-left: 0.85in">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Decrease
    in Interest rate</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 176; Value: 52 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->61<!-- Field: /Sequence --></td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 85.05pt; text-align: justify"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 88%; margin-left: 0.85in">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Decrease
    in Interest rate</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="LPA:DecreaseInInterestRate" contextRef="AsOf2022-12-31_ifrs-full_LongtermBorrowingsMember" id="Fact003871" format="ixt:numdotdecimal" decimals="0" unitRef="USD">209,326,775</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="LPA:DecreaseInInterestRate" contextRef="AsOf2022-12-31_custom_OnePercentageMember" id="Fact003872" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,093,268</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="LPA:DecreaseInInterestRate" contextRef="AsOf2022-12-31_custom_TwoPercentageMember" id="Fact003873" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,186,536</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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</ix:nonNumeric><p id="xdx_8AB_zp3nyMtR2PCc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 85.5pt; text-indent: -27pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.35in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">e.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Fair
                                            Values</i></b><i> &#8211; </i>Management of the Group assessed the fair value of its financial
                                            assets and liabilities and concluded that their carrying value approximates their fair value.</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact003875" name="ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory"><p id="xdx_808_eifrs-full--DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory_zIRtSvZjn4z7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>24.
<span id="xdx_82C_zqqr8c1B9ATg">COMMITMENTS AND CONTINGENCIES</span></b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Commitments</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the normal course of operation, the Group secures construction loans in order to fund capital expenditure commitments. Debt guarantees
are disclosed in Note 16. The Group does not conduct its operations through entities that are not consolidated in these consolidated
financial statements and has not guaranteed or otherwise contractually committed to support any material financial obligations not reflected
in these consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, the Group had agreed construction contracts with third parties and is consequently committed to future capital
in respect to investment property under development of $<span id="xdx_908_ecustom--InvestmentPropertyUnderDevelopment_iI_c20231231_zmAv5LPR7fJ7" title="Investment property under development"><ix:nonFraction name="LPA:InvestmentPropertyUnderDevelopment" contextRef="AsOf2023-12-31" id="Fact003877" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,067,067</ix:nonFraction></span>. There are no contractual commitments in respect of completed investment
property.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group does not have any lease contract that has not yet commenced as of December 31, 2023. Refer to the Group&#8217;s future minimum
rental payments for its non-cancellable lease contracts in Note 15.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Legal
Proceedings</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the ordinary course of business, the Group may be party to legal proceedings. On September 13, 2023, the Group has become aware that
a lawsuit was filed against a subsidiary of the Group by a construction company for services rendered prior to the reporting date. On
February 29, 2024, subsequent to the fiscal year ended December 31, 2023, the Group has settled with the counterparty for a total settlement
amount of $<span id="xdx_904_ecustom--CounterpartySettlementAmount_iI_c20240229__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__ifrs-full--EnteringIntoSignificantCommitmentsOrContingentLiabilitiesMember_zoWeC6tFX5M9" title="Counterparty settlement amount"><ix:nonFraction name="LPA:CounterpartySettlementAmount" contextRef="AsOf2024-02-29_ifrs-full_EnteringIntoSignificantCommitmentsOrContingentLiabilitiesMember" id="Fact003879" format="ixt:numdotdecimal" decimals="0" unitRef="USD">244,151</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 30, 2023, the Group became aware that a lawsuit was filed against them by a former employee of the Group who rendered services
for the Group prior to the reporting date. The Group is currently vigorously defending this lawsuit and believes the claims are without
merit. The Group is in the process of analyzing this matter but currently does not have a sufficient basis for concluding whether any
loss is probable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group is not currently involved in any other litigation or arbitration proceedings for which the Group believes it is not adequately
insured or indemnified, or which, if determined adversely, would have a material adverse effect on the Group&#8217;s consolidated financial
statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 177; Value: 52 -->
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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact003881" name="ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory"><p id="xdx_808_eifrs-full--DisclosureOfEventsAfterReportingPeriodExplanatory_zsLaEkcj3oDe" style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>25.
<span id="xdx_820_zOiE4CEO3Ws3">SUBSEQUENT EVENTS</span></b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s management has evaluated the occurrence of the significant events after the reporting date of the financial statements
and the following has been considered as significant to disclose:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Business
Combination </i></b>&#8211;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
discussed in Note 1, on August 15, 2023, TWOA announced the execution of Business Combination Agreement with LLP and other parties. On
March 27, 2024, the Business Combination was consummated. Upon Closing, the Business Combination was accounted for as a capital reorganization
in accordance with IFRS. For purposes of the Business Combination, TWOA will be treated as the &#8220;acquired&#8221; company for financial
reporting purposes and for accounting purposes will be treated as an acquisition of assets. Accordingly, the net assets of LLP will be
stated at historical cost, with no goodwill or other intangible assets recorded. The deemed costs of the shares issued by LLP represents
the fair value of the shares that the Pubco would have had to issue for the ratio of ownership interest in the entity. Since TWOA does
not meet the definition of a business in accordance with IFRS 3, Business Combinations, the transaction is accounted for within the scope
of IFRS 2, Share-based payment. Any excess of fair value of Pubco shares issued over the fair value of TWOA&#8217;s identifiable net
assets acquired represents compensation for the service of a stock exchange listing for its shares and is expensed as incurred.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Loan
<i>receivable from affiliates &#8211;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
loan receivable from affiliates (refer to Note 22) were in default as of January 2, 2024. The Group subsequently provided notice of the
default to the affiliate and began foreclosure proceedings on the collateral, the affiliate&#8217;s equity interest in LLP. On March
12, 2024, LLI entered into an assignment agreement with LLP, pursuant to which LLI unconditionally and irrevocably assigned in favor
of LLP the right to receive <span id="xdx_904_eifrs-full--IncreaseDecreaseInNumberOfOrdinarySharesIssued_c20240312__20240312__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__ifrs-full--EnteringIntoSignificantCommitmentsOrContingentLiabilitiesMember_z6uGrPuRwYxg" title="Ordinary Shares"><ix:nonFraction name="ifrs-full:IncreaseDecreaseInNumberOfOrdinarySharesIssued" contextRef="From2024-03-122024-03-12_ifrs-full_EnteringIntoSignificantCommitmentsOrContingentLiabilitiesMember" id="Fact003883" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,288,000</ix:nonFraction></span> LPA Ordinary Shares as a result of the merger and the Business Combination Agreement. Pursuant
to the assignment agreement, the Group agreed to waive its right to receive the LLI assigned shares with the intention of not issuing
shares of LPA to LLP. The loan receivable was considered settled on the date of the Business Combination closing on March 27, 2024, in
accordance with the assignment agreement.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact003885" name="ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory"><p id="xdx_803_eifrs-full--DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory_zuKIgFZUxSHa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>26.
<span id="xdx_827_zvwtZxuaJ3gk">APPROVAL OF THE CONSOLIDATED FINANCIAL STATEMENTS</span></b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated financial statements were authorized for issue by the Group&#8217;s management on April 26, 2024.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 178; Value: 52 -->
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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial
Statement Schedules</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact003887" name="LPA:DisclosureOfCondensedFinancialInformationExplanatory"><p id="xdx_801_ecustom--DisclosureOfCondensedFinancialInformationExplanatory_zsA8N5cKKwNd" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ak_001"></span><span id="xdx_82A_zfSiBJUQVuZk">Schedule
I - Parent Company Only Condensed Financial Information</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
condensed financial statements of Latam Logistic Properties, S.A., the parent company of the Group (the &#8220;Parent Company&#8221;), have been prepared in
accordance with Rule 12-04, Schedule I of Regulation S-X, as the restricted net assets of the subsidiaries of LLP exceed 25% of the consolidated net assets of the Group. The ability of the Parent Company&#8217;s
operating subsidiaries to pay dividends may be restricted due to certain clauses in the subsidiaries&#8217; debt agreements and
legal reserve requirements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
condensed financial statements of the Parent Company have been prepared using the same IFRS accounting principles and policies
described in the other notes to the consolidated financial statements. The Parent Company accounts for its investment in
subsidiaries using the cost less accumulated impairments method. The Parent Company received a dividend from its subsidiaries during
the year ended December 31, 2023. The Parent Company did not receive any dividends from its subsidiaries during the years ended
December 31, 2022 and 2021. These condensed financial statements should be read in conjunction with the Group&#8217;s consolidated
financial statements and related notes thereto.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>LATAM
LOGISTIC PROPERTIES, S.A. (Parent Company Only)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; text-align: left; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONDENSED
STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE <span style="text-transform: uppercase">Income (Loss)</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(in
U.S. Dollars)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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    <td style="font: 10pt Times New Roman, Times, Serif; color: #1F2123; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: #1F2123; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="LPA:InterestIncomeFromAffiliates" contextRef="From2021-01-012021-12-31_ifrs-full_ParentMember" id="Fact003899" format="ixt:numdotdecimal" decimals="0" unitRef="USD">626,047</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: #1F2123; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40C_eifrs-full--FinanceCosts_iN_di_msPLBTzFV8_zlMZRXLmnpIg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; color: #1F2123; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: #1F2123; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:FinanceCosts" contextRef="From2023-01-012023-12-31_ifrs-full_ParentMember" id="Fact003901" format="ixt:numdotdecimal" decimals="0" unitRef="USD">718,844</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: #1F2123; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: #1F2123"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_40C_ecustom--TransactionrelatedCosts_iN_di_msPLBTzFV8_zTRuDtYxbkvg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transaction-related
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    <td style="font: 10pt Times New Roman, Times, Serif; color: #1F2123; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: #1F2123; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="LPA:TransactionrelatedCosts" contextRef="From2023-01-012023-12-31_ifrs-full_ParentMember" id="Fact003905" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,128,965</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: #1F2123; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: #1F2123"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; color: #1F2123; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: #1F2123; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl3907">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: #1F2123; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40E_eifrs-full--OtherIncomeExpenseFromSubsidiariesJointlyControlledEntitiesAndAssociates_iT_maPLBTzFV8_zn8gfAQx4Ca" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; color: red"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


<ix:exclude><!-- Field: Page; Sequence: 179; Value: 52 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->64<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>LATAM
LOGISTIC PROPERTIES, S.A. (Parent Company Only)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONDENSED
STATEMENTS OF FINANCIAL POSITION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(in
U.S. Dollars)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<table cellpadding="0" cellspacing="0" id="xdx_302_133_z23ZdvhJrZFh" summary="xdx: Disclosure - Condensed Statements of Financial Position" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr id="xdx_405_eifrs-full--CurrentAssets_i01TI_mtCAzJgI_maAzc3d_zQRPGbzG7Drc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_403_eifrs-full--NoncurrentAssetsAbstract_iB_zKIfBJWzyKP3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NON-CURRENT
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40C_eifrs-full--InvestmentsInSubsidiaries_iI_maNAzDsR_zjkAgzuaVmH6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    in subsidiaries</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: #1F2123"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #1F2123; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: #1F2123; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:InvestmentsInSubsidiaries" contextRef="AsOf2023-12-31_ifrs-full_ParentMember" id="Fact003946" format="ixt:numdotdecimal" decimals="0" unitRef="USD">168,496,857</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: #1F2123; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: #1F2123"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #1F2123; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: #1F2123; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:InvestmentsInSubsidiaries" contextRef="AsOf2022-12-31_ifrs-full_ParentMember" id="Fact003947" format="ixt:numdotdecimal" decimals="0" unitRef="USD">166,927,780</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: #1F2123; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40A_eifrs-full--NoncurrentRestrictedCashAndCashEquivalents_iI_maNAzDsR_zDauOkFKU6ck" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restricted
    cash equivalent</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: #1F2123"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #1F2123; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: #1F2123; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl3949">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: #1F2123; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: #1F2123"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #1F2123; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: #1F2123; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:NoncurrentRestrictedCashAndCashEquivalents" contextRef="AsOf2022-12-31_ifrs-full_ParentMember" id="Fact003950" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,205,162</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: #1F2123; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_409_eifrs-full--PropertyPlantAndEquipment_iI_maNAzDsR_zThb0xa4JV5f" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property
    and equipment, net</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: #1F2123; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #1F2123; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #1F2123; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2023-12-31_ifrs-full_ParentMember" id="Fact003952" format="ixt:numdotdecimal" decimals="0" unitRef="USD">46,767</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; color: #1F2123; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: #1F2123; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #1F2123; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #1F2123; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2022-12-31_ifrs-full_ParentMember" id="Fact003953" format="ixt:numdotdecimal" decimals="0" unitRef="USD">64,394</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; color: #1F2123; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_404_eifrs-full--NoncurrentAssets_i01TI_mtNAzDsR_maAzc3d_zGNJrFeSmvc7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    non-current assets</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: #1F2123; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #1F2123; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #1F2123; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:NoncurrentAssets" contextRef="AsOf2023-12-31_ifrs-full_ParentMember" id="Fact003955" format="ixt:numdotdecimal" decimals="0" unitRef="USD">168,543,624</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; color: #1F2123; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: #1F2123; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #1F2123; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #1F2123; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:NoncurrentAssets" contextRef="AsOf2022-12-31_ifrs-full_ParentMember" id="Fact003956" format="ixt:numdotdecimal" decimals="0" unitRef="USD">168,197,336</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; color: #1F2123; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40F_eifrs-full--Assets_iTI_mtAzc3d_zxgzpjryLLZ9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TOTAL
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    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; color: #1F2123; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; color: #1F2123; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:Assets" contextRef="AsOf2023-12-31_ifrs-full_ParentMember" id="Fact003958" format="ixt:numdotdecimal" decimals="0" unitRef="USD">178,806,250</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: #1F2123; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: #1F2123; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; color: #1F2123; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; color: #1F2123; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:Assets" contextRef="AsOf2022-12-31_ifrs-full_ParentMember" id="Fact003959" format="ixt:numdotdecimal" decimals="0" unitRef="USD">180,099,312</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: #1F2123; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_407_eifrs-full--EquityAndLiabilitiesAbstract_iB_zs8jMFyj6Ame" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LIABILITIES
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  <tr id="xdx_408_eifrs-full--CurrentLiabilitiesAbstract_iB_zBMcPBlWLa2k" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CURRENT
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_404_eifrs-full--TradeAndOtherCurrentPayables_iI_maCLzylf_zXbKDWjsfFjd" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts
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    <td style="font: 10pt Times New Roman, Times, Serif; color: #1F2123; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: #1F2123; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:TradeAndOtherCurrentPayables" contextRef="AsOf2023-12-31_ifrs-full_ParentMember" id="Fact003967" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,086,924</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: #1F2123; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: #1F2123"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #1F2123; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: #1F2123; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:TradeAndOtherCurrentPayables" contextRef="AsOf2022-12-31_ifrs-full_ParentMember" id="Fact003968" format="ixt:numdotdecimal" decimals="0" unitRef="USD">336,055</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: #1F2123; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_408_ecustom--DueToSubsidiariesAndAffiliatedCompanies_iI_maCLzylf_zv0HWyxYC5Ga" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
    to subsidiaries and affiliated companies</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: #1F2123"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #1F2123; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: #1F2123; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="LPA:DueToSubsidiariesAndAffiliatedCompanies" contextRef="AsOf2023-12-31_ifrs-full_ParentMember" id="Fact003970" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,459,935</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: #1F2123; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: #1F2123"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: #1F2123; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: #1F2123; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl3971">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; color: #1F2123; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_406_ecustom--LongTermDebtCurrentPortion_iI_maCLzylf_zZK0LxvAw1If" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #1F2123; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #1F2123; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl3973">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; color: #1F2123; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: #1F2123; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #1F2123; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #1F2123; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="LPA:LongTermDebtCurrentPortion" contextRef="AsOf2022-12-31_ifrs-full_ParentMember" id="Fact003974" format="ixt:numdotdecimal" decimals="0" unitRef="USD">14,998,275</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; color: #1F2123; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_401_eifrs-full--CurrentLiabilities_iTI_mtCLzylf_maLz29Q_zTBteQloLbU1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    current liabilities</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:CurrentLiabilities" contextRef="AsOf2023-12-31_ifrs-full_ParentMember" id="Fact003976" format="ixt:numdotdecimal" decimals="0" unitRef="USD">7,546,859</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:CurrentLiabilities" contextRef="AsOf2022-12-31_ifrs-full_ParentMember" id="Fact003977" format="ixt:numdotdecimal" decimals="0" unitRef="USD">15,334,330</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_407_eifrs-full--Liabilities_iTI_mtLz29Q_maEALzFnh_zXIuEaC12tQ9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TOTAL
    LIABILITIES</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: #1F2123; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #1F2123; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #1F2123; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:Liabilities" contextRef="AsOf2023-12-31_ifrs-full_ParentMember" id="Fact003979" format="ixt:numdotdecimal" decimals="0" unitRef="USD">7,546,859</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; color: #1F2123; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: #1F2123; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #1F2123; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; color: #1F2123; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:Liabilities" contextRef="AsOf2022-12-31_ifrs-full_ParentMember" id="Fact003980" format="ixt:numdotdecimal" decimals="0" unitRef="USD">15,334,330</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; color: #1F2123; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40C_eifrs-full--EquityAbstract_iB_zN6uKt0V5NKd" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EQUITY:</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40E_eifrs-full--Equity_iTI_mtEz8lO_maEALzFnh_zHkZkAx5zTEi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    equity</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: #1F2123; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40B_eifrs-full--EquityAndLiabilities_iTI_mtEALzFnh_zuuOy5SgHwv2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TOTAL
    LIABILITIES AND EQUITY</span></td><td style="font: 10pt Times New Roman, Times, Serif; color: #1F2123; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<ix:exclude><!-- Field: Page; Sequence: 180; Value: 52 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->65<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>LATAM
LOGISTIC PROPERTIES, S.A. (Parent Company Only)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONDENSED
STATEMENTS OF CASH FLOWS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(in
U.S. Dollars)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"></p>

<table cellpadding="0" cellspacing="0" id="xdx_302_133_z1H6RYDRKWah" summary="xdx: Disclosure - Condensed Statements of Cash Flows" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
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    <td colspan="2" id="xdx_49D_20230101__20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__ifrs-full--ParentMember_zEVZ8svPIs09" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_409_eifrs-full--CashFlowsFromUsedInOperatingActivitiesAbstract_iB_zaZX75UlFTt3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
    flows from operating activities:</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_409_eifrs-full--ProfitLoss_maNCOA_ztf8CrhYxwr4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; width: 46%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gain
    (loss) for the year</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_40E_eifrs-full--AdjustmentsForReconcileProfitLossAbstract_iB_zamr8v8ggd69" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjustments:</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_403_eifrs-full--AdjustmentsForDepreciationAndAmortisationExpense_maNCOA_ztH2nCigo8j6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation
    and amortization</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:AdjustmentsForDepreciationAndAmortisationExpense" contextRef="From2022-01-012022-12-31_ifrs-full_ParentMember" id="Fact004004" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,607</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:AdjustmentsForDepreciationAndAmortisationExpense" contextRef="From2021-01-012021-12-31_ifrs-full_ParentMember" id="Fact004005" format="ixt:numdotdecimal" decimals="0" unitRef="USD">11,133</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_400_eifrs-full--FinanceCosts_maNCOA_zwE764QUcOae" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financing
    costs</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_40A_eifrs-full--CashFlowsFromUsedInInvestingActivitiesAbstract_iB_zpX9FxRD4Ok3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40F_eifrs-full--CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities_iN_di_msCFFUIzZTa_zvket6ivppO8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Increase
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  <tr id="xdx_405_eifrs-full--PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_iN_di_msCFFUIzZTa_zNUxhu5MQpGl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purchases
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  <tr id="xdx_40B_eifrs-full--CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities_iN_di_msCFFUIzZTa_zl9Lqid72P9k" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Increase
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities" contextRef="From2022-01-012022-12-31_ifrs-full_ParentMember" id="Fact004056" format="ixt:numdotdecimal" decimals="0" unitRef="USD">800,973</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_400_ecustom--ProceedsFromRestrictedCashEquivalent_maCFFUIzZTa_zGU1ZS2dRzR7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restricted
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="LPA:ProceedsFromRestrictedCashEquivalent" contextRef="From2023-01-012023-12-31_ifrs-full_ParentMember" id="Fact004059" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,205,162</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="LPA:ProceedsFromRestrictedCashEquivalent" contextRef="From2022-01-012022-12-31_ifrs-full_ParentMember" id="Fact004060" format="ixt:numdotdecimal" decimals="0" unitRef="USD">594,838</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="LPA:ProceedsFromRestrictedCashEquivalent" contextRef="From2021-01-012021-12-31_ifrs-full_ParentMember" id="Fact004061" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,884,868</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40C_eifrs-full--CashFlowsFromUsedInInvestingActivities_iT_mtCFFUIzZTa_maIDICAzLA5_zv3FvTlU5ynb" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:CashFlowsFromUsedInInvestingActivities" contextRef="From2023-01-012023-12-31_ifrs-full_ParentMember" id="Fact004063" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,466,049</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_408_eifrs-full--CashFlowsFromUsedInFinancingActivitiesAbstract_iB_z4iGagdLzL4k" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr id="xdx_40C_eifrs-full--ProceedsFromBorrowingsClassifiedAsFinancingActivities_maCFFUIz0xl_z9y740LfDxtf" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_408_eifrs-full--RepaymentsOfBorrowingsClassifiedAsFinancingActivities_iN_di_msCFFUIz0xl_z1fwksrkwxX4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr id="xdx_409_ecustom--IncreaseInLoansFromSubsidiariesAndAffiliatedCompanies_maCFFUIz0xl_zSJAStBw0r7l" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Increase
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  <tr id="xdx_40E_eifrs-full--PaymentsForDebtIssueCosts_iN_di_msCFFUIz0xl_zHlPbqAtX7xg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
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  <tr id="xdx_406_eifrs-full--InterestPaidClassifiedAsFinancingActivities_iN_di_msCFFUIz0xl_zr2whwzk1UQ3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
    paid</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:InterestPaidClassifiedAsFinancingActivities" contextRef="From2022-01-012022-12-31_ifrs-full_ParentMember" id="Fact004088" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,102,499</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_408_eifrs-full--CashFlowsFromUsedInFinancingActivities_iT_mtCFFUIz0xl_maIDICAzLA5_zqfWQoRZEZF5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_400_eifrs-full--IncreaseDecreaseInCashAndCashEquivalents_iT_mtIDICAzLA5_zYKHNoCxeGAb" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>*
* * * *</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 28.35pt; text-align: center"></p>


<ix:exclude><!-- Field: Page; Sequence: 181; Value: 52 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->66<!-- Field: /Sequence --></td></tr></table></div>
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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 28.35pt; text-align: center"></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact004107" name="srt:RealEstateAndAccumulatedDepreciationDisclosureTextBlock"><p id="xdx_80A_esrt--RealEstateAndAccumulatedDepreciationDisclosureTextBlock_zCUw9zYtm588" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ak_002"></span><span id="xdx_824_z4ySL1DwpOcb">Schedule
III - Schedule of Real Estate</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a summary of the Group&#8217;s investment properties as of December 31, 2023 prepared in accordance with Rule 12-28 of Regulation
S-X:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>LATAM
LOGISTIC PROPERTIES, S.A.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SCHEDULE
III - SCHEDULE OF REAL ESTATE</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AS
OF DECEMBER 31, 2023</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(in
U.S. Dollars)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 28.35pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt/107% Aptos; margin: 0 0 8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="display: none"></span></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellpadding="0" cellspacing="0" id="xdx_308_133_zmGlRrqZ6Nx6" summary="xdx: Disclosure - SCHEDULE III - SCHEDULE OF REAL ESTATE" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="font-weight: bold; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="font-weight: bold; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="font-weight: bold"><span style="font-size: 8pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt"><span style="-sec-ix-hidden: xdx2ixbrl4125">&#8212;</span></span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt"><ix:nonFraction name="LPA:LandBank" contextRef="AsOf2023-12-31_ifrs-full_LandMember_custom_ColombiaCountryMember_custom_LatamLogisticParkCalleMember" id="Fact004126" format="ixt:numdotdecimal" decimals="0" unitRef="USD">14,114,108</ix:nonFraction></span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">N/A</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td></tr>
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    <td style="color: red"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left"><span style="font-size: 8pt">Costa Rica</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td></tr>
  <tr id="xdx_40A_eifrs-full--InvestmentPropertyUnderConstructionOrDevelopment_iI_hifrs-full--GeographicalAreasAxis__custom--CostaRicaCountryMember__ifrs-full--TypesOfInvestmentPropertyAxis__custom--LatamLogisticParkSanJoseVerbenaMember_zWOO3svtDSla" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt; text-align: left"><span style="font-size: 8pt">Latam Logistic Park San Jos&#233; &#8211; Verbena</span></td><td><span style="font-size: 8pt">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 8pt"><ix:nonFraction name="ifrs-full:InvestmentPropertyUnderConstructionOrDevelopment" contextRef="AsOf2023-12-31_ifrs-full_LandMember_custom_CostaRicaCountryMember_custom_LatamLogisticParkSanJoseVerbenaMember" id="Fact004178" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,643,646</ix:nonFraction></span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-size: 8pt"><ix:nonFraction name="ifrs-full:InvestmentPropertyUnderConstructionOrDevelopment" contextRef="AsOf2023-12-31_custom_FairValueAtTheEndOfTheYearMember" id="Fact004196" format="ixt:numdotdecimal" decimals="0" unitRef="USD">45,381,781</ix:nonFraction></span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">N/A</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td></tr>
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    <td style="color: red"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
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    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_404_ecustom--InvestmentOperatingProperties_iI_hifrs-full--GeographicalAreasAxis__custom--CostaRicaCountryMember__ifrs-full--TypesOfInvestmentPropertyAxis__custom--LatamLogisticParkSanJoseVerbenaMember_zmNMdySZWkU2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt; text-align: left"><span style="font-size: 8pt">Latam Logistic Park San Jos&#233; &#8211; Verbena</span></td><td><span style="font-size: 8pt">&#160;</span></td>
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  <tr id="xdx_40F_ecustom--InvestmentOperatingProperties_iI_zM1lhgJFpDze" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; font-weight: bold; text-align: left"><span style="font-size: 8pt">Total of Operating Properties</span></td><td><span style="font-size: 8pt">&#160;</span></td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-size: 8pt"><ix:nonFraction name="LPA:InvestmentOperatingProperties" contextRef="AsOf2023-12-31_custom_BuildingAndImprovementsMember" id="Fact004378" format="ixt:numdotdecimal" decimals="0" unitRef="USD">236,889,743</ix:nonFraction></span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-size: 8pt"><ix:nonFraction name="LPA:InvestmentOperatingProperties" contextRef="AsOf2023-12-31_custom_FairValueAtTheEndOfTheYearMember" id="Fact004382" format="ixt:numdotdecimal" decimals="0" unitRef="USD">444,070,078</ix:nonFraction></span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="color: red"><span style="font-size: 8pt">&#160;</span></td><td style="color: red"><span style="font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; color: red; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; color: red; text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="color: red; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
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  <tr id="xdx_407_ecustom--InvestmentPropertyGrandTotal_iI_z4Kj5hNUly7h" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left"><span style="font-size: 8pt">GRAND TOTAL</span></td><td style="font-weight: bold"><span style="font-size: 8pt">&#160;</span></td>
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    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><span style="font-size: 8pt">$</span></td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span style="font-size: 8pt"><ix:nonFraction name="LPA:InvestmentPropertyGrandTotal" contextRef="AsOf2023-12-31_custom_FairValueAtTheEndOfTheYearMember" id="Fact004395" format="ixt:numdotdecimal" decimals="0" unitRef="USD">514,172,281</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span id="xdx_F00_z74MaON33oZe" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F11_z7vrvfkAAHyd" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote004398" xml:lang="en-US">Encumbrances
                                            include mortgage loans for constructions and other financing arrangements guaranteed by the
                                            respective properties.</ix:footnote></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; display: none; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: top"><td style="font: 10pt Times New Roman, Times, Serif; display: none; width: 0.25in"><span id="xdx_F0F_zLNZKCsSbfE3" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: justify"><span id="xdx_F15_zK4LKpvMGcV2" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote004399" xml:lang="en-US">Land
                                            information includes land that are owned and land under right&#8212;of&#8212;use, which are
                                            separately labeled with in our real estate portfolio.</ix:footnote></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; display: none; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; display: none; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; display: none; width: 0.25in"><span id="xdx_F03_ztBKogQCmxo4" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</span></td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: justify"><span id="xdx_F1F_zq2xfEVB5wE8" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote004400" xml:lang="en-US">Amounts
                                            presented in building and improvements include building improvements costs, and acquisition
                                            costs, land improvements costs incurred on land banks.</ix:footnote></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; display: none; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; display: none; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; display: none; width: 0.25in"><span id="xdx_F0B_zpOXKNObKyze" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</span></td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: justify"><span id="xdx_F1F_zdGGXBHliSZ1" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote004401" xml:lang="en-US">This
                                            property under development at Latam Logistic Callao is leased under right&#8212;of&#8212;use
                                            contract rather than owned by the Group.</ix:footnote></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; display: none; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; display: none; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; display: none; width: 0.25in"><span id="xdx_F00_zliKFS3RHKzi" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</span></td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: justify"><span id="xdx_F1F_zBd6A7wNDzF6" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote004402" xml:lang="en-US">The
                                            Group uses an external appraiser in order to determine the fair value for all of its investment
                                            properties. The independent appraiser holds a recognized and relevant professional qualification
                                            and has recent experience of the location and category of the investment property being valued.
                                            The valuation model is in accordance with the guidance recommended by the International Valuation
                                            Standards Committee. These valuation models are consistent with the principles in IFRS 13.</ix:footnote></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; display: none; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; display: none; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; display: none; width: 0.25in"><span id="xdx_F00_z0XwlwiA06r2" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</span></td><td style="font: 10pt Times New Roman, Times, Serif; display: none"><span id="xdx_F1C_zdxGKiXuehX2" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote004403" xml:lang="en-US">See
                                            Note 12 of our audited consolidated financial statements as of December 31, 2023, for the
                                            reconciliation of investment properties for the year ended December 31, 2023.</ix:footnote></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; display: none; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; display: none; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; display: none; width: 0.25in"><span id="xdx_F08_zBDvSnTpioK6" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</span></td><td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: justify"><span id="xdx_F18_zig0VZPtmbe1" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote004404" xml:lang="en-US">Date
                                            of construction or acquisition represents the date we stabilized the building or acquired
                                            the building through acquisition.</ix:footnote></span></td></tr></table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>



<ix:exclude><!-- Field: Page; Sequence: 182; Value: 52 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->67<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table reconciles encumbrances per Schedule III to the Condensed Consolidated Statement of Financial Position at December 31,
2023:</span></p>
<p style="font: 10pt/107% Aptos; margin: 0 0 8pt"><span style="display: none"></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 95%">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_495_20230101__20231231_zeRFyseIXxg" style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eifrs-full--ChangesInInvestmentProperty_hifrs-full--TypesOfInvestmentPropertyAxis__custom--EncumbrancesPerScheduleMember_zAMmsZvIrGBl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 80%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    encumbrances per Schedule III</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:ChangesInInvestmentProperty" contextRef="From2023-01-012023-12-31_custom_EncumbrancesPerScheduleMember" id="Fact004406" format="ixt:numdotdecimal" decimals="0" unitRef="USD">269,344,270</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_401_eifrs-full--ChangesInInvestmentProperty_hifrs-full--TypesOfInvestmentPropertyAxis__custom--DebtNotGuaranteedByInvestmentPropertiesMember_zPoNfykRebX6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Debt
    not guaranteed by Investment Properties</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:ChangesInInvestmentProperty" contextRef="From2023-01-012023-12-31_custom_DebtNotGuaranteedByInvestmentPropertiesMember" id="Fact004408" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,000,000</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_409_eifrs-full--ChangesInInvestmentProperty_hifrs-full--TypesOfInvestmentPropertyAxis__custom--LongTermDebtAccruedFinancingCostsMember_zYDfwFLSRGPe" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long
    term debt accrued financing costs</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:ChangesInInvestmentProperty" contextRef="From2023-01-012023-12-31_custom_LongTermDebtAccruedFinancingCostsMember" id="Fact004410" format="ixt:numdotdecimal" decimals="0" unitRef="USD">752,874</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40A_eifrs-full--ChangesInInvestmentProperty_hifrs-full--TypesOfInvestmentPropertyAxis__custom--DebtIssuanceCostsNetMember_zy9sdI1R5fOk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Debt
    issuance costs, net</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:ChangesInInvestmentProperty" contextRef="From2023-01-012023-12-31_custom_DebtIssuanceCostsNetMember" id="Fact004412" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">2,242,911</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_400_eifrs-full--ChangesInInvestmentProperty_hifrs-full--TypesOfInvestmentPropertyAxis__custom--FinancialPositionMember_z0EZvZHfHtZ3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    per Consolidated Statement of Financial Position</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:ChangesInInvestmentProperty" contextRef="From2023-01-012023-12-31_custom_FinancialPositionMember" id="Fact004414" format="ixt:numdotdecimal" decimals="0" unitRef="USD">269,854,233</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; display: none; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#160;</span></span></p>

<div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(b)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Land
                                            information includes land that are owned and land under right&#8212;of&#8212;use, which are
                                            separately labeled with in our real estate portfolio.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amounts
                                            presented in building and improvements include building improvements costs, and acquisition
                                            costs, land improvements costs incurred on land banks.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
                                            property under development at Latam Logistic Callao is leased under right&#8212;of&#8212;use
                                            contract rather than owned by the Group.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Group uses an external appraiser in order to determine the fair value for all of its investment
                                            properties. The independent appraiser holds a recognized and relevant professional qualification
                                            and has recent experience of the location and category of the investment property being valued.
                                            The valuation model is in accordance with the guidance recommended by the International Valuation
                                            Standards Committee. These valuation models are consistent with the principles in IFRS 13.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
                                            Note 12 of our audited consolidated financial statements as of December 31, 2023, for the
                                            reconciliation of investment properties for the year ended December 31, 2023.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</div><div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date
                                            of construction or acquisition represents the date we stabilized the building or acquired
                                            the building through acquisition.</span></span></td></tr></table>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#160;</span></span></p>

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[{"type": "20-F", "sequence": "1", "filename": "form20-f.htm", "secsgml_size_bytes": 5033079}]
{"company-data": {"conformed-name": "Logistic Properties of the Americas", "cik": "0001997711", "assigned-sic": "6500", "organization-name": "05 Real Estate & Construction", "irs-number": "000000000", "state-of-incorporation": "E9", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "20-F", "act": "34", "file-number": "001-41995", "film-number": "24885254"}, "business-address": {"street1": "C/O OGIER GLOBAL (CAYMAN) LIMITED", "street2": "89 NEXUS WAY, CAMANA BAY", "city": "GRAND CAYMAN", "state": "E9", "zip": "KY1-9009", "phone": "506-2204-7020"}, "mail-address": {"street1": "C/O OGIER GLOBAL (CAYMAN) LIMITED", "street2": "89 NEXUS WAY, CAMANA BAY", "city": "GRAND CAYMAN", "state": "E9", "zip": "KY1-9009"}}
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
20-F
(Mark
One)
☐
REGISTRATION
    STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☒
ANNUAL
    REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the fiscal year ended
December 31
,
2023
OR
☐
TRANSITION
    REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☐
SHELL
    COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date
of event requiring this shell company report:
Commission
File Number:
333-275972
Logistic
Properties of the Americas
(Exact
name of Registrant as specified in its charter)
Not
    Applicable
Cayman
    Islands
(Translation
    of Registrant's name into English)
(Jurisdiction
    of incorporation or organization)
601
Brickell Key Drive
Suite
700
Miami
,
FL
33131
(Address
of principal executive offices)
Esteban
Saldarriaga
, Chief Executive Officer
Plaza
Tempo, Edificio B
Oficina
B1, Piso 2
San
Rafael de Escazú
,
San
José
,
Costa Rica
+506
2204 7020
(Name,
Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)
Securities
registered or to be registered pursuant to Section 12(b) of the Act:
Title
    of each class
Trading
    Symbols
Name
    of each exchange on which registered
Ordinary
    Shares, par value $.0001 per share
LPA
NYSE
    American
Securities
registered or to be registered pursuant to Section 12(g) of the Act: None
Securities
for which there is a reporting obligation pursuant to Section 15(d) of the Act: None
Indicate
the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered
by the shell company report: As of March 28, 2024, the issuer had
31,709,747
Ordinary Shares outstanding.
Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐
No
☒
If
this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section
13 or 15(d) of the Securities Exchange Act of 1934. Yes ☐
No
☒
Note
– Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 from their obligations under those Sections.
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes ☐
No
☒
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files).
Yes
☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth
company. See definition of "large accelerated filer," "accelerated filer," and "emerging growth company"
in Rule 12b-2 of the Exchange Act.
Large
    accelerated filer
☐
Accelerated
    filer
☐
Non-accelerated
    filer
☒
Emerging
    growth company
☒
If
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided
pursuant to Section 13(a) of the Exchange Act.
☐
†
The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards
Board to its Accounting Standards Codification after April 5, 2012.
Indicate
by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered
public accounting firm that prepared or issued its audit report.
☐
If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements.
☐
Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation
received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate
by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:
☐
U.S. GAAP
☒
International Financial Reporting Standards
as issued by the International Accounting Standards Board
☐
Other
If
"Other" has been checked in response to the previous question, indicate by check mark which financial statement item the
registrant has elected to follow. Item 17 ☐ Item 18 ☐
If
this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange
Act). Yes ☐
No
☒
TABLE
OF CONTENTS
INTRODUCTION
3
EMERGING GROWTH COMPANY, FOREIGN PRIVATE ISSUER AND CONTROLLED COMPANY STATUS
6
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
7
SUMMARY OF RISK FACTORS
8
PART I
10
Item 1. Identity of Directors, Senior Management and Advisers
10
Item 2. Offer Statistics and Expected Timetable
10
Item 3. Key Information
10
Item 4. Information on the Company
41
Item 4A. Unresolved Staff Comments
52
Item 5. Operating and Financial Review and Prospects
52
Item 6. Directors, Senior Management and Employees
73
Item 7. Major Shareholders and Related Party Transactions
79
Item 8. Financial Information
82
Item 9. The Offer and Listing
84
Item 10. Additional Information
84
Item 11. Quantitative and Qualitative Disclosures About Market Risk
103
Item 12. Description of Securities Other Than Equity Securities
104
PART II
105
Item 13. Defaults, Dividend Arrearages and Delinquencies
105
Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds
105
Item 15. Controls and Procedures
105
Item 16. [Reserved]
106
Item 16A. Audit committee financial expert
106
Item 16B. Code of Ethics
107
Item 16C. Principal Accountant Fees and Services
107
Item 16D. Exemption from the Listing Standards for Audit Committees
107
Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers
107
Item 16F. Change in Registrant's Certifying Accountant
107
Item 16G. Corporate Governance
107
Item 16H. Mine Safety Disclosure
108
Item 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
108
Item 16J. Insider trading policies
108
Item 16K. Cybersecurity
108
PART III
110
Item 17. Financial Statements
110
Item 18. Financial Statements
110
Item 19. Exhibits
110
2
INTRODUCTION
About
this Annual Report
Throughout
this Annual Report on Form 20-F (the "
Report
"), unless otherwise designated or the context otherwise requires, the
terms "we," "us," "our," "LPA" and "the Company" refer to Logistic Properties
of the Americas and its subsidiaries, which prior to the Business Combination (defined below) was the business of Latam Logistics Properties,
S.A. and its subsidiaries. References to "LLP" mean Latam Logistics Properties, S.A. and its consolidated subsidiaries, and
references to "the registrant" mean LPA.
Discrepancies
in any table between totals and sums of the amounts listed are due to rounding. Certain amounts and percentages have been rounded; consequently,
certain figures may add up to be more or less than the total amount and certain percentages may add up to be more or less than 100% due
to rounding.
Financial
Statement Presentation
Logistic Properties of the Americas
was incorporated as an exempted company with limited liability under the laws of the Cayman Islands on October 9, 2023, for the purposes
of effectuating the Business Combination described herein. Prior to the consummation of the Business Combination, LPA had no material
assets and did not operate any businesses.
LPA
qualifies as a foreign private issuer as defined under Rule 405 under the Securities Act. The Company's audited financial statements for
the year ended December 31, 2023 have been prepared in accordance with IFRS and audited in accordance with the standards of the Public
Company Accounting Oversight Board (United States) (the "
PCAOB
") and are reported in U.S. dollars.
On
March 27, 2024, LPA consummated the previously announced business combination (the "
Business Combination
") pursuant
to the Business Combination Agreement, dated as of August 15, 2023 (as amended, supplemented, and/or restated from time to time, the
"
Business Combination Agreement
"), by and among two, a Cayman Islands exempted company ("
TWOA
"),
LatAm Logistic Properties, S.A., a company incorporated under the laws of Panama (together with its successors, "
LLP
"),
and, by  joinder agreements, each of LPA, Logistic Properties of the Americas Subco, a Cayman Islands exempted company and a wholly-owned
subsidiary of LPA ("
SPAC Merger Sub
"), and LPA Panama Group Corp., a company incorporated under the laws of Panama
and a wholly-owned subsidiary of LPA ("
Company Merger Sub
").
As
a result of the Business Combination, LLP and TWOA became wholly-owned direct subsidiaries of LPA: (a) SPAC Merger Sub merged with and into TWOA, with TWOA continuing as the surviving company and a wholly-owned
direct subsidiary of LPA; and (b) Company Merger Sub merged with and into LLP, with LLP continuing as the surviving company and a wholly-owned
direct subsidiary of LPA.
The
historical operations of LLP prior to the Business Combination are deemed to be those of the Company. Thus, the financial statements
included in this Report reflect the historical operating results of LLP prior to the closing of the Business Combination. The
audited financial statements as of December 31, 2023 and 2022 and for the years ended December 31, 2023, 2022, and 2021, included in
this Report have been prepared in accordance with IFRS, which we refer to as our financial statements. See Item 18
of this Report for our audited consolidated financial statements and other financial information.
Currency
and Exchange Rates
In
this Report, unless otherwise specified, all monetary amounts are in U.S. dollars and all references to "$" mean U.S. dollars.
Certain monetary amounts described herein have been expressed in U.S. dollars for convenience only and, when expressed in U.S. dollars
in the future, such amounts may be different from those set forth herein due to intervening exchange rate fluctuations.
3
CERTAIN
DEFINED TERMS
●
"Business
    Combination" refers to the business combination contemplated by the Business Combination Agreement.
●
"Business
    Combination Agreement" refers to that certain business combination agreement, dated as of August 15, 2023, as it may be
    amended or supplemented, between and among TWOA and LLP, and by a joinder agreement, each of LPA, SPAC Merger Sub and Company Merger
    Sub.
●
"BVC" refers to the Colombian Stock Exchange.
●
"Charter"
    refers to LPA's amended and restated memorandum and articles of association in effect as of the Closing of the Business Combination.
●
"Closing"
    refers to the closing of the transactions contemplated by the Business Combination Agreement.
●
"Closing
    Date" refers to March 27, 2024, the date of the Closing.
●
"Code"
    refers to the Internal Revenue Code of 1986, as amended.
●
"Colombia"
    refers to the Republic of Colombia.
●
"Companies
    Act" refers to the Companies Act (As Revised) of the Cayman Islands, as amended from time to time and any regulations, codes
    of practice or orders promulgated pursuant thereto.
●
"Company
    Merger Sub" refers to LPA Panama Group Corp., a company formed under the laws of Panama and, prior to its merger with LLP upon
    the consummation of the Business Combination, a wholly-owned subsidiary of LPA.
●
"Company Merger" refers to the merger of Company Merger Sub with and into LLP, with LLP continuing as
the surviving company.
●
"Costa
    Rica" refers to the Republic of Costa Rica.
●
"CPI" refers to the consumer price index.
●
"DPA"
    refers to the Data Protection Act (Revised) of the Cayman Islands, as amended from time to time and any regulations, codes of
    practice or orders promulgated pursuant thereto.
●
"Effective Time" refers to the effective time of the Mergers.
●
"Exchange
    Act" refers to the Securities Exchange Act of 1934, as amended.
●
"Founder
    Registration Rights Agreement" refers to that certain registration rights agreement, dated as of March 29, 2021, entered into
    by TWOA, the Sponsor, two sponsor and the other parties thereto, as amended.
●
"Founder
    Registration Rights Agreement Amendment" refers to the amendment to the Founder Registration Rights Agreement to be entered
    into by LPA, TWOA, the Sponsor and two sponsor (as well as any other parties necessary to effect such amendment) at or prior to the
    Closing.
●
"GAAP"
    refers to generally accepted accounting principles as in effect in the United States of America.
●
"GLA"
    or "Gross Leasable Area" refers to the total area designed for or capable of occupancy by tenants for their exclusive
    use.
●
"Governmental
    Authority" refers to any federal, state, local, foreign or other governmental, quasi-governmental or administrative body, instrumentality,
    department or agency or any judge, court, tribunal, administrative hearing body, arbitration panel, commission, independent industry
    regulator or other similar dispute-resolving panel or body.
●
"IASB"
    refers to the International Accounting Standards Board.
●
"IFRS"
    refers to the International Financial Reporting Standards, as issued by the IASB.
4
●
"Insider
    Letter Agreement" refers to the letter agreement, dated March 29, 2021, among TWOA, two sponsor, the executive officers and
    directors of TWOA at the time of the IPO, and the Current Insiders, as amended.
●
"IRS"
    refers to the U.S. Internal Revenue Service.
●
"JOBS
    Act" refers to Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012, as amended.
●
"Leased
    GLA" refers to the GLA that are subject to a lease.
●
"LLP"
    refers to LatAm Logistic Properties, S.A., a corporation organized under the laws of Panama (together with its successors).
●
"LLP Shareholder" or "LLP Shareholders" refer to the shareholders of LLP ordinary shares
prior to the consummation of the Business Combination.
●
"Logistic
    Properties of the Americas," "LPA," "we," "us," "our," "the Company"
    or "our company" means Logistic Properties of the Americas and its subsidiaries.
●
"LPA
    Board" refers to the board of directors of LPA.
●
"LPA
    Shareholders" refers to, collectively, the holders of Ordinary Shares.
●
"Lock-Up
    Agreement" refers to the lock-up agreement, dated as of August 15, 2023, entered into by TWOA, a certain LLP shareholder and,
    by a joinder agreement, LPA in connection with the Business Combination Agreement.
●
"Mergers" means, collectively, (a) the SPAC Merger and (b) the Company Merger.
●
"NYSE
    American" refers to NYSE American LLC.
●
"Occupied
    GLA" refers to the GLA for areas that are occupied by tenants in either operating properties or properties under development
    before Stabilization.
●
"Operating
    GLA" refers to the GLA in operating properties. Operating properties are investment properties that have achieved a state of
    Stabilization.
●
"Ordinary
    Shares" refers to the ordinary shares of LPA, par value $0.0001 per share.
●
"PCAOB"
    refers to the Public Company Accounting Oversight Board (or any successor thereto).
●
"Peru"
    refers to the Republic of Peru.
●
"PFIC"
    refers to a passive foreign investment company.
●
"PIPE Investment" refers to the private placement of 1,500,000 TWOA Class A ordinary shares at a price
of $10.00 per share, consummated simultaneously with the Closing.
●
"PIPE Shares" refers to the 1,500,000 TWOA Class A ordinary shares purchased under the PIPE Investment.
●
"PIPE Subscriber" refers to Bonaventure Investments Holding Inc. and its permitted successors and assigns.
●
"PIPE Subscription Agreement" refers to the subscription agreement entered into on February 16, 2024
between TWOA and the PIPE Subscriber, for the purchase of the PIPE Shares.
●
"Registration
    Rights Agreement" refers to the registration rights agreement to be entered into by LLP shareholders, LPA and TWOA at or prior
    to the Closing.
●
"RNVE" refers to the
Registro Nacional de Valores y Emisores.
●
"SEC"
    refers to the U.S. Securities and Exchange Commission.
●
"Securities
    Act" refers to the U.S. Securities Act of 1933, as amended.
●
"SPAC
    Merger Sub" refers to Logistic Properties of the Americas Subco, a Cayman Islands exempted company and, prior to its merger
    with TWOA upon consummation of the Business Combination, a wholly-owned subsidiary of LPA.
●
"SPAC Merger" refers to the merger of SPAC Merger Sub with and into TWOA, with TWOA continuing as the
surviving company.
●
"Sponsor"
    refers to HC PropTech Partners III LLC, a Delaware limited liability company.
●
"Trading
    Day" refers to any day on which Ordinary Shares are tradeable on NYSE American (or the principal securities exchange or securities
    market on which Ordinary Shares are then traded).
●
"Transfer
    Agent" or "Continental" refers to Continental Stock Transfer & Trust Company, in its capacity as LPA's
    transfer agent.
●
"TWOA,"
    refers to two, a Cayman Islands exempted company and a wholly-owned subsidiary of LPA.
●
"two
    Sponsor" refers to TWOA's original sponsor.
5
EMERGING
GROWTH COMPANY, FOREIGN PRIVATE ISSUER
AND
CONTROLLED COMPANY STATUS
The
Company is an "emerging growth company" as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our
Business Startups Act of 2012 (the "
JOBS Act
"). The Company will remain an "emerging growth company" until
the earliest to occur of (i) the last day of the fiscal year (a) following the fifth anniversary of the Closing of the Business Combination,
(b) in which the Company has total annual gross revenue of at least $1.235 billion or (c) in which the Company is deemed to be a large
accelerated filer, which means the market value of Ordinary Shares held by non-affiliates is at least $700 million as of the last business
day of the Company's prior second fiscal quarter, and (ii) the date on which the Company issued more than $1.0 billion in non-convertible
debt during the prior three-year period. The Company intends to take advantage of exemptions from various reporting requirements that
are applicable to most other public companies, whether or not they are classified as "emerging growth companies," including,
but not limited to, an exemption from the provisions of Section 404(b) of the Sarbanes-Oxley Act requiring that the Company's independent
registered public accounting firm provide an attestation report on the effectiveness of its internal control over financial reporting
and reduced disclosure obligations regarding executive compensation.
As
a "foreign private issuer," the Company will be subject to different U.S. securities laws than domestic U.S. issuers. The
rules governing the information that the Company must disclose differ from those governing U.S. corporations pursuant to the Exchange
Act. The Company will be exempt from the rules under the Exchange Act prescribing the furnishing and content of proxy statements to shareholders.
Those proxy statements are not expected to conform to Schedule 14A of the proxy rules promulgated under the Exchange Act. In addition,
as a "foreign private issuer," the Company's officers and directors and holders of more than 10% of the issued and
outstanding Ordinary Shares, will be exempt from the rules under the Exchange Act requiring insiders to report purchases and sales of
ordinary shares as well as from Section 16 short swing profit reporting and liability. In addition, JREP I Logistics Acquisition, LP
currently controls a majority of the voting power of the outstanding Ordinary Shares. As a result, the Company is a "controlled
company" as defined under the NYSE American rules. For as long as the Company remains a controlled company under that definition,
the Company is permitted to elect to rely, and may rely, on certain exemptions from corporate governance rules.
As
a result of the Company's status as a "foreign private issuer" and a "controlled company," among other
things, the Company is not required to have (1) a majority of the board of directors consisting of independent directors; (2) a compensation
committee consisting of independent directors; (3) a nominating committee consisting of independent directors; or (4) regularly scheduled
executive sessions with only independent directors each year.
Accordingly,
the Company's shareholders may not receive the same protections afforded to shareholders of companies that are subject to all of
NYSE American's corporate governance requirements. The Company would cease to be a foreign private issuer at such time as more
than 50% of its outstanding voting securities are held by U.S. residents and any of the following three circumstances applies: (i) the
majority of the Company's executive officers or directors are U.S. citizens or residents, (ii) more than 50% of its assets are
located in the United States or (iii) its business is administered principally in the United States. The Company is an "emerging
growth company" as defined in the JOBS Act and has elected to comply with certain reduced public company reporting requirements.
Foreign private issuers, similar to emerging growth companies, are also exempt from certain more stringent executive compensation disclosure
rules. Thus, even if the Company no longer qualifies as an emerging growth company but remains a foreign private issuer, it will continue
to be exempt from the more stringent compensation disclosures required of public companies that are neither an emerging growth company
nor a foreign private issuer. For further details, see "Risk Factors – Risks Relating to the Company's Business and
Operations – As a "foreign private issuer" under the rules and regulations of the SEC, LPA is permitted to file less
or different information with the SEC than a company incorporated in the United States or otherwise subject to these rules and is permitted
to follow certain home-country corporate governance practices in lieu of certain NYSE American requirements applicable to U.S. issuers."
If at any time the Company ceases to be a foreign private issuer, it will take all action necessary to comply with the applicable rules
of the SEC and NYSE American.
6
CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This
Report includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E
of the Securities Exchange Act of 1934, as amended (the "
Exchange Act"
).
Forward-looking
statements relate to, among other things, our plans, objectives and expectations for our business, operations and financial performance
and condition, and can be identified by terminology such as "plan," "believe," "expect," "anticipate,"
"intend," "outlook," "estimate," "forecast," "project," "continue,"
"could," "may," "might," "possible," "potential," "predict,"
"should," "would," "will," "seek," and other similar words and expressions, but the absence
of these words does not mean that a statement is not forward-looking. Forward-looking statements are based on management's beliefs
and assumptions and on information currently available to management. Although we believe that the expectations reflected in forward-looking
statements are reasonable, such statements involve known and unknown risks, uncertainties and other factors that may cause our actual
results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied
by forward-looking statements.
These
forward-looking statements are based on information available as of the date of this Report and on the current expectations, forecasts
and assumptions of the management of the Company, involve a number of judgments, risks and uncertainties and are inherently subject to
changes in circumstances and their potential effects and speak only as of the date of such statements. There can be no assurance that
future developments will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties
or other assumptions that may cause actual results or performance to be materially different from those expressed, contemplated or implied
by these forward-looking statements. The forward-looking statements contained in this Report include, but are not limited to, statements
about:
●
expectations
    regarding (and LPA's ability to meet expectations regarding) LPA's strategies and future financial performance, including
    LPA's future business plans or objectives, operating expenses, market trends, revenues, liquidity, cash flows and uses of cash,
    capital expenditures, and
●
LPA's
    ability to invest in growth initiatives;
●
the
    outcome of any legal proceedings that may be instituted against LPA;
●
the
    ability of LPA to raise financing in the future and comply with restrictive covenants related to indebtedness;
●
the
    ability to recognize the benefits of the Business Combination, which may be affected by, among other things, competition, LPA's
    ability to grow and manage growth and profitability, maintain relationships with customers and suppliers and retain its management
    team and key employees;
●
the
    projected financial information, anticipated growth rate, and market opportunity for LPA, and its estimates of expenses and profitability;
●
LPA's
    ability to maintain its listing on NYSE American following the Business Combination;
●
geopolitical
    risk, including the impacts of the ongoing conflict between Russia and Ukraine, and changes in applicable laws or regulations;
●
anticipated
    economic, business, and/or competitive factors;
●
anticipations
    regarding the impact of any major disease or epidemic that disrupts LPA's business;
●
litigation
    and regulatory enforcement risks, including the diversion of management time and attention and the additional costs and demands on
    LPA's resources;
●
exchange
    rate instability;
●
the
    possibility that expansion of LPA's customer offerings or certain operations may subject it to additional legal and regulatory
    requirements, including tort liability;
●
LPA's
    ability to retain and grow its customer base;
●
LPA's
    success in finding and maintaining future strategic partnerships and inorganic opportunities;
●
the
    potential liquidity and trading of public securities of LPA;
●
the
    ability of LPA to respond to general economic conditions;
●
expansion
    and other plans and opportunities of LPA;
●
any
    downturn in the real estate industry;
●
the
    ability of LPA to manage its growth effectively;
●
the
    ability of LPA to develop and protect its brand; and
●
the
    ability of LPA to compete with competitors in existing and new markets and offerings.
Forward-looking
statements are provided for illustrative purposes only and are not guarantees of performance. You should understand that the factors
discussed under the heading "
Risk Factors
" and elsewhere in this Report could affect the future results of the Company,
and could cause those results or other outcomes to differ materially from those expressed or implied in the forward-looking statements
in this Report.
Moreover,
the risks described under the heading "
Risk Factors
" are not exhaustive. Other sections of this Report describe additional
factors that could adversely affect the businesses, financial conditions, or results of operations of the Company. New risk factors emerge
from time to time and it is not possible to predict all such risk factors, nor can the Company assess the impact of all such risk factors
on our businesses, or the extent to which any factor or combination of factors may cause actual results to differ materially from those
contained in any forward-looking statements. The Company undertakes no obligations to update or revise publicly any forward-looking statements,
whether as a result of new information, future events or otherwise, except as required by law.
In
addition, this Report contains statements of belief and similar statements that reflect the beliefs and opinions of the Company on the
relevant subject. These statements are based upon information available to the Company as of the date of this Report, and while the Company
believes such information forms a reasonable basis for such statements, such information may be limited or incomplete, and statements
should not be read to indicate that the Company has conducted an exhaustive inquiry into, or review of, all potentially available relevant
information. These statements are inherently uncertain and you are cautioned not to unduly rely upon these statements.
7
SUMMARY
OF RISK FACTORS
The
Company's business, results of operations, financial conditions and cash flows are subject to, and could be materially adversely
affected by several risks and uncertainties, including risks relating to the nature of the Company's business and its operations
in Costa Rica. The following list summarizes some, but not all, of these risks. Please read the information in the section entitled "Risk
Factors" for a more thorough description of these and other risks.
Risks
Related to Our Business
●
The
    success of our business depends on general economic conditions and prevailing conditions in the industrial and logistics real estate
    industry. Accordingly, any economic slowdown or downturn in real estate asset values or leasing activity may have a material adverse
    effect on our business, financial condition, results of operations and prospects.
●
The
    volatility of the financial markets may adversely affect our financial condition and/or results of operations.
●
Real
    estate investments are not as liquid as certain other types of assets, which may adversely affect our financial conditions and results
    of operations.
●
Investments
    in real estate properties are subject to risks that could adversely affect our business.
●
We
    may not be successful in executing on our growth strategy if we are unable to make acquisitions of land or properties.
●
We
    are dependent on our tenants for a substantial portion of our revenues and our business may be materially and adversely affected
    if a significant number of our tenants, or any of our major tenants, were to default on their obligations under their leases.
●
We
    derive a significant portion of our rental income from a limited number of customers.
●
Our
    clients operate in certain specific industrial sectors in Colombia, Costa Rica and Peru, and our business may be adversely affected
    by an economic downturn in any of those sectors.
●
An
    increase in competition could lead to lower occupancy rates and rental income and could result in fewer investment opportunities.
●
We
    are dependent on our ability to raise capital through financial markets, divestitures or other sources to meet our future growth
    expectations.
●
Our
    levels of indebtedness may affect our cash flows and expose our properties to the risk of foreclosure.
●
The
    agreements governing our existing indebtedness include financial and other covenants that impose limitations on our ability to pursue
    certain business opportunities or to take certain actions.
●
We
    have previously breached covenants under our loan agreements and obtained waivers for such breaches. If we are unable to comply with
    our debt covenants in the future, we may continue to seek waivers from applicable lenders, which may not be granted.
●
Our
    insurance coverage may not cover all the risks to which we may be exposed.
●
Our
    tenants may default on their obligation to maintain insurance coverage.
●
Our
    leases include certain provisions that may prove unenforceable.
●
The
    value of our assets may suffer impairment losses that may adversely affect our results of operations.
●
We
    are subject to risks related to the development of new properties, including due to an increase in construction costs and supply
    chain issues.
●
We
    may fail to maintain, obtain or renew or may experience material delays in obtaining requisite governmental or other approvals, licenses
    and permits for the conduct of our business.
●
Our
    real estate assets may be subject to eminent domain and dispossession by the governments of the countries in which we operate for
    reasons of public interest and other reasons.
●
We
    may acquire properties and companies that involve risks that could adversely affect our business and financial condition.
●
Delays
    or an increase in costs in the construction of new buildings or improvements could have an adverse effect on our business, financial
    condition, results of operations and prospects, including due to supply chain issues.
●
We
    may be subject to claims for construction defects or other similar actions in connection with our lease management business.
●
We
    are dependent on key personnel. The loss of one or more members of our management team, including our Chief Executive Officer, could
    have a material adverse effect on our operations.
●
We
    are focused on a single business segment. Any negative impact on the industrial real estate industry could have a material adverse
    effect on our business, financial condition, results of operations and prospects.
●
Increases
    in the prices of energy, raw materials, equipment or wages, including due to inflation, could increase our development and operating
    costs.
8
●
Our
    business and operations could suffer in the event of system failures or cybersecurity attacks.
●
We
    have identified material weaknesses in our internal controls. If we are unable to develop and maintain an effective system of internal
    control over financial reporting, we may not be able to accurately report our financial results in a timely manner, which may adversely
    affect investor confidence in us and materially and adversely affect our business and operating results.
●
Complications
    in relationships with local communities may adversely affect our business continuity, reputation, liquidity, and results of operations.
●
Our
    operations are subject to foreign exchange fluctuations.
●
Our
    hedging of foreign currency and interest rate risk may not effectively limit our exposure to these risks.
●
We
    are subject to fluctuations in interest rates.
Risks
Relating to LPA Operating as a Public Company
●
LPA's
    only significant asset is its ownership of LLP, and such ownership may not be sufficient to pay dividends or make distributions or
    obtain loans to enable LPA to pay any dividends on the Ordinary Shares, pay its expenses or satisfy other financial obligations.
●
LPA
    will incur higher costs as a result of operating as a public company.
●
We
    may be required to take write-downs or write-offs, restructuring and impairment or other charges that could have a significant negative
    effect on our financial condition, results of operations and share price, which could cause you to lose some or all of your investment.
●
We
    may not be able to timely and effectively implement controls and procedures required by Section 404(a) of the Sarbanes-Oxley Act
    that apply to us following the consummation of the Business Combination.
●
LPA's
    management team has limited experience managing and operating a U.S. public company.
●
The
    price of Ordinary Shares may be volatile.
●
Reports
    published by analysts, including projections in those reports that differ from LPA's actual results, could adversely affect
    the price and trading volume of its Ordinary Shares.
●
An
    active, liquid trading market for Ordinary Shares may not develop, which may limit your ability to sell Ordinary Shares.
●
LPA
    may issue additional Ordinary Shares under the Equity Incentive Plan, which would dilute the interest of LPA's shareholders.
●
LPA
    may or may not pay cash dividends in the foreseeable future.
●
Because
    LPA is incorporated in the Cayman Islands, you may face difficulties in protecting your interests, and your ability to protect your
    rights through the U.S. federal courts may be limited.
●
It
    may be difficult to enforce a U.S. judgment against LPA or its directors and officers outside the United States, or to assert U.S.
    securities law claims outside of the United States.
●
Provisions
    in the Charter may inhibit a takeover of LPA, which could limit the price investors might be willing to pay in the future for LPA's
    securities and could entrench management.
●
LPA
    is an "emerging growth company," and it cannot be certain if the reduced SEC reporting requirements applicable to emerging
    growth companies will make Ordinary Shares less attractive to investors, which could have a material and adverse effect on LPA, including
    its growth prospects.
●
As
    a "foreign private issuer" under the rules and regulations of the SEC, LPA is permitted to file less or different information
    with the SEC than a company incorporated in the United States or otherwise subject to these rules and is permitted to follow certain
    home-country corporate governance practices in lieu of certain NYSE American requirements applicable to U.S. issuers.
●
LPA
    is "controlled company" within the meaning of the NYSE American rules and, as a result, may rely on exemptions from certain
    corporate governance requirements that provide protection to shareholders of other companies.
●
If
    LPA is characterized as a passive foreign investment company for U.S. federal income tax purposes, its U.S. shareholders may suffer
    adverse tax consequences.
●
Sales
    of a substantial number of LPA securities in the public market could adversely affect the market price of Ordinary Shares.
Risks
Relating to Regulatory, Legal and Tax Factors Affecting Us
●
We
    are subject to governmental regulations.
●
We
    are subject to certain labor, health, construction/building and safety regulations in the various jurisdictions in which we operate,
    and may be exposed to liabilities and potential costs for lack of compliance.
●
Our
    operations are subject to a large number of environmental laws and regulations, and our failure to comply with any such laws and
    regulations may give rise to liability and result in significant additional costs and expenses, which may materially and adversely
    affect our financial condition.
●
We
    are exposed to the potential impacts of future climate change and could be required to implement new or stricter regulations, which
    may result in unanticipated losses that could affect our business and financial condition.
●
Our
    real estate taxes could increase as a result of changes in the real estate tax rate or a revaluation, which could adversely affect
    our cash flows.
●
Changes
    in tax laws, incentives, benefits and regulations may adversely affect us.
●
Labor
    activism and unrest, or failure to maintain satisfactory labor relations, could adversely affect our results of operations.
●
We
    are or may become subject to legal and administrative proceedings or government investigations, which could harm our business and
    our reputation.
●
We
    are subject to anti-corruption, anti-bribery, anti-money laundering and antitrust laws and regulations in the countries in which
    we operate, and any violation of any such laws or regulations could have a material adverse impact on our reputation, financial condition
    and results of operations.
●
Changes
    in government policies and actions, as well as judicial decisions in the countries where we operate, could significantly affect the
    local economy and, as a result, our results of operations and financial condition.
9
PART
I
Item
1. Identity of Directors, Senior Management and Advisers
A.
Directors
    and Senior Management
Not
    applicable.
B.
Advisers
Not
    applicable.
C.
Auditors
Not
    applicable.
Item
2. Offer Statistics and Expected Timetable
A.
Offer
    Statistics
Not
    applicable.
B.
Method
    and Expected Timetable
Not
    applicable.
Item
3. Key Information
A.
[Reserved]
B.
Capitalization
    and Indebtedness
Not
    applicable.
C.
Reasons
    for the Offer and Use of Proceeds
Not
    applicable.
D.
Risk
    Factors
The
    following risk factors apply to our business and operations. These risk factors are not exhaustive, and investors are encouraged
    to perform their own investigation with respect to our business, financial condition and prospects. You should carefully consider
    all the following risk factors, together with all of the other information included or incorporated by reference in this annual report,
    including the financial information.
Risks
Relating to Our Business
In
addition to the other information contained in this annual report, including the matters addressed under the heading "Cautionary
Note Regarding Forward-Looking Statements," you should carefully consider the following risk factors presented in this annual report.
The risk factors described below disclose both material and other risks, and are not intended to be exhaustive and are not the only risks
facing us. Additional risks not currently known to us or that we currently deem to be immaterial, or which are not identified because
they are generally common to businesses, also may materially adversely affect our business, financial condition, results of operations
and cash flows in future periods.
The
occurrence of one or more of the events or circumstances described in these risk factors, alone or in combination with other events or
circumstances, may have a material adverse effect on the business, financial condition, results of operations, cash flows and future
prospects of LPA, in which event the market price of Ordinary Shares could decline, and you could lose part or all of your investment.
In general, investing in the securities of issuers in emerging market countries, such as Colombia, Costa Rica and Peru, involves risks
that are different from the risks associated with investing in the securities of U.S. companies.
10
The
success of our business depends on general economic conditions and prevailing conditions in the industrial and logistics real estate
industry. Accordingly, any economic slowdown or downturn in real estate asset values or leasing activity may have a material adverse
effect on our business, financial condition, results of operations and prospects.
Our
business is closely tied to general economic conditions and the performance of the industrial and logistics real estate industry. As
a result, our financial and operating performance, the value of our real estate assets, our revenue stream and our ability to implement
our business strategy may be affected by changes in national and regional economic conditions.
The
performance of the real estate markets in which we operate tends to be cyclical and tied to the condition of the U.S. economy and the
economies in the countries in which we operate, including Colombia, Costa Rica and Peru, as well as to investors' perceptions regarding
the global economic outlook. Fluctuations in nominal gross domestic product, or GDP, increased inflation, rising interest rates, declining
employment levels, declining levels of investments and economic activity, declining demand for real estate, declining real estate values
and periods of general economic slowdown or recession, or perceptions that any of these events may occur or are occurring, have had a
negative impact on the real estate market in the past and may adversely affect our future performance. In addition, the performance of
the economies of the countries in which we operate may be dependent on or driven by one or more specific industries and by other factors
affecting local economies. Other factors that may affect general economic conditions or local real estate conditions include: population
and demographic trends, employment and personal income trends, income and other tax laws, changes in interest rates and availability
and costs of financing, increased operating costs (including insurance premiums, utilities and real estate taxes, due to inflation and
other factors which may not necessarily be offset by increased rents), changes in the price of oil, construction costs and weather-related
events. Our ability to reconfigure our portfolio rapidly in response to changes in economic conditions is extremely limited.
In
addition, some of our principal expenses, including the service of our debt, income and real estate taxes and operating and maintenance
costs, including insurance costs, do not decrease when market conditions are unfavorable. These factors may impair our ability to respond
in a timely manner to downturns in the performance of our industrial properties and may have an adverse effect on business, financial
condition, results of operations and prospects. Any recession and/or downturn in the real estate industry, which may affect us again
in the future, could give rise to:
●
a
    general decline in the price of rents or less favorable terms for new leases or renewals;
●
the
    depreciation of the value of the properties in our portfolio;
●
increased
    vacancy rates or our inability to lease our properties on favorable conditions;
●
our
    inability to collect rents from our tenants;
11
●
reduced
    levels of demand for industrial space and industrial facilities, or changes in consumer preferences vis-à-vis our available
    properties;
●
an
    increased supply of industrial facilities or more suitable spaces in the markets in which we operate;
●
higher
    interest rates, increased leasing costs, increased construction costs, distressed supply chains for construction materials, increased
    maintenance costs, reduced availability of financing on favorable terms and shortage of mortgage loans, lines of credit and other
    capital resources, all of which could increase our costs and limit our ability to acquire or develop additional real estate assets
    or refinance our debt;
●
measures
    that limit our ability to develop acquired land pursuant to existing plans;
●
increased
    costs and expenses, including, among other things, for insurance, labor, energy, real estate appraisals, real estate taxes and compliance
    with applicable laws and regulations; and
●
the
    adoption of restrictive government policies or the imposition of limitations on our ability to pass on costs to our customers.
Furthermore,
we expect that a limited number of financial institutions will hold all or most of our cash, including some institutions located in the
United States. Depending on our cash balance in any of our accounts at any given point in time, our balances may not be covered by government-backed
deposit insurance programs in the event of default or failure of any bank with which we maintain a commercial relationship. While the
U.S. Federal Deposit Insurance Corporation provides deposit insurance of $250,000 per depositor, and the banks outside of the United
States where some or all of our funds are currently held provide deposit insurance of less than US$50,000, per depositor, per insured
bank. The amounts that we have in deposits in U.S. banks and non-U.S. may exceed these insurance amounts. Therefore, if the governments
in the U.S. and other countries where our funds are held do not impose measures to protect depositors in the event a bank in which our
funds are held fails, we may lose all or a substantial portion of our deposits. The occurrence of any default or failure of any of the
banks in which we have deposits could have a material adverse effect on our business, financial condition, results of operations and
cash flows.
If
economic and market conditions similar to those experienced between 2008 and 2010 or 2020 and 2021 were to return, our performance and
profitability could deteriorate. In such event, we may not be able to comply with our financial covenants under our loan agreements and
may be forced to seek waivers or amendments from our lenders or to refinance our indebtedness on terms that are consistent with our financial
condition. No assurance can be given that we would be able to secure any such waiver or amendment on favorable terms or at all. In addition,
if our business deteriorates, we may not have a level of liquidity sufficient to repay our debt at its maturity in the coming years,
which would materially and adversely affect our business, financial condition, results of operations and prospects.
The
volatility of the financial markets may adversely affect our financial condition and/or results of operations.
The
volatility of the financial markets may have a negative impact on the availability of credit generally and may lead to a further weakening
of the Colombian, Costa Rican, Peruvian, U.S., and global economies. Any disruption in the financial markets could materially impair
the value of our real estate assets and our investments, have a negative impact on the availability of credit generally or on the terms
(including as to maturity) on which we and our subsidiaries are or may be able to secure financing (including refinancing our indebtedness),
impair our ability or the ability of our subsidiaries to make payments of principal and/or interest on our outstanding debt when due
or to refinance that debt, or impair our clients' ability to enter into new leases (including leases indexed to inflation or denominated
in U.S. dollars) or meet their rent payment obligations under their existing leases.
12
In
2008 and 2009, the global financial markets experienced a crisis of unprecedented magnitude. This crisis severely affected the availability
of financing. While financial markets have stabilized since then, we cannot predict whether they will destabilize in the future. This
uncertainty may lead market participants to take a more conservative approach, which may in turn lead to decreased demand and price levels
in the markets in which we operate. As a result of the above, we may not be able to recover the current carrying value of our properties,
land or investments as a means to repay or refinance our indebtedness.
In
addition, global markets are experiencing volatility and disruption following the escalation of geopolitical tensions and the start of
the war between Russia and Ukraine. In February 2022, Russia launched a full-scale military invasion of Ukraine. Although the length
and impact of the ongoing military conflict is unpredictable, the conflict in Ukraine has created and could lead to further market disruptions,
including significant volatility in commodity prices, credit and capital markets. The war between Russia and Ukraine has led to sanctions
and other penalties being levied by the United States, European Union and other countries mainly against Russia, including agreement
to remove certain Russian financial institutions from the Society for Worldwide Interbank Financial Telecommunication payment system.
Additional potential sanctions and penalties have also been proposed and/or threatened. The war is expected to have further global economic
consequences, including but not limited to the possibility of severely diminished liquidity and credit availability, declines in consumer
confidence, scarcity in certain raw materials and products, declines in economic growth, increases in inflation rates and uncertainty
about economic and political stability. In addition, there is a risk that Russia and other countries supporting Russia in this conflict
may launch cyberattacks against the United States and its allies and other countries, their governments and businesses, including the
infrastructure in those countries. Any of the foregoing consequences, including those we cannot yet predict, may have a material adverse
effect on our business, financial condition, liquidity and results of operations.
The
market volatility experienced over the past several years has made the appraisal of real estate assets more difficult, and may continue
to do so in the future. If we cannot identify suitable financing resources or if we are unable to refinance our existing indebtedness,
we may be forced to sell some of our properties to fund our operations or to engage in forced restructurings with our creditors. The
valuation and stability of the prices of our and our subsidiaries' properties are subject to some level of uncertainty, which may
result in the values of these properties being lower than expected. In addition, we may not be able to sell our properties in a timely
manner as a result of a lack of a readily available market for our properties.
Real
estate investments are not as liquid as certain other types of assets, which may adversely affect our financial conditions, results
of operations and cash flows.
Real
estate investments are not as liquid as certain other types of investments and this lack of liquidity may limit our ability to react
promptly to changes in economic or other conditions. Significant expenditures associated with real estate properties, such as indebtedness
payments, real estate taxes, maintenance costs, and the costs of any required improvements, are generally not reduced when circumstances
cause a reduction in income from the investments. We may dispose of certain properties that have been held for investment to generate
liquidity. If we need to sell any of our properties to obtain liquidity, we may not be able to sell those properties at market prices,
which could have a material adverse effect on our business, financial condition and/or result of operations. If we believe there is too
much of a risk of incurring taxes on any taxable gains from the sale, or if market conditions are not attractive in the relevant regional
market, we may not pursue those sales.
We
may decide to sell properties to third parties to generate proceeds to fund other real estate projects that we deem as more attractive.
Our ability to sell or contribute properties on advantageous terms is affected by: (i) competition from other owners of properties that
are trying to dispose of their properties; (ii) economic and market conditions, including those affecting the different regions where
we operate; and (iii) other factors beyond our control. We cannot assure you that future market conditions will not affect our real estate
investments or our ability to sell our assets at a profit, in a timely manner or at all. If our competitors sell assets similar to assets
we intend to divest in the same markets or at valuations below our valuations for comparable assets, we may be unable to divest our assets
at favorable pricing or at all. The third parties who might acquire our properties may need to have access to debt and equity capital,
in the private and public markets, in order to acquire properties from us. Should they have limited or no access to capital on favorable
terms, then dispositions and contributions could be delayed.
13
If
we do not have sufficient cash available to us through our operations, sales or contributions of properties or available credit facilities
to continue operating our business as usual, we may need to find alternative ways to increase our liquidity. Those alternatives may include,
without limitation, divesting properties at less than optimal terms, incurring debt, accessing other capital resources, entering into
leases with new customers at lower rental rates or less than optimal terms or entering into lease renewals with our existing customers
without an increase in rental rates. We may intend to seek financing from financial institutions but cannot assure you that we will be
able to access these or other sources of capital. There can be no assurance that these alternative ways to increase our liquidity will
be available to us. Our inability to raise additional capital on reasonably favorable terms may jeopardize our future growth and affect
our financial condition and/or results of operations. Additionally, taking measures to increase our liquidity may affect our business,
and in particular, our distributable cash flow.
Investments
in real estate properties are subject to risks that could adversely affect our business.
Investments
in real estate properties are subject to varying degrees of risk. While we seek to minimize these risks through geographic diversification
of our portfolio, diversification among industries, market research and tenant diversification, these risks cannot be eliminated. Factors
that may affect real estate values and cash flows include:
●
local
    conditions, such as oversupply or a reduction in demand;
●
technological
    changes, such as reconfiguration of supply chains, robotics, 3D printing or other technologies;
●
the
    attractiveness and quality of our properties, and related services, to potential tenants and competition from other available properties;
●
increasing
    costs of maintaining, insuring, renovating and making improvements to our properties;
●
our
    ability to reposition our properties due to changes in the business and logistics needs of our customers;
●
our
    ability to lease properties at favorable rates, including periodic increases based on inflation or exchange rates, and control variable
    operating costs;
●
social
    problems, including safety, affecting certain regions;
●
governmental
    and environmental regulations and the associated potential liability under, and changes in, environmental, community rights, zoning,
    usage, tax, tariffs and other laws; and
●
reduction
    on the supply, price increases and other restrictions affecting the supply of key resources, such as water and electricity, may affect
    the construction industry and the operation of rental facilities in Colombia, Costa Rica, and Peru.
These
factors may affect our ability to recover our investment in our properties and result in impairment charges.
14
We
may not be successful in executing on our growth strategy if we are unable to make acquisitions of land or properties.
Our
growth strategy includes the acquisition of individual properties or real estate assets when opportunities arise. Our ability to make
acquisitions on favorable terms and to integrate them successfully into our existing operations is subject to various risks, including
the risk that:
●
we
    may not be able to acquire desired properties particularly in markets in which we do not currently operate;
●
we
    may need additional land bank to accelerate our portfolio growth and execute our growth strategy to meet our goals;
●
we
    may not be able to obtain financing for the relevant acquisition given our existing leverage position and increased interest rates;
●
the
    properties we acquire may not prove accretive to our results, or that we may not be able to successfully manage and lease those properties
    to meet our goals;
●
we
    may not be able to generate sufficient operating cash flows to make an acquisition;
●
we
    may need to spend additional amounts than budgeted to develop a property or make necessary improvements or renovations;
●
competition
    from other potential acquirors may significantly increase the purchase price of a desired property;
●
we
    may spend significant time and money on potential acquisitions that we are unable to make as a result of the lack of satisfaction
    of customary closing conditions included in the agreements for the acquisition of properties, including the satisfactory completion
    of due diligence investigations;
●
we
    may not be able to obtain any or all regulatory approvals necessary to complete the acquisition, including from regulatory authorities
    in the countries in which we operate;
●
the
    process of pursuing and consummating an acquisition may distract the attention of our management team from our existing business
    operations;
●
we
    may experience delays (temporary or permanent) if there is public or government opposition to our activities in any of the markets
    in which we operate; and
●
we
    may not be able to rapidly and efficiently integrate new acquisitions, especially acquisitions of real estate portfolios, to our
    existing operations.
15
We
cannot assure you that we will be able to successfully manage all factors necessary to grow our business. If we are unable to find suitable
acquisition targets, or if we find them and are unable to complete the acquisitions on favorable terms or to manage acquired properties
to meet our goals, our business, financial condition, results of operations and prospects could be materially and adversely affected.
In addition, we face risks arising from the acquisition of properties not yet fully developed or in need of substantial renovation or
redevelopment, including, in particular, the risk that we overestimate the value of the property, the risk that the cost or time to complete
the renovation or redevelopment will exceed our budget and the risk that the relevant location is never developed. Those delays or cost
overruns may arise from:
●
any
    shortages of materials or skilled labor;
●
any
    delays in receiving materials, including as a result of global or regional supply chain issues;
●
a
    change in the scope of the original project;
●
the
    difficulty in obtaining necessary zoning, land-use, environmental, health & safety, building, occupancy, antitrust and other
    governmental permits;
●
economic
    or political conditions affecting the relevant location;
●
an
    increase in the cost of building materials and equipment;
●
the
    discovery of structural or other latent defects in the property once construction has commenced; and
●
delays
    in securing tenants.
Any
failure to complete a development project in a timely manner and within budget or to lease the project after completion could have a
material adverse effect on our business, financial condition, results of operations and prospects.
Where
opportunities arise, we may explore the acquisition of properties or real estate assets in markets in the countries in which we operate.
Our ability to make acquisitions in new markets and to successfully integrate those acquisitions to our existing operations is subject
to the same risks as our ability to do so in the markets in which we currently operate. In addition to these risks, we may not possess
the same level of familiarity with the dynamics and market conditions of any new markets that we may enter, which could adversely affect
our ability to expand into or operate in those markets and, consequently, our business, financial condition, results of operations and
prospects. We may not be able to achieve the desired return on our investments in new markets. If we are unsuccessful at expanding into
new markets, our business, financial condition, results of operations and prospects could adversely affected.
We
are dependent on our tenants for a substantial portion of our revenues and our business may be materially and adversely affected if a
significant number of our tenants, or any of our major tenants, were to default on their obligations under their leases.
A
majority of our revenues consists of rental income received from our tenants at our industrial real estate properties. Accordingly, our
performance depends on our ability to collect rent payments from our tenants and on our tenants' ability to make those payments.
The revenues and financial resources available to service our debt and make distributions could be materially and adversely affected
if a significant number of our tenants, or any of our major tenants, or tenants affected in certain geographic regions, were to postpone
the commencement of their new leases, decline to extend or renew their existing leases upon expiration, default on their rent and maintenance-related
payment obligations, close down or reduce the level of operations of their businesses, enter reorganization proceedings or similar proceedings,
or file for bankruptcy. Any of these events may be the result of various factors affecting our tenants. Any of these events could result
in the suspension of the effects of each lease, the termination of the relevant lease and the loss of or a decrease in the rental income
attributable to the suspended or terminated lease.
If
upon expiration of a lease for any of our properties, a tenant does not renew its lease, we may not be able to re-rent the property to
a new customer, may need to incur substantial capital expenditures to re-lease the relevant properties, or the terms of the renewal or
new lease (including the cost of renovations for the customer) may be less favorable to us than current lease terms. If a significant
number of tenants were to default on their obligations under their leases, we could experience delays and incur substantial expenses
in enforcing our rights as landlord.
16
A
general decline in the economy may result in a decline in demand for space at our properties. As a result, tenants may delay lease commencement,
fail to make rental payments when due or declare bankruptcy. Any such event could result in the termination of that tenant's lease
and losses to us, and funds available for distribution to investors may decrease. If tenants were unable to comply with the terms of
their leases for any reason, including because of rising costs or falling sales, we may deem it advisable to modify lease terms to allow
tenants to pay a lower rent or smaller share of taxes, insurance and other operating costs. If a tenant becomes insolvent or bankrupt,
we cannot be sure that we could recover the premises from the tenant promptly or from a bankruptcy trustee or equivalent appointee in
any bankruptcy proceeding relating to the tenant. We also cannot be sure that we would receive rent in the proceeding sufficient to cover
our expenses with respect to the premises. Bankruptcy laws in some instances may restrict the amount and recoverability of our claims
against the tenant. A tenant's default on its obligations to us could adversely affect our financial condition and the cash we
have available for distribution.
In
historical periods, we have had material amounts of past due rental income under our lease portfolio. We cannot make assurances that
this will not continue to occur in the future. See
"Item 4.D. Information on the Company – Property, plants, and equipment
."
We
derive a significant portion of our rental income from a limited number of customers.
As
of and for the years ended December 31, 2023, 2022, and 2021, our 10 largest tenants accounted for approximately 38.5%, 49.0%, and
59.6% of our total Leased GLA and approximately 47.4%, 55.1%, and 59.6% of our rental income, respectively. Kuehne + Nagel, Pequeno
Mundo, AliCorp, PriceSmart and Natura were our largest customers in terms of Leased GLA for the years ended December 31, 2023, 2022,
and 2021, collectively representing 25.2%, 29.8%, and 31.4% of our Leased GLA for the years ended December 31, 2023, 2022, and 2021, respectively.
Those same customers were our largest customers in terms of rental income, representing 28.8%, 32.6%, and 38.1% of our rental income for the
years ended December 31, 2023, 2022, and 2021, respectively.
If
any of our principal tenants were to terminate their leases or seek the restructuring of their leases, as applicable, as a result of
any conditions affecting any of them, and we were unable to renew those leases on terms reasonably acceptable to these tenants or at
all upon their expiration, our business, financial condition and results of operation could be materially and adversely affected. In
addition, should any such tenant elect not to renew their leases upon their expiration, depending on the condition of the market at the
time, we may find it difficult and time-consuming to lease these properties to new customers. We cannot assure you that we would be able
to quickly re-lease any of these properties or at all, or that our results of operations would not be affected as a result of our inability
to do so. Any delay in re-leasing a substantial portion of our GLA may affect our business, financial condition and results of operations.
Further,
while all of our leases are classified as operating leases, as of December 31, 2023, one of our leases included a purchase option at
fair market value at the end of the lease term. As of December 31, 2023, the remaining lease term for this lease is 11.8 years. This
lease accounted for approximately 2.0% of our total GLA. If our tenant was to exercise such purchase options, this could affect our business,
financial condition and results of operations.
In
addition, if any of our principal tenants were to experience a downturn in business or a weakening of its financial condition, that tenant
may not be able to meet its rent payment obligations when due or could default on its other obligations under its lease, either of which
could have a material adverse effect on our business, financial condition and results of operations.
Our
clients operate in certain specific industrial sectors in Colombia, Costa Rica and Peru, and our business may be adversely affected by
an economic downturn in any of those sectors.
Our
clients operate in certain specific industrial sectors in Colombia, Costa Rica and Peru. As of December 31, 2023, our tenant base in
terms of Leased GLA was comprised primarily of companies engaged in the Third Party Logistics (25.0%), Retailer (31.6%), Consumer Goods
Distribution (36.9%) and Others (6.5%). Our exposure to these industries subjects us to the risk of economic downturns or other adverse
events affecting these sectors. If any of these risks were to materialize, our business, financial condition and results of operations
could be materially and adversely affected.
For
instance, in Peru, companies operating in the Third Party Logistics (3PL), Retailer, Consumer Goods Distribution, and related industries
face various risks. Economic volatility in the country can affect consumer spending and overall business activity. Changes in regulations
and policies, such as import/export rules, tax policies, and customs procedures, can create operational challenges. Peru's infrastructure
limitations, including inadequate warehousing facilities and challenges in last-mile delivery, can hinder operations and increase costs.
Moreover, the 3PL, Retailer and Consumer Goods Distribution sectors in Peru are highly competitive, requiring constant innovation, cost
management, and differentiation strategies to maintain market share. Supply chain disruptions caused by natural disasters, political
unrest, or global events can also impact the movement of goods and logistics operations.
17
An
increase in competition could lead to lower occupancy rates and rental income and could result in fewer investment opportunities.
We
compete with a growing number of investors, developers of real estate projects and operators of industrial properties in Colombia, Costa
Rica and Peru, many of which offer products similar to ours or may be interested in the same assets or properties. Some of our competitors
may have significantly larger financial and other resources than ours and may be able or willing to undertake more risks than those we
can manage.
Our
principal competitors include Grupo Montecristo and Mobilaire, which operate industrial properties in Costa Rica, and Aldea Logistica
Global S.A.C., which operates industrial properties in Peru. Additional competitors include Megacentro and Bodegas San Francisco Inmobiliaria
Alquife S.A.C., which owns industrial assets in Peru and Chile. We also compete with local REITs, which own a significant number of industrial
properties in Costa Rica. In addition, in the future we may face competition from other regional participants present in one or several
of our markets.
Any
future increase in competition could lead to a decrease in the number of investment opportunities available to us, to an increase in
the bargaining power of prospective sellers of real estate assets or to an increase in the value of real estate assets that may be attractive
to us. Moreover, financially stronger competitors may have more flexibility than we do to offer rent incentives in order to attract tenants.
If our competitors offer space for lease at prices below the prevailing market prices or which are lower than the prices we currently
charge to our tenants, we may lose existing or potential tenants and may be forced to reduce our prices or offer substantial rent abatements,
improvements, early termination options or more favorable renewal terms in order to retain our tenants when their leases expire. In any
such event, our business, financial condition, results of operations and prospects.
For
example, the real estate projects in Peru are currently facing a significant increase in competition, primarily from the parties mentioned
above, which poses risks for companies operating within these developments. One of the primary risks in the Peruvian market is the potential
impact on occupancy rates. With a larger number of competing businesses offering rentals in a limited market, there is a higher likelihood
of increased vacancy rates. The competition for tenants becomes more intense, making it crucial for businesses to implement effective
strategies to attract and retain tenants for their real estate projects. Another risk associated with increased competition is the potential
downward pressure on rental rates. The Company may find it challenging to maintain or increase rental prices as it strives to remain
competitive and attract tenants amidst the expanding market options. This can negatively impact the Company's profitability and
financial performance.
We
are dependent on our ability to raise capital through financial markets, divestitures or other sources to meet our future growth expectations.
We
are dependent on our ability to secure financing, divest assets or access other capital resources to expand our real estate portfolio
and meet our future growth expectations. We may seek financing from financial institutions but cannot assure you that we will be able
to access these or other sources of capital. We also face the risk that the terms of available new financing may not be as favorable
as the terms of our existing indebtedness, particularly if interest rates continue to rise in the future, and we may be forced to allocate
a material portion of our operating cash flow to service our debt, which would reduce the amount of cash available to fund our operations
and capital expenditures or future business opportunities or for other purposes.
18
In
addition, our ability to raise capital through the issuance and sale of ordinary shares to finance our future growth will depend in part
on the prevailing market price for our Ordinary Shares, which depends on a number of market conditions and other factors that may vary
from time to time, including:
●
the
    appetite of investors;
●
our
    financial performance and that of our tenants;
●
our
    ability to meet market expectations and the expectations of our investors with respect to our business;
●
the
    reports of financial analysts with respect to our business;
●
the
    prevailing economic, political and social environments in Colombia, Costa Rica, and Peru;
●
the
    condition of the capital markets, including changes in the prevailing interest rates for fixed-income securities;
●
the
    prevailing legal environments in Colombia, Costa Rica, and Peru with respect to the protection of minority shareholder interests;
●
distributions
    to our shareholders, which largely depend on our operating cash flows, which in turn are dependent on the increase of revenues from
    our developments and acquisitions, the increase of our rental income, and on committed projects and capital expenditures; and
●
other
    factors, such as changes in regulation (including, in particular, any changes in tax, labor and environmental regulation) or the
    adoption of other governmental or legislative measures affecting the real estate industry generally or us particularly.
Adverse
changes in our credit ratings could impair our ability to obtain additional debt or equity financing on favorable terms, if at all. Our
credit ratings are based on our operating performance, liquidity and leverage ratios, overall financial position and other factors employed
by the credit rating agencies in their rating analysis of us. Our credit ratings can affect the amount and type of capital we can access,
as well as the terms of any financings we may obtain. There can be no assurance that we will be able to maintain our credit ratings.
In the event our credit ratings deteriorate, it may be more difficult or expensive to obtain additional financing or refinance existing
obligations or commitments. Also, a downgrade in our credit would trigger additional costs or other potentially negative consequences
under our current and future credit facilities and debt instruments.
Our
inability to raise additional capital on reasonably favorable terms may jeopardize our future growth and affect our business, financial
condition, results of operations and prospects.
For
example, the prevailing economic, political, social, and legal environments in Peru present various risks to consider. These risks can
impact different aspects of operations and overall business performance. Economic risks arise from factors such as economic volatility,
fluctuations in currency exchange rates, and changes in consumer spending patterns. Peru's economy is subject to both internal
and external influences, and businesses must carefully monitor economic indicators and adapt their strategies accordingly.
Political
risks stem from uncertainties in Peruvian government policies, changes in regulations, and political instability. Shifts in Peruvian
political landscapes can lead to policy changes that may directly impact businesses, affecting areas such as taxation, trade agreements,
and industry regulations. Social risks in Peru are associated with societal factors, including labor relations, social unrest, and cultural
dynamics. Issues such as labor strikes, protests, or changes in consumer preferences can disrupt business operations and impact market
demand.
Legal
risks in Peru arise from factors such as changes in laws and regulations, compliance requirements, and legal disputes. The Peruvian legal
system may experience updates or modifications that impact various industries and business practices. Additionally, legal risks can stem
from contract enforcement, intellectual property protection, and labor laws. Contractual disputes or difficulties in enforcing agreements
can disrupt business operations and lead to financial and reputational consequences. Intellectual property infringement or inadequate
protection measures can also pose risks to businesses operating in Peru. Compliance with labor laws and regulations is crucial to maintain
positive employee relations and avoid legal penalties.
19
Our
levels of indebtedness may affect our cash flows and expose our properties to the risk of foreclosure.
Since
2016, we have grown our portfolio through the development of new industrial real estate properties. Historically, we have financed
our acquisitions and real estate purchases with equity contributions of our shareholders and cash proceeds from secured loans and
credit facilities that have been typically secured by a mortgage or similar interest on the relevant property. If we were to acquire
stabilized portfolios in the future, we may continue to use this acquisition strategy and enter into similar secured loans. As of
December 31, 2023, our total outstanding debt was $269.9 million. For more information on our existing indebtedness, see
"
Item 5.B. Operating and Financial Review and Prospects—Liquidity and Capital
Resources—Debt
."
We
may from time to time incur additional indebtedness to finance strategic acquisitions, investments or joint ventures, or for other purposes.
Although our bylaws do not currently contain any provisions that establish debt ratios or limitations on the incurrence of debt, any
debt issued through bonds requires approval at our general shareholders' meeting. Additionally, certain agreements we have entered
into or may enter into in the future may establish limitations on our ability to incur debt, including approval from our shareholders.
If we incur additional indebtedness or renegotiate the terms of our existing loans and credit facilities, our financial obligations may
increase significantly and our ability to service our debt may be adversely affected.
In
addition, we may be subject to risks related to our financing in the form of debt instruments, including the risk that our cash flow
may not be sufficient to meet our scheduled payments of principal and interest, the risk that we may be unable to refinance our debt
(particularly as a result of our failure to renegotiate terms with large numbers of investors) and the risk that our level of indebtedness
may increase our vulnerability to economic or industry downturns, placing us at a disadvantage compared to other competitors that are
less leveraged. Our debt service obligations may also limit our flexibility to anticipate or react to changes in the real estate industry
or the business environment generally, including by incurring additional debt to take advantage of attractive opportunities. Our failure
to comply with the financial and other restrictive covenants in the agreements that govern our indebtedness would constitute an event
of default that, unless cured or waived, would result in our failure to service our indebtedness and the foreclosure on the properties
securing our obligations. Moreover, our reputation could be damaged and/or our business harmed if we are viewed as developing underperforming
properties, suffer sustained losses on our investments, default on a significant level of loans or experience significant foreclosure
of our properties. If any of these risks were to materialize, our business, financial condition and results of operations could be materially
and adversely affected.
The
agreements governing our existing indebtedness include financial and other covenants that impose limitations on our ability to pursue
certain business opportunities or to take certain actions.
The
agreements governing our existing indebtedness, or any future indebtedness we incur, include or are likely to include financial and other
covenants that impose limitations on our ability to:
●
incur
    additional indebtedness;
●
repay
    our debts prior to their stated maturities;
●
make
    acquisitions or investments or take advantage of business opportunities;
●
create
    or incur additional liens;
●
divest
    assets when they are subject to collateral restrictions;
●
transfer
    or sell certain assets or merge or consolidate with other entities;
●
implement
    mergers, spin-offs or business reorganizations of our business;
●
enter
    into certain transactions with affiliates;
●
sell
    shares in our subsidiaries and/or enter into joint ventures; and
●
take
    certain other corporate actions that would otherwise be desirable.
20
These
limitations may adversely affect our ability to finance our future operations, address our capital requirements or pursue available business
opportunities. Our breach of any of these covenants would constitute an event of default that could give rise to the termination of the
relevant agreement and the acceleration of our payment obligations. In such event, our lenders could declare immediately due and payable
the outstanding principal amount of and accrued interest on our debt obligations and other fees, and could take collateral enforcement
actions (including foreclosing on our assets). Any of these events could force us to enter reorganization proceedings or file for bankruptcy,
which would materially and adversely affect our business.
We
have previously breached covenants under our loan agreements and obtained waivers for such breaches. If we are unable to comply with
our debt covenants in the future, we may continue to seek waivers from applicable lenders, which may not be granted.
As
of December 31, 2022, we were not in compliance with certain debt covenants set forth in our loan agreements with Banco Davivienda, Bancolombia
and ITAÚ. Since the liabilities were payable on demand as of December 31, 2022, and we did not have the right to defer our settlement
for at least twelve months after that date, we reclassified the debt balance with Banco Davivienda, Bancolombia and ITAÚ totaling
$87,366,478 to be current liabilities as of December 31, 2022. We received the waivers for the requirement to comply with the Banco Davivienda
and Bancolombia financial covenants on February 17, 2023 and September 25, 2023, respectively. In April 2023, we refinanced its Banco
Davivienda debt, thereby relieving any covenant requirement with that lender. The Bancolombia waiver was effective through December 31,
2023 and ratio compliance testing will next be applicable for this loan in June 2024.
The
current interest rate environment in Colombia could result in further covenant breaches and require further covenant waivers from financial
institutions. No assurance can be provided that any such waivers will be obtained. Any default by us under our existing credit agreements
that is not waived by the applicable lenders could materially adversely impact our results of operations and financial position, make
it more difficult to obtain future financing and adversely impact our investors and business prospects.
Our
insurance coverage may not cover all the risks to which we may be exposed.
We
carry insurance coverage for our properties against various risks, including general liability, earthquakes, floods and business interruption.
We determine the type of coverage and the policy specifications and limits based on what we deem to be the risks associated with our
ownership of properties and our business operations in specific markets. That coverage typically includes property damage and rental
loss insurance resulting from perils such as fire, windstorm, flood, and commercial general liability insurance. We believe our insurance
coverage contains the policy specifications and insured limits customarily carried by companies owning similar properties, and taking
part in similar business activities in our industry in Costa Rica, Colombia and Peru.
We
believe our properties are adequately insured. Certain losses, however, including losses from floods, earthquakes, acts of war, acts
of terrorism, riots, pandemics, pollution or environmental matters generally are not insured against or not fully insured against because
it is not deemed economically feasible or prudent to do so. If an uninsured loss or a loss in excess of insured limits occurs with respect
to one or more of our properties, we could experience a significant loss of capital invested and future revenues in these properties
and could remain obligated under any recourse debt associated with the property.
Furthermore,
we cannot be sure that the insurance companies will be able to continue to offer products with sufficient coverage at commercially reasonable
rates. If we experience a loss that is uninsured or that exceeds insured limits with respect to one or more of our properties or if the
insurance companies fail to meet their coverage commitments to us in the event of an insured loss, then we could lose the capital invested
in the damaged properties, as well as the anticipated future revenues from those properties and, if there is recourse debt, then we would
remain obligated for any financial obligations related to the properties. Any such losses or higher insurance costs could adversely affect
our business, financial condition, results of operations and prospects.
21
A
number of our investments are located in areas in Colombia, Costa Rica and Peru that are known to be subject to natural disasters, such
as earthquakes. We generally carry earthquake insurance on our properties located in areas historically subject to seismic activity,
subject to coverage limitations and deductibles.
Our
tenants may default on their obligation to maintain insurance coverage.
Under
the terms of our leases, our tenants are required to purchase and maintain general liability, inventory insurance coverage, as well as
insurance coverage for their employees and visitors. If our tenants default on these obligations, we will be forced to purchase insurance
coverage in their stead and to pursue action to obtain reimbursement from those tenants. These unanticipated costs and expenses could
have an adverse impact on our business, financial condition, results of operations and prospects.
In
Peru, for instance, our lease agreements typically provide that if a tenant does not purchase, acquire, maintain or renew the insurance
policy or level of insurance required by the agreement, the parties must coordinate local and temporal insurance at the levels required.
If local and temporal insurance coverage is not in place within five (5) business days from the date of the request, LPA may terminate
its lease agreement with that tenant, in accordance with the provisions of Article 1430 of the Civil Code of Peru.
In
addition, if our tenants fail to maintain sufficient or adequate insurance, we may be held liable for losses otherwise attributable to
those tenants or their businesses, which losses may not be covered by our own insurance policies. However, some of our leases provide
that in the event of any loss attributable to the tenant, the tenant shall be obliged to directly respond for all damages and harm that
LPA or third parties may suffer. In the event of an occurrence at a property whose tenant has failed to purchase or maintain adequate
insurance coverage or in respect of which we ourselves do not maintain insurance coverage, we may lose a significant portion of our capital
investment in or our projected cash flows from that property while remaining obligated to service the debt for which that property served
as collateral, either of which could have a material adverse effect on our business, financial condition, results of operations and prospects.
Our
leases include certain provisions that may prove unenforceable.
All
of our leases are governed by Colombian, Costa Rican, and Peruvian law, as applicable. While some of our leases provide that the tenant
will not be entitled to rent withholding in the event of damage to or destruction of all or part of the relevant property (which are
known as "hell or high water" provisions), under applicable law, the tenant will not accrue rent until repairs are made or
may request a rent abatement equal to the percentage of the property that became damaged or destroyed. Our leases in Peru and Colombia
do not include hell or high water provisions, and instead provide that in extraordinary situations, tenants may suspend rent payments
for as long as the extraordinary situation results in the inability to use the leased property. Furthermore, if the extraordinary situation
makes the use of the leased property permanently or definitively impossible, the tenant may invoke the termination of the contract. Additionally,
some or all of our leases are subject to arbitration provisions. In those cases, we cannot give you any assurance as to whether an arbitrator
in the applicable country would uphold the relevant provisions of our leases or find them unenforceable. In the latter event, our rental
income would decrease and our business, financial condition, results of operations and prospects could be adversely affected.
The
value of our assets may suffer impairment losses that may adversely affect our results of operations.
We
review the carrying amounts of our real estate assets on a regular basis to determine whether there is any indication that those
assets have suffered an impairment loss. The determination as to the existence of impairment indicators is based on factors such as
market conditions, tenant performance and legal structure. For example, the termination of a lease by a tenant may lead us to
recognize an impairment loss through a third party valuation. We determine the value of our real estate assets based on the net
present value of our future property net operating income and other revenues from or charges against those assets, divided by a
determined discount rate determined by a third party appraiser. That discount rate may vary as a result of changes in interest rates
and other market conditions over which have no control. The higher the discount rate, the lower the value of our assets. In 2023,
2022, and 2021, we recognized a gain on the revaluation of our properties of $20.2 million, $3.5 million, and $13.2 million,
respectively.
22
If
we determine that an impairment loss has occurred, we will adjust the net carrying value of the relevant property to account for that
loss, which may materially and adversely affect the collateral provided to creditors (thereby requiring additional collateral to be provided)
or our results of operations for the relevant reporting period and our business, financial condition, results of operations and prospects.
We
are subject to risks related to the development of new properties, including due to an increase in construction costs and supply chain
issues.
We
are subject to risks related to our development and leasing activities that may adversely affect our results of operations and available
cash flows, including, among others, the risk that:
●
we
    may not be able to lease space in our new properties at profitable prices;
●
we
    may abandon development opportunities and fail to capitalize on our investments in research and valuation in connection with those
    opportunities;
●
we
    may not be able to obtain or may experience delays in obtaining all of the requisite zoning, building, occupancy and other governmental
    permits and authorizations;
●
the
    feasibility studies for the development of new properties may prove incorrect once the development has commenced;
●
our
    business activities may not be as profitable as expected as a result of increased costs of land reserves;
●
actual
    costs of construction of a project may exceed our original estimates or the construction may not be completed on schedule, for example,
    as a result of delays attributable to contractual defaults, local climate conditions, nationwide or local strikes by construction
    workers or shortages of construction materials or electric power or fuel for our equipment, any of which would render the project
    less profitable or unprofitable;
●
we
    may be forced to incur additional costs to correct defects in construction design or that are demanded by our tenants; and
●
we
    may be held jointly liable for any underlying soil contamination on any of our properties with the party that caused that contamination,
    even if that contamination was not identifiable by us.
Any
of these risks could give rise to material unanticipated delays or expenses and could in certain circumstances prevent the completion
of our development or renovation projects once they have commenced, any of which could have a material adverse effect on our business,
financial condition, results of operations and prospects.
Construction
materials, labor, and other related expenses can fluctuate, impacting the overall cost of developing new properties. In Peru, for example,
according to the Peruvian Chamber of Construction (CAPECO), construction costs in Peru increased by an average of 3.2% in 2020. Such
cost increases can affect project budgets, profitability, and timelines. Regarding supply chain issues, Peru's geography and transportation
infrastructure can present challenges in procuring construction materials and equipment. Delays or disruptions in the supply chain, whether
due to natural disasters, political unrest, or global events, can impact project timelines and increase costs. For instance, the El Niño
phenomenon in 2017 caused severe flooding in Peru, leading to supply chain disruptions and construction delays.
23
We
may fail to maintain, obtain or renew or may experience material delays in obtaining requisite governmental or other approvals, licenses
and permits for the conduct of our business.
We
are subject to numerous governmental and local regulations and require various approvals, licenses, permits, concessions and certificates
in the conduct of our business. We cannot assure you that we will not encounter significant problems in obtaining new or renewing existing
approvals, licenses, permits, concessions and certificates required in the conduct of our business, or that we will continue to satisfy
the current or new conditions to those approvals, licenses, permits, concessions and certificates that we currently have or may be granted
in the future. There may also be delays on the part of regulatory and administrative bodies in reviewing our applications and granting
approvals, which have become increasingly common since the beginning of the COVID-19 pandemic due to closures and/or reduced operations
of public offices.
The
implementation of new laws and regulations on environmental protection, health and safety-related matters in the jurisdictions in which
we operate may create stricter requirements to comply with, including requirements relating to the demands of communities where the real
estate is located. This could delay our ability to obtain the related approvals, licenses, permits, concessions and certificates, or
could result in us not being able to obtain them at all. If previously obtained approvals, licenses, permits and certificates are revoked
and/or if we fail to obtain and/or maintain the necessary approvals, licenses, permits, concessions and certificates required for the
conduct of our business, we may be required to incur substantial costs or temporarily suspend or alter the operation of one or more of
our properties, industrial parks, or projects in construction or any relevant component thereof, which could affect the general operation
of these locations or our compliance with any leases at those locations, which in turn could have a material adverse effect on our business,
financial condition, results of operations and prospects.
While
we have not been subjected in the past to material civil, regulatory or criminal penalties resulting from untimely compliance or non-compliance
with applicable laws and regulations, we could be subjected to civil, regulatory and criminal penalties that could materially and adversely
affect the continued operation of our businesses, including: loss of required licenses to operate one or more of our locations, potential
breach of our obligations under our lease agreements, significant fines or monetary penalties, or closing of our locations as a preventative
measure. In addition, changes in these laws and regulations may restrict our existing operations, limit the expansion of our business
and require operating changes that may be difficult or costly to implement.
We
are subject to specific legal risks concerning the maintenance, acquisition, renewal, or delays in obtaining necessary governmental approvals,
licenses, and permits for our business operations in the countries in which we operate. These risks are influenced by the legal framework
and regulatory processes in the countries in which we operate. One significant risk is the potential failure to obtain or renew requisite
approvals, licenses, and permits. This can arise due to changes in regulations, administrative processes, or compliance requirements.
Specifically in Peru, businesses may need to obtain permits and licenses from various government entities, such as municipal authorities,
environmental agencies, or specialized regulatory bodies, depending on the nature of their operations. Failure to obtain or renew these
approvals in a timely manner can disrupt business activities and result in financial and legal consequences.
Our
real estate assets may be subject to eminent domain and dispossession by the governments of the countries in which we operate for reasons
of public interest and other reasons.
Our
real estate assets may be subject to eminent domain and dispossession by the governments of the countries in which we operate for reasons
of public interest and other reasons.
For
example, the Colombian government could seize or expropriate our assets under certain circumstances for fair compensation. Pursuant to
Articles 58 and 59 of the Colombian constitution, the government can exercise its eminent domain powers in respect of private property
assets in the event such action is deemed by the Government to be required in order to protect public interests. According to Law 388
of 1997, eminent domain powers may be exercised through: (i) an ordinary eminent domain proceeding, or (ii) an administrative eminent
domain. In all cases we would be entitled to a fair compensation for the expropriated assets. Also, as a general rule, compensation must
be paid before the asset is effectively expropriated. However, the compensation may be lower than the price for which the expropriated
asset could be sold in a free-market sale or the value of the asset as part of an ongoing business. The aforementioned Article 59 of
the Colombian constitution establishes eminent domain for war reasons, which require that compensation be paid before eminent domain
but can only be executed on a temporary basis.
The
Peruvian government could expropriate our assets, provided that the requirements set forth in Article 70 of the Political Constitution
of Peru and Legislative Decree No. 1192, which approves the Framework Law on the Acquisition and Expropriation of Real Property, are
met. These requirements include that the expropriation is based on grounds of national security or public necessity, authorized by express
law of the Congress of the Peru in favor of the State; and carried out after payment of just compensation, which includes compensation
for any potential damages. In some cases, the owner of the real estate asset subject to eminent domain can request a review of the appraisal
value of the asset through arbitration or judicial means if there is a valid claim that the compensation offered does not amount to the
market value of the asset. In the event of irregular eminent domain or confiscation of a company's productive assets in Peru, an
arbitration claim can be filed, provided there is an Investment Protection Treaty (which would allow, for example, arbitration claims
before the ICSID or another arbitral institution). Alternatively, in cases of irregular eminent domain, parties whose assets are subject
to eminent domain can file
amparo
actions for violation of the right to property, and if the judicial system does not provide
a favorable resolution, parties may seek recourse with the Inter-American Human Rights System.
24
In
Costa Rica, real estate assets may be subject to eminent domain by the government for proven and declared public interest. Pursuant to
Costa Rican Expropriation Law, Law number 7495, the government has the authority to encumber an owner of the property's constitutional
right to private property through the prior payment of fair compensation. The expropriation procedure in Costa Rica commences with a
declaration of public interest for the eminent domain. Upon notification to the owner, the government prepares an administrative valuation
that the owner must either accept or reject. If the owner accepts, the agreed-upon payment is made, and the property is transferred to
the government. If the owner does not accept the administrative valuation, the government must initiate a judicial eminent domain process,
during which the fair price is examined. To initiate this judicial process, the government must deposit the amount determined in the
administrative valuation, allowing the judge to order the government's possession of the property. Simultaneously, a judicial valuation
is conducted to review the price, and either party may request a third valuation. Once all valuations are completed, the judge issues
a decision defining the fair price. Regardless of the outcome of the judicial valuations, the owner is paid the price determined in the
administrative valuation. Consequently, the decision can either confirm the fair price or increase the property's value.
If
the government of any of the countries in which we operate seeks eminent domain of one or more of our properties, we may be subjected
to unexpected legal fees and/or the ultimate loss of one or more of our properties at a price less than we could have obtained for it
in the open market
,
which in turn could have a material adverse effect on our business, financial condition, results of operations
and prospects.
We
may acquire properties and companies that involve risks that could adversely affect our business and financial condition.
We
have acquired properties and will continue to acquire properties through the direct acquisition of real estate or the acquisition of
entities that own real estate. The acquisition of properties involves risks, including the risk that the acquired property will not perform
as anticipated, that any actual costs for rehabilitation, repositioning, renovation and improvements identified in the pre-acquisition
due diligence process will exceed estimates, or that any such contingencies are not indemnifiable. When we acquire properties, we may
face risks associated with a lack of market knowledge or understanding of the local economy, forging new business relationships in the
area and unfamiliarity with local government and permitting procedures. Additionally, there is, and it is expected there will continue
to be, significant competition for properties that meet our investment criteria as well as risks associated with obtaining financing
for acquisition activities. The acquired properties or entities may be subject to liabilities, including tax liabilities, which may be
without any recourse, or with only limited recourse, with respect to unknown liabilities. As a result, if a liability were asserted against
us based on our new ownership of any of these entities or properties, then we may have to pay substantial sums to settle it.
We
may be unable to integrate the operations of newly acquired companies and realize the anticipated synergies and other benefits or do
so within the anticipated timeframe. Potential difficulties we may encounter in the integration process include: (i) the inability to
dispose of assets or operations that are outside of our area of and unforeseen increased expenses, delays or regulatory conditions associated
with these transactions; and (iii) performance shortfalls as a result of the diversion of management's attention caused by completing
these transactions and integrating the companies' operations.
25
Delays
or an increase in costs in the construction of new buildings or improvements could have an adverse effect on our business, financial
condition, results of operations and prospects, including due to supply chain issues.
Delays
or an increase in costs in the construction of new buildings or improvements to our existing properties could have an adverse effect
on our business, financial condition, results of operations and prospects. The engineering, design and construction phases of new projects
typically require nine to twelve months, and improvements to existing properties typically require one to three months. If we experience
engineering, design or construction delays as a result of our vendors' failure to meet their obligations or otherwise, we may not
be able to deliver our new projects or tenant improvements at existing properties on schedule and will not receive rental income from
those properties in the meantime. Accordingly, any such delay could affect our reputation and have a material adverse effect on our business,
financial condition, results of operations and prospects. In addition, some of our leases may provide for penalties for every day that
we fail to deliver the property. If this were to occur, we may be able to pass on these liabilities to our contractors, but we can provide
no assurance that we will be able to do so. If we are unable to pass on to our contractors the costs associated with construction delays,
our business, financial condition, results of operations and prospects may be materially adversely affected.
We
rely on an extensive network of suppliers around the world that produce and deliver the materials we require for construction of new
buildings or improvements. Our results are, therefore, impacted by current global supply constraints that have led to increased lead
times, backordered products and scarcity.
We
may be subject to claims for construction defects or other similar actions in connection with our lease management business.
In
our capacity as lease managers, we retain independent contractors to provide engineering, construction and project management services
for our properties, and oversee their performance. We cannot give any assurance that we will not be subject to claims for construction
defects or other similar actions, even if those defects are not attributable to us. An adverse outcome in any claim or litigation arising
from construction defects or property management issues could have a material adverse effect on our business, financial condition, results
of operations and prospects.
We
are dependent on key personnel. The loss of one or more members of our management team, including our Chief Executive Officer, could
have a material adverse effect on our operations.
Our
continuing success is attributable to a significant degree to the efforts of our management team, including our Chief Executive Officer,
Esteban Saldarriaga. Our Chief Executive Officer and other members of our management team have favorable reputations in the real estate
industry at both the national and regional level. Our Chief Executive Officer is responsible, to a significant degree, for attracting
new business opportunities and leading negotiations with lenders, potential joint venture partners and large institutional clients. The
loss of our Chief Executive Officer or any or all of the other members of our management team, including our Chief Financial Officer,
regional acquisition manager, and country managers in Colombia, Costa Rica and Peru, for any reason, their inability to remain in their
current positions or our inability to replace them, could have a material adverse effect on our business, financial condition, results
of operations and prospects and a negative impact on our business relationships with our lenders and clients.
In
addition, the experience and skill of certain members of our management team has proven critical in identifying and attracting local
clients and opportunities. We consider especially relevant the relationships of our officers in the countries and regions in which we
operate. As we continue to grow, our success will depend to a significant extent on our ability to recruit and retain qualified personnel
in all areas of business and we can provide no assurance that we will be able to do so. Our ability to retain senior management as well
as experienced personnel will in part depend on our having in place appropriate staff remuneration and incentive schemes. The remuneration
and incentive schemes we have in place may not be sufficient for retaining the services of our experienced personnel.
We
are focused on a single business segment. Any negative impact on the industrial real estate industry could have a material adverse effect
on our business, financial condition, results of operations and prospects.
Our
corporate purpose consists of holding shares in companies engaged in the development, acquisition, leasing, management and financing
of modern, efficient and sustainable logistics parks.
To
the extent that this particular sector is negatively impacted, all of our operations and our business may be negatively impacted as well.
Further, within the industrial segment, we focus on premium assets (Class A). This may present a risk to the extent that it narrows our
target market, and therefore a decrease in demand in this market may affect our growth. Focusing our operations in a single business
segment could have a material adverse effect on our business, financial condition, results of operations and prospects.
26
Increases
in the prices of energy, raw materials, equipment or wages, including due to inflation, could increase our development and operating
costs.
Our
business is significantly exposed to the price of energy, raw materials and components, including, among others, the price of cement
and steel, as well as the price of purchasing or leasing equipment. Certain inputs used by us in our operations are susceptible to significant
fluctuations in prices, over which we may have little control. The prices of some of these inputs are affected to a significant extent
by the prices of commodities, such as oil and steel. Global oil prices decreased in 2018, increased in 2019, declined significantly in
2020 as a result of the COVID-19 pandemic but reached pre-COVID-19 levels by the end of 2020, increased in 2021 due to supply shocks
and the resurgence of demand, and, more recently, rose sharply in early 2022 due to the conflict between Ukraine and Russia.
We
cannot assure you that the prices of relevant commodities or inputs will decrease in the future. Substantial increases in the prices
of those commodities generally result in increases in our suppliers' or contractors' operating costs and, consequently, lead
to increases in the prices they charge for their products or services. In addition, growing demand for labor, especially when coupled
with a globalized shortage of qualified labor, may result in significant wage inflation. To the extent that we are unable to pass along
to our clients increases in the prices of our key inputs or increases in the wages that we must pay, our cost of development could be
materially adversely impacted.
In
the countries in which we operate, energy prices have experienced fluctuations due to changes in global oil prices and domestic energy
policies. The Peruvian government, for example, has implemented measures to reduce energy subsidies, leading to potential increases in
electricity costs for businesses. The prices of raw materials in the countries in which we operate can also be influenced by global market
trends, supply and demand dynamics, and import/export regulations. Fluctuations in commodity prices, such as metals, construction materials,
or agricultural products, can impact production costs and overall development expenses.
Similarly,
equipment costs in the countries in which we operate can be subject to changes due to factors such as currency exchange rates, import
tariffs, and technological advancements. For instance, fluctuations in the foreign currencies against major currencies can impact the
cost of imported machinery and equipment. Wage increases can occur due to changes in labor laws, collective bargaining agreements, or
market competition for skilled labor.
While
most of our leases include inflation related adjustments, these are not a perfect hedge for inflation, so our operating costs are also
affected by inflation in the countries in which we operate.
Our
business and operations could suffer in the event of system failures or cybersecurity attacks.
Despite
system redundancy, the implementation of security measures and the existence of a disaster recovery plan for our internal and hosted
information technology systems, our systems are vulnerable to damages from any number of sources, including energy blackouts, natural
disasters, terrorism, war, telecommunication failures and cybersecurity attacks, such as malware, ransomware, or unauthorized access.
Any system failure or accident that causes interruptions in our operations could result in a material disruption to our business. We
may incur additional costs to remedy damages caused by those disruptions. Third-party security events at vendors, sub-processors, and
service providers could also impact our data and operations via unauthorized access to information or disruption of services which may
ultimately result in financial losses. Despite training, detection systems and response procedures, an increase in email attacks (phishing
and business email compromise) may create disruption to our business and financial risk.
The
growing frequency of attempted cybersecurity attacks may lead to increased costs to protect us and respond to any events, including additional
personnel, consultants and protection technologies. Any compromise of our security could result in a violation of applicable privacy
and other laws, unauthorized access to information of ours and others, significant legal and financial exposure, damage to our reputation,
loss or misuse of the information and a loss of confidence in our security measures, which could harm our business. Additionally, remediation
costs for security events may not be covered by our insurance.
27
We
have identified material weaknesses in our internal controls. If we are unable to develop and maintain an effective system of internal
control over financial reporting, we may not be able to accurately report our financial results in a timely manner, which may adversely
affect investor confidence in us and materially and adversely affect our business and operating results.
Prior
to the consummation of the Business Combination, we have been publicly registered in Colombia and not subject to the financial reporting
requirements of the SEC and have not had the accounting personnel and other resources required for SEC financial reporting purposes and
to monitor such work while maintaining appropriate segregation of duties. Effective internal control over financial reporting is necessary
for us to provide reliable financial reports and, together with adequate disclosure control and procedures, are designed to prevent fraud.
In the course of preparing our consolidated financial statements, we identified material weaknesses in our internal control over financial
reporting. A "material weakness" is a deficiency, or a combination of deficiencies, in internal control over financial reporting,
such that there is a reasonable possibility that a material misstatement of our company's annual or interim financial statements
will not be prevented or detected on a timely basis.
As
a result of the issues described above, deficiencies were identified, that either individually or in the aggregate, resulted in the identification
of material weaknesses related to each component of the Internal Control — Integrated Framework (2013 Framework)
issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) framework, including control environment, risk
assessment, control activities, information and communication, and monitoring activities. The material weaknesses have led to the material
misstatement and subsequent restatement of our consolidated financial statements for the years ended December 31, 2021 and 2022, and
if not remediated timely may lead to material misstatements in the future. Following the identification of the material weaknesses, we
have taken and plan to continue to take remedial measures. We cannot assure you, however, that these measures will fully address these
material weaknesses in our internal control over financial reporting or that we will not identify additional material weaknesses or significant
deficiencies in the future.
To
remediate our identified material weaknesses, we intend to adopt several measures intended to improve our internal control over financial
reporting. These measures include strengthening our finance, operations and information technology teams, and implementation of further
policies, processes and internal controls relating to our financial reporting. Specifically, our planned remediation efforts include
the following:
●
establishing
    controls to identify, assess, and respond to risks of material misstatement and working to formalize internal control processes and
    documentation;
●
strengthening
    supervisory reviews by our management in charge of financial issues;
●
hiring
    additional qualified accounting and finance personnel and engaging financial consultants to enable the implementation of internal
    control over financial reporting and to segregate duties amongst our accounting and finance personnel;
●
improving
    our accounting systems and implementing information technology general controls; and
●
engaging
    third parties as required to assist with technical accounting, application of new accounting standards, tax matters, valuations of
    investment properties, and ESG sustainability metrics, among other matters.
We
are committed to maintaining a strong internal control environment, and we expect to continue our efforts to ensure the material weaknesses
described above and all control deficiencies are remediated. However, these material weaknesses cannot be considered remediated until
the applicable remedial controls operate for a sufficient period of time and management has concluded, through testing, that these controls
are operating effectively. There is no assurance that we will be able to remediate the material weaknesses in a timely manner or that
in the future additional material weaknesses will not exist or otherwise be discovered. If we are not able to remediate these material
weaknesses, we may not be able to manage our business effectively or accurately report our financial performance on a timely basis, which
could adversely affect our business, financial condition, results of operations and prospects.
28
Complications
in relationships with local communities may adversely affect our business continuity, reputation, liquidity, and results of operations.
We
make significant efforts to maintain good long-term relationships and continuous communication with local and neighboring communities
where we operate or build, including indigenous communities that previously held real estate in the regions where we operate. However,
there can be no assurance that we have obtained or will obtain all permits claimed by those communities or that those communities will
not have or will not develop interests or objectives which are different from, or even in conflict with, our objectives, which could
result in legal or administrative proceedings, civil unrest, protests, negative media coverage, direct action or campaigns, including,
but not limited to, requests for the government to revoke or deny our concessions, licenses or other permits to operate. Any such events
could cause delays or disruptions in our operations, result in operational restrictions or higher costs, or cause reputational damage,
which could materially and adversely affect our business, reputation, liquidity and results of operations.
In
the industrial and logistics real estate sector in the countries in which we operate, complications arising from relationships with local
communities can have adverse effects on business continuity, reputation, liquidity, and results of operations. These complications are
particularly relevant due to the nature of industrial and logistics projects and their potential impact on surrounding communities. Engaging
with local communities is crucial for industrial and logistics real estate projects, as they often involve land acquisition, construction,
and ongoing operations that can affect nearby communities. Concerns related to environmental impact, land rights, noise pollution, traffic
congestion, and socio-economic benefits can significantly influence project development and operations in Peru.
Adverse
impacts on business continuity in the countries in which we operate can arise from community opposition, protests, or legal challenges
that disrupt project timelines and operations. Delays or interruptions in construction or operational activities can have financial implications
and impact overall project success. Reputation is vital in the industrial and logistics real estate sector, and negative perceptions
or conflicts with local communities can harm a company's image and credibility. Negative publicity, social media backlash, or reputational
damage can deter potential tenants or investors and affect long-term business prospects.
Our
operations are subject to foreign exchange fluctuations.
Exchange
rate fluctuations could adversely affect the economies of the countries in which we operate, and therefore, our results of operations.
For example, the revenues, costs and expenses of our operations in Colombia are denominated in local currency (Colombian
peso
).
Therefore, a material devaluation of the Colombian
peso
against the U.S. Dollar may affect the profitability of projects, and
consequently, our business, financial conditions and results of operations. Additionally, fluctuations of the Costa Rican
colon
can affect our tax expenses. Exchange fluctuations can also have significant implications for businesses operating in Peru due to the
country's dependence on international trade and exposure to global economic conditions. Peru's currency, the Peruvian Sol
(PEN), is subject to fluctuations against major foreign currencies such as the US Dollar and the Euro. Foreign exchange fluctuations
can impact our cost of financing and debt repayment. If the foreign currencies weaken against the currency in which our debts are denominated,
it can increase the repayment amount, potentially affecting cash flow and financial stability.
We
cannot assure you that any measures taken by the governments in the countries in which we operate would be sufficient to control any
resulting fiscal or exchange imbalances.
Our
hedging of foreign currency and interest rate risk may not effectively limit our exposure to these risks.
We
may attempt to mitigate our risk by borrowing in the currencies in which we have significant investments thereby providing a natural
hedge. We may also enter into derivative financial instruments that we designate as net investment hedges, as these amounts offset the
translation adjustments on the underlying net assets of our foreign investments. Although we attempt to mitigate the potential adverse
effects of changes in foreign currency rates there can be no assurance that those attempts will be successful. In addition, we occasionally
may use interest rate swap contracts to manage interest rate risk and limit the impact of future interest rate changes on earnings and
cash flows. As of December 31, 2023, none of our indebtedness was hedged with interest rate hedge contracts.
Hedging
arrangements involve risks, such as the risk of fluctuation in the relative value of the foreign currency or interest rates and the risk
that counterparties may fail to honor their obligations under these arrangements. The funds required to settle those arrangements could
be significant depending on the stability and movement of the hedged foreign currency or the size of the underlying financing and the
applicable interest rates at the time of the breakage. The failure to hedge effectively against foreign exchange changes or interest
rate changes may adversely affect our business.
29
We
are subject to fluctuations in interest rates.
Fluctuations
in interest rates present a risk for the development of new projects and therefore the growth rate of our business, to the extent that
substantial increases in interest rates may affect the profitability of our investment opportunities, including financing of the development
or acquisition of properties. We cannot assure you that interest rates will remain stable in the countries in which we operate. Any substantial
increase in the interest rates could negatively affect our business and financial condition.
Fluctuations
in interest rates globally can affect the following aspects of our operations. An increase in interest rates increases the cost of borrowing
for real estate projects. Higher interest rates increase borrowing costs, potentially affecting project profitability and cash flow.
This can impact our ability to finance new projects or expansions. Fluctuations in interest rates can influence investment decisions
in the industrial and logistics real estate sector. Higher interest rates make borrowing less attractive, potentially impacting the feasibility
of new projects or expansions. This can affect our ability to pursue growth opportunities in the market. Our existing loan portfolio
is adversely affected by increases in interest rates and has and could continue to reduce cash flow available for operations, investment
opportunities and debt service requirements.
Moreover,
if interest rates increase, then so would the interest expense on our unhedged variable rate debt, which would adversely affect our business,
financial condition, results of operations and prospects. As of December 31, 2023 and December 31, 2022, 23.0% and 0%, respectively, of our outstanding
indebtedness bore fixed interest rates, respectively. In addition, we refinance fixed rate debt at times when we believe rates and terms
are appropriate. Our efforts to manage these exposures may not be successful. Developing an effective interest rate risk strategy is
complex and no strategy can completely insulate us from risks associated with interest rate fluctuations. There can be no assurance that
our hedging activities will have the desired beneficial impact on our business, financial condition, results of operations and prospects.
Termination of interest rate hedge contracts typically involves costs, such as transaction fees or breakage costs.
Risks
Relating to LPA Operating as a Public Company
LPA's
only significant asset is its ownership of LLP, and such ownership may not be sufficient to pay dividends or make distributions or obtain
loans to enable LPA to pay any dividends on the Ordinary Shares, pay its expenses or satisfy other financial obligations.
LPA
is a holding company and does not directly own any operating assets other than its ownership of interests in LLP. LPA depends and will
depend on LLP for distributions, loans and other payments to generate the funds necessary to meet its financial obligations, including
its expenses as a publicly traded company, and to pay any dividends. The earnings from, or other available assets of, LLP may not be
sufficient to make distributions or pay dividends, pay expenses or satisfy LPA's other financial obligations.
LPA
will incur higher costs as a result of operating as a public company.
We
are a public company and incur significant additional legal, accounting, insurance and other expenses, including costs associated with
public company reporting requirements that we did not incur prior to becoming a publicly traded company. LPA incurs and expects to continue
to incur higher costs associated with complying with the requirements of the Sarbanes-Oxley Act, the Dodd-Frank Wall Street Reform and
Consumer Protection Act, and related rules implemented by the SEC and NYSE American. The expenses incurred by public companies generally
for reporting and corporate governance purposes have been increasing. We expect these laws and regulations to increase our legal and
financial compliance costs since becoming a public company and expects to render some activities more time-consuming and costly, although
LPA is currently unable to estimate these costs with any degree of certainty. LPA may need to hire more employees or engage outside consultants
to comply with these requirements, which will increase its costs and expenses since becoming a public company. These laws and regulations
could make it more difficult or costly for LPA to obtain certain types of insurance, including directors' and officers' liability
insurance, and LPA may be forced to accept reduced policy limits and coverage or incur substantially higher costs to obtain the same
or similar coverage. These laws and regulations could also make it more difficult for LPA to attract and retain qualified persons to
serve on the LPA Board or board committees or as executive officers. Furthermore, if LPA is unable to satisfy its obligations as a public
company or the requirements of NYSE American, it could be subject to delisting of its Ordinary Shares, fines, sanctions and other regulatory
action and potentially civil litigation.
30
We
may be required to take write-downs or write-offs, restructuring and impairment or other charges that could have a significant negative
effect on our financial condition, results of operations and share price, which could cause you to lose some or all of your investment.
We
may be forced to write-down or write-off assets, restructure our operations, or incur impairment or other charges that could result in
us reporting losses. Even though these charges may be non-cash items and not have an immediate impact on our liquidity, the fact that
charges of this nature are reported could contribute to negative market perceptions about us or our securities. In addition, charges
of this nature may cause us to violate covenants to which we may be subject. Accordingly, any of our shareholders could suffer a reduction
in the value of their Ordinary Shares as a result of the foregoing factors and would be unlikely to have a remedy for such reduction
in value.
We
may not be able to timely and effectively implement controls and procedures required by Section 404(a) of the Sarbanes-Oxley Act that
apply to us following the consummation of the Business Combination.
As
a result of the consummation of the Business Combination on March 27, 2024 and the transactions related thereto, we will be required
to provide management's attestation on internal controls in connection with our second annual report on Form 20-F following consummation
of the Business Combination (i.e. our annual report on Form 20-F for the fiscal year ended December 31, 2024). The standards required
for a public company under Section 404(a) of the Sarbanes-Oxley Act are significantly more stringent than those that were required of
us as a company that was not publicly listed in the United States. Our management may not be able to effectively and timely implement
controls and procedures that adequately respond to the increased regulatory compliance and reporting requirements that apply following
the Business Combination. If we are not able to implement the additional requirements of Section 404(a) in a timely manner or with adequate
compliance, we may not be able to assess whether our internal controls over financial reporting are effective, which may subject us to
adverse regulatory consequences and could harm investor confidence and the market price of our Ordinary Shares.
LPA's
management team has limited experience managing and operating a U.S. public company.
Members
of LPA's management team have limited experience managing and operating a U.S. publicly traded company, interacting with U.S. public
company investors, and complying with the increasingly complex laws pertaining to U.S. public companies. Its transition to being a U.S.
public company subjects LPA to significant regulatory oversight and reporting obligations under the U.S. federal securities laws and
the continuous scrutiny of securities analysts and investors. These new obligations and constituents will require significant attention
from its senior management and could divert their attention away from the day-to-day management of its business. LPA may not have adequate
personnel with the appropriate level of knowledge, experience, and training in the accounting policies, practices or internal controls
over financial reporting required of U.S. public companies. The development and implementation of the standards and controls necessary
for LPA to achieve the level of accounting standards required of a public company may require costs greater than expected. To support
its operations as a U.S. public company, LPA plans to recruit additional qualified employees or external consultants with relevant experience,
which will increase its operating costs in future periods. Should any of these factors materialize, LPA's business, financial condition
and results of operations could be adversely affected.
The
price of Ordinary Shares may be volatile.
The
price of Ordinary Shares may fluctuate due to a variety of factors, including:
●
actual
    or anticipated fluctuations in its quarterly and annual results and those of other public companies in its industry; mergers and
    strategic alliances in the industry in which it operates;
31
●
market
    prices and conditions in the industry in which it operates;
●
changes
    in government regulation;
●
potential
    or actual military conflicts or acts of terrorism;
●
the
    failure of securities analysts to publish research about us, or shortfalls in its operating results compared to levels forecast by
    securities analysts;
●
announcements
    concerning LLP, LPA or its competitors; and
●
the
    general state of the securities markets.
These
market and industry factors may materially reduce the market price of Ordinary Shares, regardless of LPA's operating performance.
Reports
published by analysts, including projections in those reports that differ from LPA's actual results, could adversely affect the
price and trading volume of its Ordinary Shares.
LPA's
management currently expects that securities research analysts will establish and publish their own periodic projections for its business.
These projections may vary widely and may not accurately predict the results LPA actually achieves. LPA's share price may decline
if its actual results do not match the projections of these securities research analysts. Similarly, if one or more of the analysts who
write reports on LPA downgrades its stock or publishes inaccurate or unfavorable research about its business, its share price could decline.
If one or more of these analysts ceases coverage of LPA or fails to publish reports on it regularly, its share price or trading volume
could decline. While LPA's management expects research analyst coverage, if no analysts commence coverage of LPA, the trading price
and volume for Ordinary Shares could be adversely affected.
An
active, liquid trading market for Ordinary Shares may not develop, which may limit your ability to sell Ordinary Shares.
Prior
to the completion of the Business Combination, there was no public market for Ordinary Shares. Although Ordinary Shares are listed on
NYSE American under the ticker symbol "LPA," an active trading market for Ordinary Shares may never develop or be sustained.
The current trading price of the Ordinary Shares may not be indicative of the market price of Ordinary Shares that will prevail in the
open market going forward. A public trading market having the desirable characteristics of depth, liquidity and orderliness depends upon
the existence of willing buyers and sellers at any given time, such existence being dependent upon the individual decisions of buyers
and sellers over which neither we nor any market maker has control. The failure of an active and liquid trading market to develop and
continue would likely have a material adverse effect on the value of Ordinary Shares. An inactive market may also impair our ability
to raise capital to continue to fund operations by issuing Ordinary Shares.
LPA
may issue additional Ordinary Shares under the Equity Incentive Plan, which would dilute the interest of LPA's shareholders.
LPA
may issue a substantial number of additional Ordinary Shares under the Equity Incentive Plan. The issuance of additional Ordinary Shares:
●
may
    significantly dilute the equity interest of investors;
●
may
    subordinate the rights of holders of Ordinary Shares if preferred shares are issued with rights senior to those afforded to Ordinary
    Shares;
●
could
    cause a change of control if a substantial number of shares of LPA are issued, which may affect, among other things, LPA's
    ability to use its net operating loss carry forwards, if any, and could result in the resignation or removal of its present officers
    and directors; and
●
may
    adversely affect prevailing market prices for LPA's securities, including Ordinary Shares.
32
LPA
may or may not pay cash dividends in the foreseeable future.
Any
decision to declare and pay dividends in the future will be made at the discretion of the LPA Board and will depend on, among other things,
applicable law, regulations, restrictions, LPA's and LLP's respective results of operations, financial condition, cash requirements,
contractual restrictions, the future projects and plans of LPA and LLP and other factors that the LPA Board may deem relevant. In addition,
LPA's ability to pay dividends depends significantly on the extent to which it receives dividends from LLP and there can be no
assurance that LLP will pay dividends. As a result, capital appreciation, if any, of Ordinary Shares will be an investor's sole
source of gain for the foreseeable future.
Because
LPA is incorporated in the Cayman Islands, you may face difficulties in protecting your interests, and your ability to protect your rights
through the U.S. federal courts may be limited.
LPA
is an exempted company incorporated in the Cayman Islands with limited liability. As a result, it may be difficult for investors to effect
service of process within the United States upon LPA's directors or officers, or enforce judgments obtained in the United States
courts against LPA's directors or officers.
LPA's
corporate affairs are governed by the Charter, the Companies Act and the common law of the Cayman Islands. LPA is also be subject to
the federal securities laws of the United States. The rights of LPA shareholders to take action against the directors, actions by minority
shareholders and the fiduciary responsibilities of LPA's directors to LPA under Cayman Islands law are to a large extent governed
by the common law of the Cayman Islands. The common law of the Cayman Islands is derived in part from comparatively limited judicial
precedent in the Cayman Islands as well as from English common law, the decisions of whose courts are of persuasive authority, but are
not binding on a court in the Cayman Islands. The rights of LPA's shareholders and the fiduciary responsibilities of LPA's
directors under Cayman Islands law are different from what they would be under statutes or judicial precedent in some jurisdictions in
the United States. In particular, the Cayman Islands has a less prescriptive body of securities laws as compared to the United States,
and certain states, such as Delaware, may have more fully developed and judicially interpreted bodies of corporate law. In addition,
Cayman Islands exempted companies may not have standing to initiate a shareholders derivative action in a federal court of the United
States.
LPA
has been advised by its Cayman Islands legal counsel that there is uncertainty as to whether the courts of the Cayman Islands would (i)
recognize or enforce judgments of United States courts obtained against LPA or its directors or officers predicated upon the civil liability
provisions of the securities laws of the United States or any state in the United States or (ii) in original actions brought in the Cayman
Islands, to impose liabilities against LPA predicated upon the securities laws of the United States or any state in the United States,
so far as the liabilities imposed by those provisions are penal in nature.
In
those circumstances, although there is no statutory enforcement in the Cayman Islands of judgments obtained in the United States, the
courts of the Cayman Islands will recognize and enforce a foreign money judgment of a foreign court of competent jurisdiction without
retrial on the merits based on the principle that a judgment of a competent foreign court imposes upon the judgment debtor an obligation
to pay the sum for which judgment has been given provided certain conditions are met. For a foreign judgment to be enforced in the Cayman
Islands, such judgment must be final and conclusive, given by a court of competent jurisdiction (the courts of the Cayman Islands will
apply the rules of Cayman Islands private international law to determine whether the foreign court is a court of competent jurisdiction),
and must not be in respect of taxes or a fine or penalty, inconsistent with a Cayman Islands judgment in respect of the same matter,
impeachable on the grounds of fraud or obtained in a manner, and or be of a kind the enforcement of which is, contrary to natural justice
or the public policy of the Cayman Islands (awards of punitive or multiple damages may well be held to be contrary to public policy).
A Cayman Islands Court may stay enforcement proceedings if concurrent proceedings are being brought elsewhere.
As
a result of all of the above, LPA shareholders may have more difficulty in protecting their interests in the face of actions taken by
management, members of the board of directors or controlling shareholders than they would as shareholders of a corporation incorporated
in the United States.
33
It
may be difficult to enforce a U.S. judgment against LPA or its directors and officers outside the United States, or to assert U.S. securities
law claims outside of the United States.
LPA
is a Cayman Islands exempted company incorporated with limited liability and not all of its assets are located in the United States.
In addition, some of LPA's directors and officers reside outside the United States. As a result, it may be difficult for you to
effect service of process within the United States upon these persons. It may also be difficult for you to enforce in the Cayman Islands
courts judgments obtained in U.S. courts based on the civil liability provisions of the U.S. federal securities laws against us and our
officers and directors, some of whom are not residents in the United States and whose assets may be located outside of the United States.
It may be difficult or impossible for you to bring an action against us in the Cayman Islands if you believe your rights under the U.S.
securities laws have been infringed. In addition, there is uncertainty as to whether the courts of the Cayman Islands would recognize
or enforce judgments of U.S. courts against us or such persons predicated upon the civil liability provisions of the securities laws
of the United States or any state and it is uncertain whether such Cayman Islands courts would hear original actions brought in the Cayman
Islands against LPA or such persons predicated upon the securities laws of the United States or any state.
Provisions
in the Charter may inhibit a takeover of LPA, which could limit the price investors might be willing to pay in the future for LPA's
securities and could entrench management.
The
Charter contains provisions that may discourage unsolicited takeover proposals that shareholders of LPA may consider to be in their best
interests. Among other provisions, subject to the rights of the shareholders of LPA as specified in the Charter, the ability of the LPA
Board to issue additional shares, with or without preferred, deferred or other rights or restrictions, whether in regard to dividend,
voting, return of capital or otherwise and to such persons, at such times and on such other terms as the LPA Board may determine, to
the extent authorized but unissued, and without shareholder approval, may make it more difficult for LPA's shareholders to remove
incumbent management and accordingly discourage transactions that otherwise could involve payment of a premium over prevailing market
prices for LPA's securities. However, under Cayman Islands law, the LPA Board may only exercise these rights and powers granted
to them under the Charter for a proper purpose and for what they believe in good faith to be in the best interests of LPA.
LPA
is an "emerging growth company," and it cannot be certain if the reduced SEC reporting requirements applicable to emerging
growth companies will make Ordinary Shares less attractive to investors, which could have a material and adverse effect on LPA, including
its growth prospects.
LPA
is an "emerging growth company" as defined in the JOBS Act. LPA will remain an "emerging growth company" until
the earliest to occur of (i) the last day of the fiscal year (a) following the fifth anniversary of the closing of the Business Combination,
(b) in which LPA has total annual gross revenue of at least $1.235 billion or (c) in which LPA is deemed to be a large accelerated filer,
which means the market value of Ordinary Shares held by non-affiliates exceeds $700 million as of the last business day of LPA's
prior second fiscal quarter, and (ii) the date on which LPA issued more than $1.0 billion in non-convertible debt during the prior three-year
period. LPA intends to take advantage of exemptions from various reporting requirements that are applicable to most other public companies
that are classified as "emerging growth companies," including, but not limited to, an exemption from the provisions of Section
404(b) of the Sarbanes-Oxley Act requiring that LPA's independent registered public accounting firm provide an attestation report
on the effectiveness of its internal control over financial reporting and reduced disclosure obligations regarding executive compensation.
Furthermore,
even after LPA no longer qualifies as an "emerging growth company," as long as LPA continues to qualify as a foreign private
issuer under the Exchange Act, LPA will be exempt from certain provisions of the Exchange Act that are applicable to U.S. domestic public
companies, including, but not limited to, the sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations
in respect of a security registered under the Exchange Act; the sections of the Exchange Act requiring insiders to file public reports
of their stock ownership and trading activities and liability for insiders who profit from trades made in a short period of time; and
the rules under the Exchange Act requiring the filing with the SEC of quarterly reports on Form 10-Q containing unaudited financial and
other specified information, or current reports on Form 8-K, upon the occurrence of specified significant events. In addition, LPA will
not be required to file annual reports and financial statements with the SEC as promptly as U.S. domestic companies whose securities
are registered under the Exchange Act, and are not required to comply with Regulation FD, which restricts the selective disclosure of
material information.
34
As
a result, LPA shareholders may not have access to certain information they deem important. LPA cannot predict if investors will find
Ordinary Shares less attractive because it relies on these exemptions. If some investors find Ordinary Shares less attractive as a result,
there may be a less active trading market and share price for Ordinary Shares may be more volatile.
As
a "foreign private issuer" under the rules and regulations of the SEC, LPA is permitted to file less or different information
with the SEC than a company incorporated in the United States or otherwise subject to these rules and is permitted to follow certain
home-country corporate governance practices in lieu of certain NYSE American requirements applicable to U.S. issuers.
LPA
is considered a "foreign private issuer" under the Exchange Act and is therefore exempt from certain rules under the Exchange
Act, including the proxy rules, which impose certain disclosure and procedural requirements for proxy solicitations for U.S. and other
issuers. Moreover, LPA is not required to file periodic reports and financial statements with the SEC as frequently or within the same
time frames as U.S. companies with securities registered under the Exchange Act, although it may elect to file certain periodic reports
and financial statements with the SEC on a voluntary basis on the forms used by U.S. domestic issuers. LPA is not required to comply
with Regulation FD, which imposes restrictions on the selective disclosure of material information to shareholders. In addition, LPA's
officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions of Section 16
of the Exchange Act and the rules under the Exchange Act with respect to their purchases and sales of LPA's securities.
In
addition, as a "foreign private issuer", LPA is permitted to follow certain home-country corporate governance practices in
lieu of certain NYSE American requirements. LPA currently follows some, but not all, of the corporate governance requirements of NYSE
American. With respect to the corporate governance requirements of NYSE American that it does follow, LPA cannot give any assurances
that it will continue to follow such corporate governance requirements in the future, and may therefore in the future rely on available
NYSE American exemptions that would allow LPA to follow its home country practice. Unlike the requirements of NYSE American, LPA is not
required, under the corporate governance practice and requirements in the Cayman Islands, to have its board consist of a majority of
independent directors, nor is LPA required to have a compensation committee or a nominating and corporate governance committee consisting
entirely of independent directors, or have regularly scheduled executive sessions with only independent directors each year. Such Cayman
Islands home country practices may afford less protection to holders of Ordinary Shares. For additional information regarding the home
country practices LPA intends to follow in lieu of NYSE American requirements, see the section of this Report entitled "
Item
16G — Corporate Governance
."
LPA
would lose its status as a "foreign private issuer" under current SEC rules and regulations if more than 50% of LPA's
outstanding voting securities becomes directly or indirectly held of record by U.S. holders and one of the following is true: (i) the
majority of LPA's directors or executive officers are U.S. citizens or residents; (ii) more than 50% of LPA's assets are
located in the United States; or (iii) LPA's business is administered principally in the United States. If LPA loses its status
as a foreign private issuer in the future, it will no longer be exempt from the rules described above and, among other things, will be
required to file periodic reports and annual and quarterly financial statements as if it were a company incorporated in the United States.
If this were to happen, LPA would likely incur substantial costs in fulfilling these additional regulatory requirements and members of
LPA's management would likely have to divert time and resources from other responsibilities to ensuring these additional regulatory
requirements are fulfilled.
35
LPA
is "controlled company" within the meaning of the NYSE American rules and, as a result, may rely on exemptions from certain
corporate governance requirements that provide protection to shareholders of other companies.
In
addition to being a foreign private issuer, immediately following the Business Combination, LPA is a "controlled company"
as defined under the NYSE American rules, because JREP I Logistics Acquisition, LPA currently controls a majority of the voting power
of the Ordinary Shares. For as long as LPA remains a controlled company under that definition, LPA is permitted to elect to rely, and
may rely, on certain exemptions from corporate governance rules, including an exemption from the rule that a majority of the LPA Board
must consist of independent directors, that LPA has to establish a compensation committee composed entirely of independent directors
or that LPA has independent director oversight of director nominations. Although LPA currently has a compensation committee and nominating
committee, such committees are not composed entirely of "independent directors." As a result, you will not have the same
protection afforded to shareholders of companies that are subject to these corporate governance requirements. For additional information
regarding the corporate governance practices LPA intends to follow in lieu of NYSE American requirements, see the section of this Report
entitled "
Item 16G — Corporate Governance.
"
If
LPA is characterized as a passive foreign investment company for U.S. federal income tax purposes, its U.S. shareholders may suffer adverse
tax consequences.
If
LPA is a passive foreign investment company ("
PFIC
") for any taxable year (or portion thereof) that is included
in the holding period of a U.S. holder of Ordinary Shares, the U.S. holder may be subject to adverse U.S. federal income tax
consequences and may be subject to additional reporting requirements. If a U.S. holder does not make a QEF election or a
mark-to-market election, as described in the section of this Report entitled "
Item 10.E. Taxation — Material U.S.
Federal Income Tax Considerations — Ownership and Disposition of Ordinary Shares by U.S. Holders"
, such U.S. holder
will be subject to the default "excess distribution regime" under the PFIC rules with respect to (i) any gain realized
on a sale or other disposition (including a pledge) of such U.S. holder's Ordinary Shares, and (ii) any "excess
distribution" that a U.S. holder receives on his or her Ordinary Shares (generally, any distributions in excess of 125% of the
average of the annual distributions on Ordinary Shares during the preceding three years or U.S. holder's holding period,
whichever is shorter).
Whether
LPA is treated as a PFIC for U.S. federal income tax purposes is a factual determination that must be made annually at the close of
each taxable year and, thus, is subject to significant uncertainty. Accordingly, we are unable to determine whether LPA will be
treated as a PFIC for the taxable year of the Business Combination or for future taxable years, and there can be no assurance that
LPA will not be treated as a PFIC for any taxable year. LPA's U.S. counsel expresses no opinion with respect to LPA's
PFIC status for any taxable year. In addition, for any taxable year with respect to which LPA determines it is a PFIC, upon request
of a U.S. holder, LPA intends to use commercially reasonable efforts to make available information reasonably necessary to compute
income of such U.S. holder as a result of LPA's status as a PFIC, including timely providing a PFIC Annual Information
Statement to enable such U.S. holder to make a QEF Election with respect to PFIC stock. Please see the section entitled
"
Taxation—Material U.S. Federal Income Tax Considerations — Ownership and Disposition of Ordinary Shares by
U.S. Holders — Passive Foreign Investment Company Rules" for a more detailed discussion with respect to LPA's
potential PFIC status and the implications to U.S. holders if LPA is a PFIC, U.S. holders are urged to consult their tax advisors regarding the possible application of the PFIC rules to
holders of Ordinary Shares.
Sales
of a substantial number of LPA securities in the public market could adversely affect the market price of Ordinary Shares.
Sales
of a substantial number of Ordinary Shares in the public market could occur at any time. These sales, or the perception in the
market that the holders of a large number of shares intend to sell shares, could reduce the market price of the Ordinary Shares. The
PIPE Subscriber (as defined herein) has certain resale registration rights pursuant to the terms of the PIPE Subscription Agreement
(as defined herein). Pursuant to the Registration Rights Agreement dated March 27, 2024, among Logistic Properties of the Americas
and each of the holders listed on the signature pages thereto, (the "
LLP Registration Rights Agreement
"), certain
LLP Shareholders received demand and piggy-back registration rights with respect to their Ordinary Shares in the Business
Combination. In addition, LPA assumed the registration obligations of TWOA under that certain Registration Rights Agreement, dated
as of March 29, 2021, by and among TWOA, the Original Sponsor and certain shareholders named therein (as amended, the
"
Founder Registration Rights Agreement
"), which obligations, pursuant to the amendment thereto dated March 27,
2024, became applicable to the Ordinary Shares into which the Founder Shares were converted as a result of the Business Combination. The registration of these securities will permit the public resale of such
securities, subject to any applicable lock-up periods. The registration and availability of such a significant number of securities
for trading in the public market may have an adverse effect on the market price of Ordinary Shares.
36
Risks
Relating to Regulatory, Legal and Tax Factors Affecting Us
We
are subject to governmental regulations.
We
are subject to laws, ordinances and regulations relating to, among other things, taxes, environmental matters, labor, equal opportunity,
construction, occupational health and safety, civil and consumer protection and general building and zoning requirements in the various
jurisdictions in which we operate.
We
are subject to certain labor, health, construction/building and safety regulations in the various jurisdictions in which we operate,
and may be exposed to liabilities and potential costs for lack of compliance.
We
are subject to labor, health, construction/building and safety laws and regulations in the various jurisdictions in which we operate
that govern, among other things, the relationship between us and our employees, and the health and safety of our employees. If an adverse
final decision that we violated any labor or health and safety laws is issued, we may be exposed to penalties and sanctions, including
the payment of fines.
For
instance, under Peruvian law, these fines might be remitted to the Labor Authority, the amount being contingent on the severity of the
violation and the number of affected employees. Additionally, there may be a legal obligation to provide compensation to the injured
employee, the quantum of which would be determined by the court. Furthermore, the company could face a temporary shutdown lasting up
to 30 calendar days. Moreover, the legal representative of the company could be subject to prosecution for the offense of "Attempt
against safety and health conditions at work" potentially resulting in a prison sentence ranging from one to four years. In cases
where an employee suffers fatal injuries, the prison sentence would be not less than four nor more than eight years; for serious injuries,
the prison term would range from three to six years.
Our
operations are subject to a large number of environmental laws and regulations, and our failure to comply with any such laws and regulations
may give rise to liability and result in significant additional costs and expenses, which may materially and adversely affect our financial
condition.
Our
operations and properties are subject to statutory laws and regulations in the countries in which we operate relating to the protection
of the environment and the use of natural resources.
We
anticipate that the regulation of our business operations under Colombian, Costa Rican and Peruvian federal, state and local environmental
laws will increase and become more stringent over time. We cannot predict the effect that the enactment of additional environmental laws,
regulations or official standards would have on our cash flows, costs for compliance, capital requirements or liabilities relating to
damages claims, business, financial condition, results of operations and prospects.
In
addition, applicable environmental laws and regulations with respect to responsibility for remediation differs in the different countries
in which we operate. In Costa Rica, for example, unless some type of direct liability can be attributed to LPA or its subsidiaries, the
tenant would be responsible for assuming the totality of the remediation costs. However, according to applicable environmental laws and
regulations in Peru and Colombia, we are jointly and severally liable with our tenants for the costs of remediation of soil pollution,
even if the pollution was caused by the tenant. While our leases provide that the tenant is liable for the cost of any remediation actions,
we can give no assurance that tenants would meet their obligations. If any of our tenants were to pollute the soil of our properties
and fail to take remediation action or pay for the cost thereof, we would be required to undertake the remediation ourselves and could
be held liable for any damages, which could materially and adversely affect our business, financial condition, results of operations
and prospects.
37
Additionally,
requirements and efforts to address climate change through statutory laws requiring the reductions in greenhouse gas emissions, or GHG
emissions, may lead to economic risks and uncertainty for our business. These risks could include costs to process and obtain permits,
additional taxes, as well as of the installation of equipment necessary to reduce emissions to meet new GHG limits or other required
technology standards. Given the uncertain nature of current and future legal and regulatory requirements for GHG emissions at local and
international levels, it is not possible to predict the impact on operations or financial position, or to make reasonable forecasts of
potential costs that may result from those requirements.
Peruvian
environmental legislation establishes specific requirements for the development and operation of industrial and logistics real estate
projects. These requirements include obtaining environmental permits and licenses, conducting environmental impact assessments, proper
management of waste and wastewater, among others. Non-compliance with these laws and regulations can lead to administrative penalties
such as fines and temporary or permanent closure of facilities. Additionally, affected parties may file civil lawsuits for damages, resulting
in significant legal costs. It is important to note that environmental legislation in Peru is constantly evolving and being updated.
Therefore, it is crucial for companies in the industrial and logistics real estate sector to stay updated on legal requirements and ensure
proper compliance.
We
are exposed to the potential impacts of future climate change and could be required to implement new or stricter regulations, which may
result in unanticipated losses that could affect our business and financial condition.
We
are exposed to potential physical risks from possible future changes in climate. Our properties may be exposed to rare catastrophic weather
events, such as severe storms, drought, earthquakes, floods, wildfires or other extreme weather events. If the frequency of extreme weather
events increases, our exposure to these events could increase and could impact our tenants' operations and their ability to pay
rent. We carry comprehensive insurance coverage to mitigate our casualty risk, in amounts and of a kind that we believe are appropriate
for the markets where each of our properties and their business operations are located given climate change risk.
We
may be adversely impacted as a real estate owner, developer and manager in the future by potential impacts to the supply chain or stricter
energy efficiency standards or greenhouse gas regulations for the commercial building sectors. Compliance with new laws or regulations
relating to climate change, including compliance with "green" building codes, may require us to make improvements to our
existing properties or result in increased operating costs that we may not be able to effectively pass on to our tenants. Any such laws
or regulations could also impose substantial costs on our tenants, thereby impacting the financial condition of our tenants and their
ability to meet their lease obligations and to lease or re-lease our properties. We cannot give any assurance that other such conditions
do not exist or may not arise in the future. The potential impacts of future climate change on our real estate properties could adversely
affect our ability to lease, develop or sell those properties or to borrow using those properties as collateral and may impact our business,
financial condition, results of operations and prospects.
In
addition to the risks identified above arising from actual or potential statutory and regulatory controls, severe weather, rising seas,
higher temperatures and other effects that may be attributable to climate change may impact any manufacturing sector in terms of direct
costs (e.g., property damage and disruption to operations) and indirect costs (e.g., disruption to customers and suppliers and higher
insurance premiums). To the extent that those conditions negatively affect our operations, they could have a material adverse effect
on our business, financial condition, results of operations and prospects.
Peru,
for instance, has taken steps to address climate change through various policies and legislation. Colombia, Costa Rica and Peru have
ratified the Paris Agreement and have set targets for reducing greenhouse gas emissions. Additionally, the countries in which we operate
implemented measures to promote sustainable development and resilience in the face of climate change impacts. While specific data on
the potential losses or impacts related to future climate change in the industrial and logistics real estate sector in these countries
may not be readily available, there are potential risks and uncertainties associated with climate change. This includes the possibility
of stricter regulations, increased costs for adaptation and mitigation measures, and potential disruptions to operations due to extreme
weather events or changing market dynamics.
38
Our
real estate taxes could increase as a result of changes in the real estate tax rate or a revaluation, which could adversely affect our
cash flows.
We
have an obligation to pay state and local taxes in respect of each of our real estate assets. Such real estate taxes may increase as
a result of the change in the tax regime, the applicable tax rate or as a result of the valuation or revaluation of our real estate assets
by the tax authorities in each of the countries in which we operate. Therefore, the real estate tax amount to be paid in the future may
differ from the real estate tax amount paid in the past. If such real estate tax amounts increase, it could adversely affect our financial
condition, results of operations and cash flow.
The
tax legislation in Peru, for example, specifically designates the property tax as the exclusive tax associated with the ownership of
real estate assets. Nevertheless, there exists a fiscal implication within the framework of income tax that becomes relevant when considering
a potential property sale.
In
Peru, we are required to make property tax payments for each of our real estate holdings. The property tax rates may undergo adjustments
due to changes in the tax regime, but it should not change based on the tax authority's valuation or revaluation of our real estate
assets in Peru.
Furthermore,
a newly introduced tax called "Participation in the Increase in Land Value" exists. This tax is triggered by positive externalities
that affect properties, resulting from some factors such as development projects, investments in public infrastructure, and others. However,
there is an ongoing debate surrounding the application of this tax, primarily due to concerns about potential violations of constitutional
tax rights.
Changes
in tax laws, incentives, benefits and regulations may adversely affect us.
Changes
in tax laws, regulations, related interpretations and tax accounting standards in Colombia, Costa Rica, Peru, or other countries in which
we may operate in the future may result in a higher tax rate on our earnings, which may significantly reduce our profits and cash flows
from operations. However, it is not possible to precisely predict if and how potential changes may affect our business, but one or more
states or municipalities, the federal government in the countries in which we operate or other countries may seek to challenge the taxation
or procedures applied to our transactions, and could impose taxes or additional reporting, record-keeping or indirect tax collection
obligations on our business. New taxes could also require us to incur substantial costs to collect and remit taxes. For example, in Colombia,
the latest tax reform was approved in the Colombian Congress, which increased the capital gain tax from 10% to 15%.
In
Costa Rica, the 2019 tax reform introduced a dual system of taxation for capital gains and income derived from the use of rights or derived
from the disposition of or the leasing of real estate property. These changes in the taxation system may affect taxation of local operations.
Under the approved changes made by the Costa Rican Congress in 2019, taxpayers may be subject to either a 30% or 15% tax rate depending
on whether the income is derived or related to regular lucrative activities. Some uncertainties remain regarding the interpretation of
the applicable rates due to the lack of jurisprudence or administrative criteria. Moreover, the taxation base capital gains were broadened
to include any capital gains resulting from changes on the taxpayer patrimony. Previously, the indicated tax reform capital gains were
only subject to taxation if they were part of a commercial activity or derived from depreciable assets. In Colombia, a tax reform approved
by the Colombian Congress in December 2022 increased capital gain tax from 10% to 15% and also implemented a new tax of 3% on value assets
over COP 2.107.000.000 when selling the asset, as a contribution.
In
Peru, beginning in 2023, buildings and constructions can be depreciated at a maximum annual rate of 33.33% for income tax purposes, subject
to specific conditions. Another reform was the recent implementation of the "Participation in the Increase in Land Value"
tax by the Peruvian government. This tax is implemented in response to positive externalities that impact properties, arising from factors
such as development projects, investments in public infrastructure, among others.
We
cannot guarantee that any tax benefits we rely on will remain in place or that we will continue to qualify for them. If certain tax incentives
are not retained or renewed, our profits may decline.
39
Labor
activism and unrest, or failure to maintain satisfactory labor relations, could adversely affect our results of operations.
Labor
activism and unrest may adversely affect our operations and thereby adversely affect our business, liquidity, financial condition, results
of operations and prospects. Although we have not been affected by any significant labor disputes in the past, we cannot assure you that
we will not experience labor unrest, activism, disputes or actions in the future, including as a result of labor laws and regulations
that have recently been enacted or that could come into effect in the future, some of which may be significant and could adversely affect
our business, liquidity, financial condition, results of operations and prospects.
For
instance, in Peru, there is an ongoing debate in Congress that requires a second voting round to approve modifications in labor hours.
These proposed changes encompass a revised method for calculating the night shift and the starting time of the workday.
We
are or may become subject to legal and administrative proceedings or government investigations, which could harm our business and our
reputation.
From
time to time, we have been and in the future may become involved in litigation, investigations and other legal or administrative proceedings
relating to claims arising from our operations, either in the normal course of business or not, or arising from violations or alleged
violations of laws, regulations or acts. These may include, for example, tax assessments, claims relating to employee or employment matters,
intellectual property matters, regulatory matters, contract, advertising and other claims, including proceedings with probable, possible
and remote risks of loss.
In
Peru, we have occasionally been a party to, and may also be in the future, party to administrative proceedings related to compliance
with regulations on the protection of trademarks, notices, trade names, logos, and, in general, any distinctive sign owned by the company
(Legislative Decree 1075, which approves Complementary Provisions to Decision 486 of the Andean Community Commission establishing the
Common Regime on Industrial Property). Similarly, in the normal course of business, we may be affected by advertising practices that
damage the company's reputation, i.e., behaviors that qualify as acts of unfair competition, in accordance with the regulations
set forth in Legislative Decree 1044, Unfair Competition Repression Act.
Our
provisions are recorded pursuant to accounting rules, based on an individual analysis of each contingency by our internal and external
legal counsel. We constitute provisions for proceedings that our external counsel evaluates as having a probable risk of loss. In cases
where unfavorable decisions in claims involve substantial amounts, or if the actual losses are significantly higher than the provisions
constituted, the aggregate cost of unfavorable decisions could have a significantly adverse effect on both our financial condition and
operating results. Moreover, our management may be forced to dedicate time and attention to defend against these claims, which could
prevent it from concentrating on our core business. Therefore, we cannot assure you that these or any of our other regulatory matters
and legal proceedings, including any that may arise in the future, will not harm our reputation or materially affect our ability to conduct
our business in the manner that we expect or otherwise materially adversely affect us should an unfavorable ruling occur, which could
have a material adverse effect on our business, financial condition, results of operations and prospects.
As
of December 31, 2023 and December 31, 2022, we provisioned $0.2 million and $0.3 million, respectively, to legal proceedings to which we were a party. Legal proceedings
are inherently unpredictable and subject to significant uncertainties. If one or more legal proceedings in which we are currently involved
or may come to be involved were to result in a judgment against us in any reporting period for amounts that exceeded our management's
expectations, the impact on our results of operations or financial condition for that reporting period could be material.
We
are subject to anti-corruption, anti-bribery, anti-money laundering and antitrust laws and regulations in the countries in which we operate,
and any violation of any such laws or regulations could have a material adverse impact on our reputation, financial condition and results
of operations.
We
are subject to anti-corruption, anti-bribery, anti-money laundering, antitrust and other international laws and regulations and are required
to comply with the applicable laws and regulations in Colombia, Costa Rica Peru, and similar laws and regulations.
40
Specifically
in Peru, we are obligated to comply with the measures established in Legislative Decree 1034, the Anti-Competitive Practices Repression
Act, whose primary objective is to penalize anticompetitive behaviors in order to promote economic efficiency in markets for the benefit
of consumers. Additionally, the company must align its actions and business operations with the guidelines outlined in Law 29038, which
incorporates the Financial Intelligence Unit of Peru (UIF-PERU) into the Superintendence of Banking, Insurance, and Private Pension Fund
Administrators. This law also establishes duties related to the preparation of information reports for companies falling under its scope
of application. Although we have implemented policies and procedures, which include training certain groups of our employees, seeking
to ensure compliance with anti-corruption and related laws, there can be no assurance that our internal policies and procedures will
be sufficient to prevent or detect all inappropriate practices, fraud or violations of law by our affiliates, employees, directors, officers,
partners, agents and service providers or that any such persons will not take actions in violation of our policies and procedures. If
we fail to fully comply with applicable laws and regulations, the relevant government authorities in the countries in which we operate
may have the power and authority to investigate us and, if necessary, impose fines, penalties and remedies, which could cause us to lose
clients, suppliers and access to debt and capital markets. Any violations by us, or the third parties we transact with, of anti-bribery,
anti-corruption, anti-money laundering, antitrust and international trade laws or regulations could have a material adverse effect on
our business, financial condition, results of operations and prospects.
Changes
in government policies and actions, as well as judicial decisions in the countries where we operate, could significantly affect the local
economy and, as a result, our results of operations and financial condition.
Our
results of operations and financial condition may be adversely affected by changes in governmental policies and actions, and judicial
decisions, involving a broad range of matters, including interest rates, fees, exchange rates, exchange controls, inflation rates, taxation,
banking and pension fund regulations and other political or economic developments affecting Colombia, Costa Rica, and Peru. The governments
in the countries in which we operate have historically exercised substantial influence over their economies, and their policies are likely
to continue to have a significant effect on companies, including us.
Moreover,
regulatory uncertainty, public dialogue on reforms in Colombia, Peru and Costa Rica and other countries where we may operate, or the
approval of reforms, may be disruptive to our business or the economy and may result in a material and adverse effect on our financial
condition and results of operations.
Specifically,
Peru's legal framework for real estate is subject to government policies and actions that shape the business environment. Changes
in regulations, tax policies, land use planning, or investment incentives can directly influence the operations and profitability of
industrial and logistics real estate companies. Additionally, judicial decisions can have implications for the sector. Court rulings
related to land ownership, property rights, contractual disputes, or environmental issues can impact the development and operation of
real estate projects, potentially leading to financial losses or delays.
Furthermore,
understanding the political and legal landscape, including the stability of institutions and the rule of law, is crucial for companies
operating in the real estate sector in Peru. Changes in government administrations, shifts in policy priorities, or uncertainties in
the legal system can introduce risks that may affect the overall economic environment and, consequently, the financial performance of
businesses.
Item
4: Information on the Company
A.
History and Development of the Company
Logistic
Properties of the Americas was incorporated as an exempted company with limited liability under the laws of the Cayman Islands on October
9, 2023. The mailing address of the Company's registered office is c/o Ogier Global (Cayman) Limited, 89 Nexus Way, Camana Bay,
Grand Cayman, KY1-9009, Cayman Islands and its telephone number is +1 506 2204-7020. The Company's principal executive office address
is 601 Brickell Key Drive, Suite 700, Miami, FL 33131 and its chief administrative office is Plaza Tempo, Edificio B Oficina B1, Piso
2 San Rafael de Escazú, San José, Costa Rica.
41
On
the Closing Date, LPA consummated the previously announced Business Combination pursuant to the Business Combination Agreement. As a
result, on the Closing Date (i) SPAC Merger Sub merged with and into TWOA, with TWOA surviving the merger (the "
SPAC Merger
")
and, in connection therewith, each issued and outstanding security of TWOA immediately prior to the effective time of the Mergers (as
defined below) (the "
Effective Time
") was automatically canceled and deemed no longer outstanding, in exchange for
the right of the of each holder thereof to receive a substantially equivalent amount of Ordinary Shares; (ii) Company Merger Sub merged
with and into LLP, with LLP surviving the merger (the "
Company Merger
," and, together with the SPAC Merger, the "
Mergers
")
and, in connection therewith, each issued and outstanding security of LLP immediately prior to the Effective Time was automatically cancelled
and deemed no longer outstanding, in exchange for the right of each holder thereof to receive Ordinary Shares; and (iii) as a result
of the Mergers, TWOA and LLP each became wholly-owned subsidiaries of the Company, and our Ordinary Shares were listed on NYSE American,
all upon subject to the terms and upon satisfaction or waiver of the conditions set forth in the Business Combination Agreement, the
documents and agreements ancillary to the Business Combination Agreement, and in accordance with applicable law, including LLP and LPA's
waiver of the Minimum Cash Condition (as defined in the Business Combination Agreement).
In
connection with the Business Combination, on February 16, 2024, TWOA entered into a subscription agreement (the "
PIPE Subscription
Agreement
") with Bonaventure Investments Holding Inc. (such investor and its permitted successors and assigns, the "
PIPE
Subscriber
") to purchase 1,500,000 TWOA Class A ordinary shares (the "
PIPE Shares
") at a price of $10.00
per share, for an aggregate purchase price of $15,000,000, in a private placement (the "
PIPE Investment
") that was
consummated at the Effective Time. The PIPE Shares were converted into 1,500,000 Ordinary Shares in connection with the Mergers.
In connection with the PIPE Investment, the PIPE Subscriber was granted certain registration rights and entered into a lock-up agreement
on the same terms as the Lock-Up Agreement (as defined herein). See "
Item 7.B. Major Shareholders and Related Party Transactions—Related
Party Transactions—Transactions Related to the Business Combination"
for a description of the terms of the Lock-Up Agreement
as well as a description of certain other agreements entered into in connection with the consummation of the Business Combination.
Prior
to the consummation of the Business Combination, LPA's business was operated by LLP, a C-corporation organized under the laws of
the Republic of Panama. LLP was originally incorporated as a limited liability company, as provided in Law. No 4 of 2009 by Public Deed
No. 6409 dated April 29, 2015, and registered before the Public Registry of Panama on May 4, 2015. On January 13, 2021, LLP was converted
into a C-corporation regulated by Law No. 32 of 1927, resolution duly registered before the Public Registry of Panama on January 13,
2021. Additional information regarding the history and development of the Company are described below in
"Item 4.B. Information
on the Company–Business Overview."
For
a description of the Company's principal capital expenditures, see "
Item 4.D. Information on the Company – Property,
Plants, and Equipment"
and "
Item 5.B. Operating and Financial Review and Prospects–Liquidity and Capital Resources–Capital
Expenditures.
" We currently do not have any significant divestitures in progress.
The
Company's principal website address is lpamericas.com. We do not incorporate the information contained on, or accessible through,
the Company's websites into this Report, and you should not consider it a part of this Report. The SEC maintains an Internet site
that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC.
The SEC's website is http://www.sec.gov.
B.
Business Overview
Our
Mission
Our
goal is to be the leading developer, owner and manager of
logistics facilities of the future
for Central and South America. Our
mission is to provide logistics and industrial real estate solutions that enable the most efficient distribution of goods for a more
environmentally conscious society.
42
Overview
We
are a fully integrated, internally managed real estate company that develops, owns and manages a diversified portfolio of warehouse logistics
assets in Central America and South America. We focus on modern Class A logistics real estate in high growth and high barrier-to-entry
markets that are undersupplied and have low penetration rates. We believe we are a leading institutional industrial, development and
logistics platform in each of our three countries of operation today — Costa Rica, Colombia and Peru. We have significant expertise
in designing and developing logistics assets, which we own, manage and lease on a long-term basis. Our strategic footprint and operational
expertise enable us to provide our tenants with "last mile" distribution capabilities that are critical to logistics infrastructure
and are well located to leverage strong e-Commerce and "nearshoring" trends.
Our
business model is designed to generate recurring revenue from long-term leases with creditworthy tenants, which we believe drives attractive
unit economics. We believe our corporate structure provides us with the following advantages:
●
Investment
    focus
: We have designed our business model to participate across the real estate value creation chain including (i) structuring
    and financing, (ii) development, (iii) lease-up and (iv) asset management, as opposed to REITs that are generally required to focus
    on stabilized or near stabilized properties;
●
Management
    fee structure
: We manage our properties internally and do not charge management fees, which we believe better aligns our interests
    with investors, as opposed to the externally managed REIT model; and
●
Long
    term value creation
: We develop and manage our assets with a focus on the quality of our real estate and maximizing its long-term
    value, as opposed to managing our development, operations and maintenance activities to achieve shorter term dividend targets.
As
of December 31, 2023, our operating portfolio was comprised of 28 properties with a GLA of more than four and a half million square feet,
a stabilized occupancy rate of 100.0% and weighted average remaining lease term of 5.3 years on our current leases. Our revenue and profit
for the year ended December 31, 2023 was $39.4 million and $7.2 million, respectively, and for the year ended December 31, 2022 was $32.0
million and $11.4 million, respectively. Between December 31, 2022 and December 31, 2023, we increased our Cash Net Operating Income,
or Cash NOI, by a Compound Annual Growth Rate, or CAGR, of 32%. For a reconciliation of Cash NOI to the nearest IFRS measure, see "
Item
5.A. Operating and Financial Review and Prospects—Operating Results
".
Our
portfolio is comprised of Class A industrial warehouses that are well positioned to serve the key logistical functions of the growing
e-Commerce market and nearshoring trade. Our properties are certified by EDGE, a green building certification system sponsored by the
IFC, a member of the World Bank Group, and administered by GBCI (Green Business Certification Inc.), which promotes the development of
sustainable buildings — both internally, with expansive floor capacity, natural light and sufficient height clearance levels, as
well as externally, with shared truck maneuvering yards, optimized platforms and container parking. These modern specifications enable
our tenants to drive operational efficiencies for timely delivery of their goods and implement highly advanced operational and logistics
processes that enhance their ability to compete. The following table sets forth a summary of our real estate portfolio as of December
31, 2023, 2022, and 2021:
As of and for the year ended December 31,
2023
2022
2021
Number of operating real estate properties
28
24
22
Operating GLA (sq. ft)
4,618,806
4,037,886
3,388,446
Leased GLA (sq. ft)
(1)
5,308,454
4,820,273
4,176,284
Number of tenants
53
51
43
Average rent per square foot
$
7.80
$
6.88
$
7.10
Weighted average remaining lease term
5.3 years
6.2 years
7.1 years
Stabilized occupancy rate (% of GLA)
100
%
99.6
%
97.9
%
Total rental revenue
$
39,327,779
$
31,890,569
$
25,553,931
U.S. dollar denominated revenue as a % of total revenue
(2)
79.3
%
81.9
%
81.4
%
(1)
Includes
    GLA that are subject to a lease.
(2)
Based
    on foreign currency exposure as of period end.
43
Core
Geographies
Our
portfolio is strategically located within key trade and logistics corridors in the capital cities of Costa Rica, Colombia and Peru.
We target some of the most dynamic industrial markets with the lowest vacancy rates across the Class A logistics segment in Central
and South America. These markets are generally characterized by strong GDP growth, population growth, and monetary and fiscal
policies that attract multinational and regional corporations. Our asset base is geographically diversified with approximately 51%,
27% and 22% of our operating GLA located in Costa Rica, Colombia and Peru, respectively, as of December 31, 2023. We believe this
diversification mitigates economic, political and other risks and provides significant expansion opportunities in attractive
geographies for our tenants. For further information regarding our principal markets, including a breakdown of total revenues by
category of activity, geographic market and segments, and other factors material to the company's business or profitability
see "
Item 4.D. Properties, Plants and Equipment" and "Item 5.A. Operating and Financial Review and
Prospects
—
Operating Results."
Regulation
We
are subject to laws, ordinances and regulations relating to, among other things, taxes, environmental matters, labor, equal opportunity,
construction, occupational health and safety, civil and consumer protection and general building and zoning requirements in the various
jurisdictions in which we operate. See "
Risk Factors –Regulatory, Legal and Tax Factors Affecting Us –We are subject
to governmental regulations."
LLP
has been registered in the
Registro Nacional de Valores y Emisores
("
RNVE
") managed by the SFC since April
23, 2021, and with the Colombian Stock Exchange ("
BVC
") since May 4, 2021. There are currently 168,142,740 LLP ordinary
shares listed in Colombia. As a consequence of its status as an issuer of securities in Colombia, LLP is under the supervision of the
SFC, and subject to the SFC's obligations for registered issuers. The main SFC obligations that LLP is subject to are filing quarterly
and annual reports, including an annual corporate governance report, filing quarterly and annual financial information, disclosing any
material information to the SFC upon occurrence of such event, and filing certain forms regarding its shareholders, beneficial owners
and general financial information with the SFC. LPA is in the process of de-listing the LLP ordinary shares in Colombia.
44
Our
operations in Costa Rica must comply with a series of laws and regulations related to its economic activities. Our corporate structure
includes various Costa Rican subsidiaries that must comply with corporate obligations such as tax payments, filings of declarations and
additional compliance matters. Furthermore, LLP's main economic activity involves the lease of industrial facilities subject to,
among other regulations, the Leases Act (
Ley General de Arrendamientos Urbanos y Suburbanos
) which regulates the obligations and
responsibilities of landlords, tenants and other general provisions for the lease agreements.
Our
operations in Peru are governed by a set of legal frameworks and regulations specific to Peru. These include, but are not limited to,
the General Law of Companies (
Ley General de Sociedades
), which outlines the requirements and obligations for companies with operations
in Peru. Additionally, we must comply with tax regulations, labor laws, environmental regulations, municipal ordinances, and any other
applicable laws and regulations related to industrial and logistics operations. In Peru, there is no specific legislation to regulate
civil leases, so general civil leasing rules established in the Peruvian Civil Code apply to our lease agreements.
In
addition, Peru's legal framework for real estate is also influenced by government policies and can be subject to changes in regulations,
tax policies, and land use planning. These factors directly impact the operations and profitability of industrial and logistics real
estate companies, including LPA. Judicial decisions regarding land ownership, property rights, contractual disputes, and environmental
issues can also have significant implications for the sector.
The
Colombian Civil Code regulates the real estate industry, and therefore LLP's operations in Colombia. There is no specific branch
of the Colombian government that governs the regulation of real estate, hence everything that concerns real estate is governed by the
general principles of civil law of Colombia. LLP's lease agreements are governed by financial and banking laws of Colombia. LLP
is also subject to urban planning regulations in Colombia, which consist of a set of legal regulations and provisions aimed at organizing
the development of urban and rural areas in the country. This includes the Urban Land Use Plans (POT) that define land use zones, density
and building height regulations, as well as regulations on land use, construction standards, and permit acquisition procedures.
C.
Organizational structure
The
following diagram illustrates the structure of LPA as of the date hereof.
45
D.
Property, plants, and equipment
Our
Properties
Our
properties consist of stabilized assets (which we define as properties that have reached GLA occupancy of approximately 90% in relation
to the total GLA of such property or that have been completed for more than one year, whichever occurs first), properties that are in
the development phase, and the land reserves we own or control.
Stabilized
Portfolio
. The table below sets forth information regarding our real estate portfolio of stabilized assets as of and for the
year ended December 31, 2023 and year ended December 31, 2022
, respectively.
Property
Location
Total GLA (sq ft)
Total GLA (sqm)
% of Portfolio GLA
Rental Revenue for the year ended December 31, 2023 (USD in thousands)
% of Rental Revenue for the year ended December 31, 2023 (USD in thousands)
First Year of Operations
Number of Buildings
Appraisal Value
(1)
as of December 31, 2023 (USD in thousands)
Costa Rica
Latam Logistic Park Coyol 1
San José, Coyol
831,331
77,233
18.00
%
$
8,087
20.56
%
2016
5
$
89,150
Latam Logistic Park Coyol 2
San José, Coyol
270,573
25,137
5.86
%
$
2,479
6.30
%
2019
1
$
29,708
Latam Logistic Park Coyol 3
San José, Coyol
92,032
8,550
1.99
%
$
1,195
3.04
%
2020
1
$
9,809
Latam Logistic Park Coyol 4
San José, Coyol
121,633
11,300
2.63
%
$
936
2.38
%
2021
1
$
11,316
Latam Bodegas Atenas
Atenas
48,685
4,523
1.05
%
$
462
1.18
%
2019
1
$
4,638
Latam Bodegas Aurora
Heredia
103,108
9,579
2.23
%
$
717
1.82
%
2019
2
$
6,714
Latam Bodegas San Joaquin
Heredia
90,923
8,447
1.97
%
$
914
2.32
%
2019
2
$
9,886
San Rafael Industrial Park
San Rafael
120,760
11,219
2.63
%
$
1,208
3.07
%
2019
1
$
13,665
Latam Logistic Park San José – Verbena
San José
679,657
63,142
14.71
%
$
6,032
15.34
%
2022
4
$
69,987
Colombia
Latam Logistic Park Calle 80
Bogota, Calle 80
1,255,409
116,631
27.18
%
$
8,038
20.44
%
2019
5
$
106,957
Peru
Latam Logistic Park Lima Sur
Lima, Lurin
1,004,695
93,339
21.75
%
$
9,260
23.55
%
2019
5
$
92,240
46
Property
Location
Total GLA (sq ft)
Total GLA (sqm)
% of Portfolio GLA
Rental Revenue for the year ended December 31, 2022 (USD in thousands)
% of Rental Revenue for the year ended December 31, 2022 (USD in thousands)
First Year of Operations
Number of Buildings
Appraisal Value
(1)
as of December 31, 2022 (USD in thousands)
Costa Rica
Latam Logistic Park Coyol 1
San José, Coyol
831,328
77,233
20.5
%
$
7,979
25.2
%
2016
5
$
88,851
Latam Logistic Park Coyol 2
San José, Coyol
270,572
25,137
6.7
%
$
2,427
7.7
%
2019
1
$
30,613
Latam Logistic Park Coyol 3
San José, Coyol
92,031
8,550
2.3
%
$
1,283
4.1
%
2020
1
$
9,667
Latam Logistic Park Coyol 4
San José, Coyol
121,632
11,300
3.0
%
$
598
1.9
%
2021
1
$
11,204
Latam Bodegas Atenas
Atenas
48,685
4,523
1.2
%
$
462
1.5
%
2019
1
$
4,710
Latam Bodegas Aurora
Heredia
103,107
9,579
2.6
%
$
587
1.9
%
2020
2
$
6,286
Latam Bodegas San Joaquin
Heredia
87,866
8,163
2.2
%
$
778
2.5
%
2019
2
$
8,157
San Rafael Industrial Park
San Rafael
120,760
11,219
3.0
%
$
1,562
4.9
%
2019
1
$
13,400
Latam Logistic Park San José – Verbena
San José
213,114
19,799
5.3
%
$
1,864
5.9
%
2022
1
$
21,408
Colombia
Latam Logistic Park Calle 80
Bogota, Calle 80
1,144,099
106,290
28.3
%
$
5,691
18.0
%
2019
4
$
70,646
Peru
Latam Logistic Park Lima Sur
Lima, Lurin
1,004,692
93,339
24.9
%
$
8,351
26.4
%
2019
5
$
87,523
(1)
We
    value our portfolio on a quarterly basis utilizing an independent appraisal conducted by an independent appraiser.
47
Properties
Under Development
. We pursue attractive development projects by leveraging our existing portfolio of strategic land positions
to support our expansion strategy. We target locations that meet our investment criteria and support our multinational and regional tenant
base, typically by developing assets that are specifically designed to meet their needs. As of December 31, 2023, occupancy of our operating
portfolio was 100.0% and approximately 78.5% of our assets under development (by GLA) were pre-leased, which significantly mitigates
our development risk. We target average yields-on-cost, which we define as Cash NOI to aggregate estimated investment, that are 200 to
300 basis points above our estimates of where similar stabilized assets trade. From a Return-on-Equity, or ROE, perspective, we target
mid-to-high teens returns when we retain full ownership of the properties, and potentially higher returns when we partner through joint
ventures. In order to manage our return profile, we typically use third-party developers under negotiated fixed price arrangements. As
of December 31, 2023, we were developing four buildings across our markets, with expected GLA of nearly seven hundred thousand square
feet. The table below sets forth our portfolio of development assets as of December 31, 2023.
Total Expected Investment
Investment to Date
Estimated
Project GLA
Land and Infrastructure
Shell
(1)
Total
Land and Infrastructure
Shell
(1)
Total
Leased
Stabilization
Date
(sq ft)
(USD in thousands)
(USD in thousands)
(%)
Costa Rica
157,692
$
5,798
$
7,276
$
13,074
$
3,623
$
4,567
$
8,190
68.6
%
June 2024
Colombia
-
$
-
$
-
$
-
$
-
$
-
$
-
-
-
Peru
512,299
$
17,731
$
17,178
$
34,909
$
15,001
$
10,156
$
25,157
81.5
%
April
                                            2024
(2)
(1)
A
    shell is generally comprised of the primary structure, the building envelope (roof and façade), and related mechanical and
    supply systems including electricity, water and drainage.
(2)
As of the date of issuance of this Form 20-F, stabilization for these properties
in Peru were achieved.
Land
Reserves
. We intend to develop our land reserves over time based on our evaluation of the opportunities these reserves present,
supply and demand and other market conditions, and the cost and availability of capital, among other factors. Although we have not entered
into any material contracts or agreements with respect to the development of these reserves, we routinely conduct licensing and permitting
activities to explore and preserve our options with respect to them. The table below sets forth our land reserves and development potential,
as of December 31, 2023 and December 31, 2022, respectively.
Location
Total Land Reserves
% of Total
Land Reserves
Appraisal Value as of December 31, 2023
Estimated GLA to be Developed
(acres)
(%)
(USD)
(sq ft)
Costa Rica
-
-
%
$
-
-
Colombia
50.6
56.3
%
$
619,976
101,284
Peru
39.2
43.7
%
$
24,100,447
81,571
Location
Total Land Reserves
% of Total
Land Reserves
Appraisal Value as of December 31, 2022
Estimated GLA to be Developed
(acres)
(%)
(USD)
(sq ft)
Costa Rica
8.0
7.3
%
$
6,155,000
168,208
Colombia
50.6
46.2
%
$
16,394,722
1,090,211
Peru
51.0
46.5
%
$
7,190,000
1,202,988
Our
Tenants
We
have developed longstanding relationships with our well-diversified tenant base of leading multinational and regional companies. Our
tenants operate in a wide range of industries, which we believe provides us with significant portfolio diversification. Our tenant
base generally consists of companies with significant e-Commerce activities requiring specialized "last mile"
distribution capabilities. As of December 31, 2023, we had more than 50 tenants, with no single tenant accounting for more than 15%
of our total Leased GLA. Our weighted average remaining lease term as of December 31, 2023 was 5.3 years, and nearly 80% of our
rental revenue for the year ended December 31, 2023 was denominated in U.S. dollars.
48
For
the year ended December 31, 2023, our ten largest tenants accounted for less than half of our rental income. The following table sets
forth the information on our largest tenants for the year ended as of December 31, 2023.
Tenant
Industry
Country
Share of
Total Rental
Revenue
Alicorp
Consumer Goods
Peru
6.9
%
Pequeño Mundo
Other Retail
Costa Rica
6.3
%
Kuehne+Nagel
Third-Party Logistics
Colombia and Peru
5.7
%
Natura
Consumer Goods
Peru and Costa Rica
5.3
%
PriceSmart
Other Retail
Costa Rica
4.7
%
Farmanova
Other Retail
Costa Rica
4.2
%
Rex Cargo
Third-Party Logistics
Costa Rica
3.9
%
Indurama
Consumer Goods
Peru
3.9
%
Expeditors
Third-Party Logistics
Costa Rica
3.6
%
Grupo Vargas
Other Retail
Costa Rica
3.0
%
For
the year ended December 31, 2022, our ten largest tenants accounted for less than half of our rental income. The following table sets
forth the information on our largest tenants for the year ended December 31, 2022.
Tenant
Industry
Country
Share of
Total Rental
Revenue
Kuehne+Nagel
Third-Party Logistics
Colombia and Peru
6.3
%
Alicorp
Consumer Goods
Peru
6.8
%
Grupo Exito
Other Retail
Colombia
4.2
%
Pequeño Mundo
Other Retail
Costa Rica
7.6
%
Natura
Consumer Goods
Peru and Costa Rica
6.4
%
Samsung
Consumer Goods
Peru
3.4
%
Pricesmart
Other Retail
Costa Rica
5.9
%
Indurama
Consumer Goods
Peru
3.9
%
Ceva
Third-Party Logistics
Colombia
0.7
%
Rex Cargo
Third-Party Logistics
Costa Rica
4.1
%
We
estimate that over 90% of our Leased GLA as of December 31, 2023 and December 31, 2022 served logistics needs for our tenants. The following
table contains a breakdown of our tenants' use for the year ended December 31, 2023.
Tenant use
Rental Revenue
Share of Total Rental Revenue
Share of Total Leased GLA
Consumer Goods
$
12,132,666
30.9
%
36.2
%
Third-Party Logistics
$
10,026,757
25.5
%
20.4
%
Other Retail
$
13,631,520
34.7
%
40.5
%
The
following table contains a breakdown of our tenants' use for the year ended December 31, 2022.
Tenant
    use
Rental
    Revenue
Share
    of Total Rental Revenue
Share
    of Total Leased GLA
Consumer
    Goods
$
10,085,351
31.6
%
31.7
%
Third-Party
    Logistics
$
9,038,134
28.3
%
27.3
%
Other
    Retail
$
9,005,637
28.2
%
33.3
%
Our
stabilized assets have historically achieved high occupancy rates. The following table shows our stabilized occupancy rates as of December
31, 2023, December 31, 2022 and 2021.
Occupancy rate
As of December 31,
2023
2022
2021
Costa Rica
100.0
%
99.2
%
96.0
%
Colombia
100.0
%
100.0
%
100.0
%
Peru
100.0
%
100.0
%
100.0
%
Aggregate stabilized portfolio
100.0
%
99.6
%
97.9
%
49
Our
Leases
As
of December 31, 2023, we had 77 leases in place. Our leases are typically for initial terms ranging from 5 to 10 years and generally
grant our tenants renewal options for one or more additional terms of varying lengths. Our security deposits typically approximate one
or two months of rent. We are responsible for latent defects in the properties and we are typically required to perform structural maintenance
periodically and as needed. Our leases entitle us to rescind the lease and collect rents that are due and owing if a tenant defaults
on its rent payment obligation, vacates the property, or enters bankruptcy or insolvency proceedings (to the extent permitted under applicable
local laws and regulations). We are also entitled to terminate the lease in the cases of:
○
failure
    by the tenant to comply with its payment obligations under the lease;
○
assignment
    or sublease without prior written consent, subject to exceptions under applicable laws;
○
unauthorized
    construction in, or modification of, the premises;
○
unauthorized
    use of the premises;
○
failure
    to comply with any applicable regulations where the premises are located;
○
obstruction
    of access for authorized inspections by us;
○
breach
    of any tenant obligation that remains uncured for more than 30 days;
○
strikes
    or other labor disturbances lasting longer than 60 days if the matter causes the tenant to breach its obligations under the lease,
    subject to exceptions under local law; and
○
creation
    of any lien over the premises or any portion thereof, or the filing of any claim derived from any work or installation carried out
    by the tenant or in its name.
We
routinely inspect our properties and we proactively manage our relationships with our tenants. We strive to maintain regular dialogue
with our tenants regarding their real estate intentions, and we actively manage our portfolio of leases to avoid large expirations in
any given year in order to manage cash flows and mitigate re-leasing risk. The following table sets forth the expiration profile of our
lease portfolio as of December 31, 2023:
Rent
under our lease accrues monthly and is adjusted annually for inflation based on a consumer price index ("
CPI
") or
by a contractual percentage rate. Our tenants are typically responsible for the costs of improvements and structural modifications needed
to tailor the facilities. We believe this investment responsibility increases our tenants switching costs and leads to strong occupancy
rates for us. As of December 31, 2023, only one of our leases, the Grupo Vargas lease at our LLP Coyol III project, includes a purchase
option on the property.
We
have established rigorous tenant selection criteria, including minimum eligibility standards. We evaluate applicants based on their financial
capacity and that of their guarantors, among other factors. As of December 31, 2023, approximately 67% of our leases were secured by
guarantees or other credit support mechanisms. We maintain standard procedures to manage our past due rent portfolio and doubtful accounts,
which vary based on the amount of the receivable, period outstanding and other considerations. As of December 31, 2023, nineteen of our
operating net lease receivables were outstanding for more than 90 days, totaling to an amount of less than $0.83 million.
50
Development
and Acquisition Activities
We
actively develop logistics properties, analyze potential acquisitions of new land and building assets, and evaluate potential joint venture
arrangements. We focus on Class A logistics facilities and target properties for development and acquisition in major population centers
with established infrastructure.
We
pursue development projects by leveraging our existing portfolio of strategic land positions. For our development activities, we target
average yields-on-cost, which we define as Cash NOI to total estimated investment, that are 200 to 300 basis points above our estimates
of where similar stabilized assets trade. From a Return-on-Equity, or ROE, perspective, we target mid-to-high teens returns when we retain
full ownership of the properties, and potentially higher returns when we partner with fee-paying local partners through joint ventures.
In
evaluating a particular real estate development or acquisition, both within our existing countries of operation and potential new markets,
our management team conducts a thorough analysis of the characteristics of the property and the market in which it is located, including
the:
○
strategic
    importance of the location relative to our existing and prospective tenant base;
○
location
    of the property relative to our existing footprint and where we have access to reputable personnel familiar with local market dynamics;
○
proximity
    of the asset in relation to existing or planned local infrastructure with convenient access to major transportation options;
○
favorable
    economic dynamics and tax and regulatory environments;
○
population
    density and population growth potential;
○
regional,
    market and property-specific supply and demand dynamics, including prevailing market rents and the potential for rent growth;
○
existing
    and potential competition from other property owners and operators;
○
barriers
    to entry and other property-specific competitive advantages;
○
quality
    of construction and design, and existing physical condition of the asset; and
○
opportunity
    to increase the property's operating performance and value.
As
part of our strategy, we intend to enter into joint ventures if we determine that doing so would be the most effective means of financing,
developing or managing specific projects and to manage our exposure to different countries, submarkets and tenants.
Environmental,
Social and Governance Matters
Our
mission is to provide logistics and industrial real estate solutions that enable the most efficient distribution of goods for a more
environmentally conscious society. Sustainability is a key part of the core of our corporate culture, and we design our assets to minimize
their environmental impact to enable our tenants achieve their sustainability goals. All of our warehouses comply with the high standards
of efficiency and environmental sustainability, as designated by EDGE certification, which promotes the development of sustainable buildings
with savings of at least 20% of potable water, electricity consumption and carbon footprint levels compared with conventional buildings.
All our projects in Costa Rica are also registered with the Ecological Blue Flag Program (Bandera Azul), an award program that acknowledges
effort and volunteer work seeking to improve social and environmental conditions.
Insurance
We
maintain insurance policies covering our properties against various risks, including general liability, earthquakes, floods, and business
interruption. We determine the type of coverage and the policy specifications and limits based on what we deem to be the risks associated
with our ownership of properties and our business operations in specific markets. That coverage typically includes property damage and
rental loss insurance resulting from perils such as fire, windstorm, flood, and commercial general liability insurance. See "
Item
3.D. Key Information — Risk Factors
".
51
Item
4A. Unresolved Staff Comments
Not
applicable.
Item
5: Operating and Financial Review and Prospects
In
this section, the terms "we," "us," "our," and "the Company" refers to Latam Logistics
Properties, S.A. and its consolidated subsidiaries.
A.
Operating
Results
Revenue
We
generate revenue through investment property rental income and development fees.
Investment
property rental income primarily consists of rental payment from tenants through operating lease agreements. Our leases qualify as operating
leases, and we transfer the right of use of the property and the related services to the lessee on a straight-line basis. This is included
as rental revenue on our consolidated statements of profit or loss and comprehensive loss.
Development
fees are determined in accordance with the terms specified on each arrangement with customers. The fees are recognized as revenue when
they are earned under the agreement with customers. This is included in other revenue in our consolidated statements of profit or loss
and comprehensive loss.
Investment
property operating expense
Investment
property operating expense primarily includes the direct operating expenses of the property such as repairs and maintenance, property
taxes, insurance, and utilities, among others. Property operating expenses are mostly recovered through the rental recoveries charged
to the tenants.
General
and administrative expense
General
and administrative expenses include personnel and related operating costs of the business support functions, including finance and accounting,
legal, human resources, administrative, as well as services and professional fees, office expenses, and bank service charges.
Investment
property valuation gain
Investment
property valuation gain is the investment properties' change in fair value. The valuation analysis is performed by an external
firm, which determines the fair market value of the investment properties. The fair market value of an investment property depends on
the type of property. We hold operating properties, properties under development, and land.
Interest
income from affiliates
Interest
income from affiliates mainly consists of interest generated by issuing notes to related parties and key personnel. The main terms of
the notes are payment of the balance at maturity including interest receivable, the possibility of early payments without penalty, guarantees
over ordinary shares, and promissory notes.
52
Financing
costs
Financing
costs consist of interest expense, debt modification or extinguishment costs, costs of raising debt, and amortization expense of deferred
financing costs. These costs include various fees and charges associated with the process of issuing debt, refinancing the debt, and
other fees and commissions paid to third parties involved in the financing process. Debt modification or extinguishment gain or loss
is incurred when a company modifies or terminates its debt terms before the scheduled maturity date. Interest expense represents the
interest costs incurred through mortgage loans and bridge loans.
Net
foreign currency gain
Net
foreign currency consists of the net profit or loss generated through the settlement of monetary items or the translation of monetary
items at rates different from those at which they were translated upon initial recognition. The settlement of monetary items or on translating
monetary items at rates different from those at which they were translated on initial recognition.
Gain
(loss) on sale of investment property
Gain
(loss) on sale of investment property consists of profit or loss recognized through disposal of our held-for-sale investment properties.
The properties are carried at fair value prior to disposal. Disposals of our properties require a deduction of the cost of selling the
property from the fair value price, which may result in a loss on the sale.
Gain
on sale of asset held for sale
Gain
on sale of investment property consists of profit or loss recognized through disposal of our held-for-sale investment properties. The
properties are carried at fair value prior to disposal. Disposals of our properties require a deduction of the cost of selling the property
from the fair value price, which may result in a gain on the sale.
Other
income
Other
income consists of interest income and gain or loss on the sale of fixed assets.
Other
expenses
Other
expenses consist of transaction-related costs, losses on the disposition of fixed assets, and legal provision expenses.
Income
tax expense
Income
tax expense refers to the amount of tax owed to the relevant tax authority. Income tax on the profit comprises current and deferred tax.
Current tax is the expected tax payable on the taxable income for the period, using tax rates enacted or substantively enacted as of
the reporting date, and any adjustments to tax payable in respect of previous periods. Deferred tax is recognized using the balance sheet
liability method in accordance with IAS 12 on taxable temporary differences between the tax base and the accounting base of items included
in our consolidated statement of financial position.
Our
Segments
Our
three reportable segments are the geographic regions we operate in, Colombia, Peru and Costa Rica. The three geographic segments primarily
derive revenue from various operating lease agreements with customers for the rental of warehouses. Our portfolio is strategically located
within key trade and logistics corridors in the capital cities of Costa Rica, Colombia and Peru to conduct commercial operations.
Costa
Rica:
As of December 31, 2023, Costa Rica is our largest operating segment, with 18 buildings and holding an Operating GLA of 2.4
million square feet.
Colombia:
As of December 31, 2023, Colombia has 5 buildings and holds an Operating GLA of 1.3 million square feet with a land reserve of 50.6
acres.
Peru:
As of December 31, 2023, Peru has 5 buildings and holds an Operating GLA of 1.0 million square feet with a land reserve of 39.2 acres.
53
Revenue
by segment
Our
management analyzes revenue by comparing actual monthly revenue to internal projections and prior periods across the operating segments
in order to assess performance, identify potential areas for improvement, and determine whether the segments are meeting management's
expectations.
Segment
Net Operating Income (NOI)
Our
management defines NOI as revenue without other revenue (which primarily relates to development fee revenue) less investment property
operating expense. Our management uses NOI by segment to assess financial performance at the segment level.
Results
of Operations for the year ended December 31, 2023 compared to the year ended December 31, 2022
The
results of operations presented below should be reviewed in conjunction with our audited consolidated financial statements as of and
for the year ended December 31, 2023, filed with this Report. The following table presents information from our consolidated statements
of profit or loss for the years ended December 31, 2023 and 2022:
For
    the Year Ended December 31,
2023
2022
$
    Change
%
    Change
REVENUE
Colombia
$
8,038,441
$
5,690,569
$
2,347,872
41.3
%
Peru
9,260,197
8,350,957
909,240
10.9
%
Costa
    Rica
22,029,141
17,849,043
4,180,098
23.4
%
Other
108,564
92,998
15,566
16.7
%
Total
    revenues
39,436,343
31,983,567
7,452,776
23.3
%
Investment
    property operating expense
Colombia
(989,404
)
(599,084
)
(390,320
)
65.2
%
Peru
(1,476,086
)
(1,288,280
)
(187,806
)
14.6
%
Costa
    Rica
(2,677,460
)
(3,520,075
)
842,615
(23.9
)%
Total
    investment property operating expense
(5,142,950
)
(5,407,439
)
264,489
(4.9
)%
General
    and administrative
(8,508,862
)
(4,609,195
)
(3,899,667
)
84.6
%
Investment
    property valuation gain
20,151,026
3,525,692
16,625,334
471.5
%
Interest
    income from affiliates
664,219
561,372
102,847
18.3
%
Financing
    costs
(31,111,064
)
(11,766,726
)
(19,344,338
)
164.4
%
Net foreign
    currency gain
284,706
299,762
(15,056
)
(5.0
)%
Gain (loss)
    on sale of investment properties
1,165,170
(398,247
)
1,563,417
(392.6
)%
Gain on
    sale of asset held for sale
1,022,853
-
1,022,853
100.0
%
Other
    income
307,822
100,127
207,695
207.4
%
Other
    expenses
(6,132,636
)
(611,173
)
(5,521,463
)
903.4
%
Profit
    before taxes
12,136,627
13,677,740
(1,541,113
)
(11.3
)%
Income
    tax expense
(4,980,622
)
(2,236,507
)
(2,744,115
)
122.7
%
PROFIT
    FOR THE YEAR
$
7,156,005
$
11,441,233
$
(4,285,228
)
(37.5
)%
54
Revenue:
Rental revenue increased by $7.5 million, or 23.3%, to $39.4 million for the year ended December 31, 2023 from $32.0 million
for the year ended December 31, 2022. This was primarily attributable to:
●
a
    $6.9 million increase in rental revenue is primarily attributable to the growth in Occupied GLA, which expanded from 4.3 million
    square feet as of December 31, 2022 to 4.8 million square feet as of December 31, 2023, representing an 8% increase in GLA increase
    and $4.8 million of increase in rental revenue. Increase in rental revenue is contributed by an increase in rental price per square
    foot from December 31, 2022 representing an increase of $0.6 million year over year. Additionally, there were three properties stabilized
    during the second half of 2022 that had a full year of revenue during the year ended December 31, 2023 representing an increase of
    $1.5 million in rental revenue during fiscal year 2023. The increase in Occupied GLA can be attributed to each segment;
●
a
    $0.8 million increase in rental recoveries is primarily due to the increase in rental recovery fees related to common area maintenance
    and utilities in Colombia, Peru and Costa Rica of $0.3 million, $0.1 million and $0.4 million, respectively, due to the increase
    in Occupied GLA from the year ended December 31, 2022
Colombia
– Revenue in Colombia increased by $2.3 million, or 41.3%, to $8.0 million for the year ended December 31, 2023 from $5.7 million
for the year ended December 31, 2022. This was primarily attributable to the establishment of two buildings in Colombia which contributed
to a total Occupied GLA increase. This increase was partially offset by the decrease in Occupied GLA due to a building being sold in
2023. Overall, the total Occupied GLA increased by 0.4 million square feet or 47% as of December 31, 2023 compared with December 31,
2022. In addition, the average rental price per square feet increased by 9% as of December 31, 2023 compared with December 31, 2022.
Peru
– Revenue in Peru increased by $0.9 million, or 10.9%, to $9.3 million for the year ended December 31, 2023 from $8.4 million for
the year ended December 31, 2022. This was primarily attributable to the average rental price per square feet increasing by 17% as of
December 31, 2023 compared with December 31, 2022.
Costa
Rica - Revenue in Costa Rica increased by $3.9 million, or 21.8%, to $21.7 million for the year ended December 31, 2023 from $17.8 million
for the year ended December 31, 2022. This was primarily attributable to the establishment of three buildings for a total Occupied GLA
increase of approximately 0.3 million square feet or 14%. Additionally, there were two properties stabilized during the second half of
2022 that had a full year of revenue during the year ended December 31, 2023. The average rental price per square feet remained relatively
stable from 2022 to 2023.
Investment
property operating expense:
Investment property operating expense decreased by $0.3 million or 4.6%, to $5.1 million for the
year ended December 31, 2023 from $5.4 million for the year ended December 31, 2022. This was primarily attributable to a decrease of
$1.6 million in expected credit loss due to one tenant experiencing financial difficulties, resulting in a one-time expected credit loss
expense in 2022. This was offset by an increase of repairs and maintenance of $0.7 million, real estate taxes and other property related
expenses of $0.6 million.
55
Colombia
– Investment property operating expense in Colombia increased by $0.4 million, or 65.2%, to $1.0 million for the year ended December
31, 2023 from $0.6 million for the year ended December 31, 2022. This was primarily attributable to an increase in repairs and maintenance,
real estate taxes and other property related expenses, and property management expenses resulting from two additional buildings being
in operation during the year ended December 31, 2023 compared to the year ended December 31, 2022. Additionally, there was an increase
in real estate taxes due to a reassessment that occurs every five years.
The
investment property operating expense was 12.3% of revenue for the year ended December 31, 2023 compared to 10.5% of revenue for the
year ended December 31, 2022. The Segment NOI was $7.0 million for the year ended December 31, 2023 as compared to $5.1 million for the
year ended December 31, 2022. This change is primarily due to property operating expenses increasing at a slightly higher rate than revenue
due to two buildings being completed during the period, which results in slightly lower margins while the building becomes fully operational,
offset by the increase in average rental price per square foot.
Peru
– Investment property operating expense in Peru increased by $0.2 million, or 14.6%, to $1.5 million for the year ended December
31, 2023 from $1.3 million for the year ended December 31, 2022. This was primarily attributable to an increase in repairs and maintenance,
real estate taxes and other property related expenses, and property management expenses during the year ended December 31, 2023 as compared
to the year ended December 31, 2022.
The
investment property operating expense was 15.9% of revenue for the year ended December 31, 2023 compared to 15.4% of revenue for the
year ended December 31, 2022. The slight increase was primarily due to additional real estate taxes being accrued for a reassessment.
The Segment NOI was $7.8 million for the year ended December 31, 2023 as compared to $7.1 million for the year ended December 31, 2022.
Costa
Rica - Investment property operating expense in Costa Rica decreased by $0.8 million, or 23.9%, to $2.7 million for the year ended December
31, 2023 from $3.5 million for the year ended December 31, 2022. This was primarily attributable to a decrease of expected credit loss
due to a tenant who was experiencing financial difficulties during 2022 which did not reoccur in 2023, offset by an increase in repairs
and maintenance, real estate taxes and other property related expenses, and property management expenses resulting from three more properties
becoming stabilized during the year ended December 31, 2023 as compared to the year ended December 31, 2022.
The
investment property operating expense was 12.2% of revenue for the year ended December 31, 2023 compared to 19.7% of revenue for the
year ended December 31, 2022. The Segment NOI was $19.4 million for the year ended December 31, 2023 as compared to $14.3 million for
the year ended December 31, 2022. This is primarily due to revenue increasing at a higher rate than operating expenses primarily driven
by the decrease in expected credit loss from the year ended December 31, 2022 to the year ended December 31, 2023.
General
and administrative:
General and administrative increased by $3.9 million or 84.6%, to $8.5 million for the year ended December
31, 2023 from $4.6 million for the year ended December 31, 2022. This was primarily attributable to an increase of audit fees of $2.0
million, legal services fees of $0.8 million related to the merger with TWOA, and a remaining $1.1 million variance related to accounts
that are immaterial on the individual level.
Investment
property valuation gain:
Investment property valuation gain increased by $16.6 million or 471.5%, to $20.2 million for the year
ended December 31, 2023 from $3.5 million for the year ended December 31, 2022. The increase in valuation gain primarily relates to the
development and stabilization of multiple investment properties from December 31, 2022 to December 31, 2023, as there is an increase
in value that occurs when a property changes from land bank to properties under development, and from properties under development to
operating properties. The $16.9 million increase is mainly driven by the fair value gain of $4.9 million for the properties in Peru,
$9.1 million increase in fair value for the properties in Colombia, and a $2.6 million increase in fair value for the properties in Costa
Rica. The increases are also attributed to various valuation inputs and assumptions such as increase in rental revenue and CPI year over
year. The fair value change of the corresponding investment properties was further discussed in Note 12 to our consolidated financial
statements included elsewhere in this filing.
56
Interest
income from affiliates:
Interest income from affiliates increased by $0.1 million or 18.3%, to $0.6 million for the year ended
December 31, 2023 from $0.5 million for the year ended December 31, 2022 primarily due to an increase in the related party loan balances.
Financing
costs:
Financing costs increased by $19.3 million or 164.4%, to $31.1 million for the year ended December 31, 2023 from $11.8
million for the year ended December 31, 2022. This was primarily attributable to an increase in interest expenses of $7.7 million due
to an increase in the debt balance. There were also loan extinguishment losses of $8.3 million in the year ended December 31, 2023 and
a $3.5 million decrease in loan modification gains from the year ended December 31, 2022. Additionally, there was an increase in general
financing costs relating to the refinancing and issuance of new loans during the year ended December 31, 2023.
Net
foreign currency gain:
Net foreign currency gain remained stable at $0.3 million for the years ended December 31, 2023 and 2022.
The
following table summarizes the foreign currency exchange rates for the U.S. dollar as of December 31, 2023 and 2022:
As
                                            of December 31,
Exchange
                                            Rate
2023
2022
Costa Rican Colones
CRC
527
CRC
602
Peruvian Soles
PEN
3.713
PEN
3.820
Colombian Pesos
COP
3,822
COP
4,810
Gain
(loss) on sale of investment properties:
Gain on sale of investment properties increased by $1.6 million or 392.6%, to $1.2 million
for the year ended December 31, 2023, compared to a loss of $0.4 million for the year ended December 31, 2022. During the year ended
December 31, 2023, we sold a building in Colombia and recorded a gain of $1.2 million. The year ended December 31, 2022 had a loss of
$0.4 million relating to the disposal of two operating properties.
Gain
on sale of assets held for sale:
Gain on sale of assets held for sale increased by $1.0 million or 100.0%, to $1.0 million for
the year ended December 31, 2023. This was due to the sale of land inventory during the year ended December 31, 2023, which resulted
in a gain of $1.0 million.
Other
income:
Other income increased by $0.2 million or 207.4%, to $0.3 million for the year ended December 31, 2023 from $0.1 million
for the year ended December 31, 2022. This was primarily to a $0.2 million increase in interest income earned on certificate of deposit
accounts.
Other
expense:
Other expense increased by $5.5 million or 903.4%, to $6.1 million for the year ended December 31, 2023 from $0.6 million
for the year ended December 31, 2022. This was primarily attributable to the professional service fees associated with our merger with
TWOA totaling $5.8 million, offset by a $0.4 million decrease in legal reserve.
Income
tax expense:
Income tax expense increased by $2.7 million or 122.7%, to $5.0 million for the year ended December 31, 2023 from
$2.2 million for the year ended December 31, 2022. The increase is attributable to an increase in withholding tax of $2.8 million, an
increase in the foreign rate differential of $1.4 million, and an increase in alternative minimum tax in Colombia of $1.2 million, offset
by a decrease in the impact of tax expense attributable to exchange gain or loss of $1.2 million, a decrease of $0.6 million for other
tax expense changes, a decrease in $0.4 million in total tax expense calculated at Costa Rica's statutory tax rate, and a decrease
of $0.5 million in tax expense attributable to the change in unrecognized deferred tax assets. This resulted in an increase in the effective
tax rate from 16.4% for fiscal year ended 2022 to 41.0% for the fiscal year ended 2023.
57
Results
of Operations for the year ended December 31, 2022 compared to the year ended December 31, 2021
The
following table presents information from our consolidated statements of profit or loss for the years ended December 31, 2022 and 2021:
For
                                            The Year Ended
December
                                            31,
2022
2021
$
    Change
%
    Change
REVENUE
Colombia
$
5,690,569
$
4,714,197
$
976,372
20.7
%
Peru
8,350,957
5,244,208
3,106,749
59.2
%
Costa
    Rica
17,849,043
15,595,526
2,253,517
14.4
%
Other
92,998
42,142
50,856
120.7
%
Total
    revenues
31,983,567
25,596,073
6,387,494
25.0
%
Investment
    property operating expense
Colombia
(599,084
)
(454,333
)
(144,751
)
31.9
%
Peru
(1,288,280
)
(1,037,161
)
(251,119
)
24.2
%
Costa
    Rica
(3,520,075
)
(2,595,871
)
(924,204
)
35.6
%
Total
    investment property operating expense
(5,407,439
)
(4,087,365
)
(1,320,074
)
32.3
%
General
    and administrative
(4,609,195
)
(5,394,201
)
785,006
(14.6
)%
Investment
    property valuation gain
3,525,692
12,610,127
(9,084,435
)
(72.0
)%
Interest
    income from affiliates
561,372
424,838
136,534
32.1
%
Financing
    costs
(11,766,726
)
(9,799,558
)
(1,967,168
)
20.1
%
Net foreign
    currency gain (loss)
299,762
(707,570
)
1,007,332
(142.4
)%
Loss on
    sale of investment properties
(398,247
)
-
(398,247
)
100.0
%
Other
    income
100,127
151,391
(51,264
)
(33.9
)%
Other
    expenses
(611,173
)
(1,367,647
)
756,474
(55.3
)%
Profit
    before taxes
13,677,740
17,426,088
(3,748,348
)
(21.5
)%
Income
    tax expense
(2,236,507
)
(8,756,703
)
6,520,196
(74.5
)%
PROFIT
    FOR THE YEAR
$
11,441,233
$
8,669,385
$
2,771,848
32.0
%
Revenue:
Rental revenue increased by $6.4 million, or 25.0%, to $32.0 million for the year ended December 31, 2022 from $25.6 million
for the year ended December 31, 2021. This was primarily attributable to:
●
an
    increase of $6.3 million in rental income from increase in the number of tenants and Occupied GLA. The number of tenants increased
    from 45 for the year ended December 31, 2021 to 50 for the year ended December 31, 2022, and expansion of Occupied GLA from existing
    tenants resulted in a 26.8% increase in Occupied GLA. Primary drivers include increase of $1.9 million related to the stabilization
    of two buildings in Costa Rica which increased Occupied GLA by 369,482 square feet and an increase of $2.0 million is related to
    the stabilization of two buildings in Peru which increased Occupied GLA by 335,812 square feet.
●
an
    increase of $0.3 million in rental income resulting from increases on rent from adjustments for inflation in accordance with our
    leases;
●
an
    increase of $0.2 million resulting from the reimbursement of expenses paid by us on behalf of our customers and accounted for under
    rental income;
●
and
    an increase of $0.1 million due to an increase in third party development fees.
This
increase was partially offset by:
●
a
    decrease of US$0.6 million in rental income from leases that expired and were not renewed on 2022.
58
Colombia
– Revenue in Colombia increased by $1.0 million, or 20.7%, to $5.7 million for the year ended December 31, 2022 from $4.7 million
for the year ended December 31, 2021. This was primarily attributable to a 20.5% increase in leased square feet from December 31, 2021
to December 31, 2022.
Peru
– Revenue in Peru increased by $3.1 million, or 59.2%, to $8.3 million for the year ended December 31, 2022 from $5.2 million for
the year ended December 31, 2021. This was primarily attributable to a 5.7% increase in leased square feet from December 31, 2021 to
December 31, 2022, as well as three properties that were operating for the full year ended December 31, 2022 as construction was completed
during 2021.
Costa
Rica - Revenue in Costa Rica increased by $2.3 million, or 14.4%, to $17.9 million for the year ended December 31, 2022 from $15.6 million
for the year ended December 31, 2021. This was primarily attributable to a 17.1% increase in leased square feet from December 31, 2021
to December 31, 2022, as well as the increase in the number of real estate properties that were operating for the full year which increased
from 11 during the year ended December 31, 2021 to 13 during the year ended December 31, 2022.
Investment
property operating expense:
Investment property operating expense increased by $1.3 million or 32.3%, to $5.4 million for the
year ended December 31, 2022 from $4.1 million for the year ended December 31, 2021. This was primarily attributable to an increase of
repairs and maintenance of $0.4 million, real estate taxes and other property related expenses of $0.2 million, and property management
expenses of $0.3 million resulting from the growth in operating properties. In addition, there was an increase of $0.4 million in expected
credit loss due to one tenant experiencing financial difficulties which was resolved subsequently in 2023.
Colombia
– Investment property operating expense in Colombia increased by $0.1 million, or 31.9%, to $0.6 million for the year ended December
31, 2022 from $0.5 million for the year ended December 31, 2021. This was primarily attributable to an increase in repairs and maintenance,
real estate taxes and other property related expenses, and property management expenses resulting from one property, previously under
development, becoming operational during the year ended December 31, 2022.
The
investment property operating expense was 10.5% of revenue for the year ended December 31, 2022 compared to 9.6% of revenue for the year
ended December 31, 2021. The Segment NOI was $5.1 million for the year ended December 31, 2022 as compared to $4.3 million for the year
ended December 31, 2021. This change is primarily as a result of an overall increase in operating costs from certain properties becoming
stabilized during the year ended December 31, 2022.
Peru
– Investment property operating expense in Peru increased by $0.3 million, or 24.2%, to $1.3 million for the year ended December
31, 2022 from $1.0 million for the year ended December 31, 2021. This was primarily attributable to an increase in repairs and maintenance,
real estate taxes and other property related expenses, and property management expenses resulting from the increase in the number of
properties that became operating properties during the year ended December 31, 2022 as compared to the year ended December 31, 2021.
The
investment property operating expense was 15.4% of revenue for the year ended December 31, 2022 compared to 19.8% of revenue for the
year ended December 31, 2021. The Segment NOI was $7.1 million for the year ended December 31, 2022 as compared to $4.2 million for the
year ended December 31, 2021. The change was primarily due to rental revenue increases as a result of inflation, rental recoveries charged
to tenants starting in the year ended December 31, 2022, and more properties becoming stabilized in 2022.
Costa
Rica - Investment property operating expense in Costa Rica increased by $0.9 million, or 35.6%, to $3.5 million for the year ended December
31, 2022 from $2.6 million for the year ended December 31, 2021. This was primarily attributable to an increase in repairs and maintenance,
real estate taxes and other property related expenses, and property management expenses resulting from the increase in the number of
properties that became operating properties during the year ended December 31, 2022 as compared to the year ended December 31, 2021.
In addition, there was an increase of $0.4 million in expected credit loss due to one tenant experiencing financial difficulties.
59
The
investment property operating expense was 19.7% of revenue for the year ended December 31, 2022 compared to 16.6% of revenue for the
year ended December 31, 2021. The Segment NOI was $14.3 million for the year ended December 31, 2022 as compared to $13.0 million for
the year ended December 31, 2021. The change was mainly driven by the expected credit loss expense we recorded in the year ended December
31, 2022.
General
and administrative:
General and administrative decreased by $0.8 million or 14.6%, to $4.6 million for the year ended December
31, 2022 from $5.4 million for the year ended December 31, 2021. This was primarily attributable to a decrease of $0.7 million in employee
bonuses. While our internal performance targets were achieved, the board decided against the bonus due to uncertainties regarding external
market conditions.
Investment
property valuation gain:
Investment property valuation gain decreased by $9.1 million or 72.0%, to $3.5 million for the year
ended December 31, 2022 from $12.6 million for the year ended December 31, 2021. Typically, a substantial increase in fair value occurs
when land is placed into development and to a lesser degree when subsequently placed into operation. The decrease in investment property
valuation gain was a result of fewer properties being under development during the year ended December 31, 2022 compared to the year
ended December 31, 2021. The fair value change of the corresponding investment properties was further discussed in Note 12 to our consolidated
financial statements included elsewhere in this proxy statement/prospectus.
Interest
income from affiliates:
Interest income from affiliates increased by $0.2 million or 32.1%, to $0.6 million for the year ended
December 31, 2022 from $0.4 million for the year ended December 31, 2021 primarily due to an increase in the related party and key personnel
loan balances.
Financing
costs:
Financing costs increased by $2.0 million or 20.1%, to $11.8 million for the year ended December 31, 2022 from $9.8 million
for the year ended December 31, 2021. This was primarily attributable to an increase of $6.1 million in interest expense due to increases
in both the outstanding principal debt balances and the interest rates associated with our debt, and partially offset by an increase
of $3.8 million in debt modification gains. There was also an increase of $0.3 million in deferred financing cost amortization.
Net
foreign currency gain (loss):
Net foreign currency increased by $1.0 million or 142.4%, to a net foreign currency gain of $0.3
million for the year ended December 31, 2022, from a net foreign currency loss of $0.7 million for the year ended December 31, 2021.
This is primarily related to the exchange rate fluctuations for the Peruvian Sol and Costa Rican Colon, as these two countries have VAT
receivables denominated in local currency that are impacted by the change in exchange rates.
The
following table summarizes the foreign currency exchange rates for the U.S. dollar as of December 31, 2022 and 2021
As
                                            of December 31,
Exchange
                                            Rate
2022
2021
Costa Rican Colones
CRC
594
CRC
639
Peruvian Soles
PEN
3.808
PEN
3.965
Colombian Pesos
COP
4,810
COP
3,981
Loss
on sale of investment properties:
Loss on sale of investment properties increased by $0.4 million or 100.0%, to $0.4 million
for the year ended December 31, 2022, compared to the year ended December 31, 2021. This was due to the sale of two properties during
the year ended December 31, 2022 with carrying values of $9.3 million for consideration of $8.9 million resulting in a loss of $0.4 million.
No sales of properties occurred during the year ended December 31, 2021.
Other
income:
Other income decreased by $0.1 million or 33.9%, to $0.1 million for the year ended December 31, 2022 from $0.2 million
for the year ended December 31, 2021. This was primarily attributable to a decrease in interest income earned on certificate of deposit
accounts.
Other
expense:
Other expense decreased by $0.8 million or 55.3%, to $0.6 million for the year ended December 31, 2022 from $1.4 million
for the year ended December 31, 2021. This was primarily attributable to a decrease in costs incurred for the unsuccessful Colombia initial
public offering in 2021, offset by an increase in legal provision expense of $0.3 million.
60
Income
tax expense:
Income tax expense decreased by $6.5 million or 74.5%, to $2.2 million for the year ended December 31, 2022, from
$8.8 million for the year ended December 31, 2021. This was due to the following: a decrease of $3.7 million in profit before taxes,
resulting in a decrease of $1.1 million in tax expense at statutory rates; a decrease in the foreign rate differential of $0.5 million;
a decrease in the impact of tax expense attributable to exchange gain or loss of $3.9 million; a decrease of $1.3 million in the tax
expense attributable to the change in unrecognized deferred tax assets; and an increase of $0.3 million for other tax expense changes.
Non-IFRS
Financial Measures and Other Measures and Reconciliations
In
addition to our financial results reported in accordance with IFRS, we also report Adjusted EBITDA, NOI, Same Property NOI, Cash NOI,
Same Property Cash NOI, FFO, Adjusted FFO, Net Debt to Adjusted EBITDA, and Net Debt to Investment Properties, all of which are non-IFRS
measures. Our management believes these measures are useful to investors as they provide additional insight into how we assesses our
performance and financial position. These non-IFRS financial measures should not be considered as a substitute for, or superior to, similar
financial measures calculated in accordance with IFRS. These non-IFRS financial measures may differ from the calculations of other companies
and, as a result, may not be comparable to similarly titled measures presented by other companies.
Use
of Constant Currency
As
exchange rates are an important factor in understanding period-to-period comparisons, we believe the presentation of certain financial
metrics and results on a constant currency basis in addition to the IFRS reported results helps improve investors' ability to understand
our operating results and evaluate our performance in comparison to prior periods. Constant currency information is non-IFRS financial
information that compares results between periods as if exchange rates had remained constant period-over-period. We use results on a
constant currency basis as one measure to evaluate our performance. We currently present Same Property Cash NOI on a constant currency
basis. We calculate constant currency by calculating prior period-end results using current-period foreign currency exchange rates. We
generally refer to such amounts calculated on a constant currency basis as excluding the impact of foreign exchange. These results should
be considered in addition to, not as a substitute for, results reported in accordance with IFRS. Results on a constant currency basis,
as we present them, may not be comparable to similarly titled measures used by other companies and are not measures of performance presented
in accordance with IFRS.
Reconciliations
of non-IFRS Measures
Adjusted
EBITDA
– We define Adjusted EBITDA as profit for the period adjusted by (a) interest income from affiliates, (b) income
tax expense, (c) depreciation and amortization, (d) investment property valuation gain, (e) financing costs, (f) net foreign currency
gain, (g) other income, (h) gain or loss on sale of investment properties, (i) gain on disposition of asset held for sale and (j) other
expenses. Management uses Adjusted EBITDA to measure and evaluate the operating performance of our business, which consists of developing,
leasing and managing industrial properties, before our cost of capital and income tax expense. Adjusted EBITDA is a measure commonly
used in our industry, and we present Adjusted EBITDA to supplement investor understanding of our operating performance. Our management
believe that Adjusted EBITDA provides investors and analysts with a measure of operating results unaffected by differences in capital
structures, capital investment cycles and fair value adjustments of our assets. The table below includes reconciliations of Adjusted
EBITDA to the most directly comparable IFRS measure, profit for the respective period:
For
    the years ended December 31,
(USD
    in thousands)
2023
2022
2021
PROFIT FOR THE
    PERIOD
$
7,156
$
11,441
$
8,669
Interest income from affiliates
(664
)
(561
)
(425
)
Income tax expense
4,981
2,237
8,757
Depreciation and amortization
(1)
168
228
237
Investment property valuation
    gain
(20,151
)
(3,526
)
(12,610
)
Financing costs
31,111
11,767
9,800
Net foreign currency gain
(285
)
(300
)
708
Other income
(2)
(308
)
(100
)
(151
)
(Gain) loss on sale of investment
    properties
(1,165
)
398
-
Gain on sale of asset held
    for sale
(1,023
)
-
-
Other
    expenses
(3)
6,133
611
1,368
ADJUSTED
    EBITDA
$
25,953
$
22,195
$
16,353
(1)
Depreciation
    and amortization includes amortization of right-of-use assets. The amounts are included within general and administrative expense
    in the consolidated statement of profit or loss.
(2)
Other
    income included interest income on certificates of deposit of $0.3 million for the year ended December 31, 2023, and less than $0.1
    million for the years ended December 31, 2022, and 2021.
(3)
Other
    expenses included transaction-related costs of $6.2 million, $0.3 million and $1.4 million for the years ended December 31, 2023,
    2022, and 2021, respectively. Other expenses also included a loss on disposition of fixed assets of $0.1 million for the year ended
    December 31, 2023, and less than $0.1 million for the years ended December 31, 2022, and 2021. Additionally, other
    expenses included legal provision expense of ($0.1) million, $0.3 million, and $0 for the years ended December 31, 2023, 2022,
    and 2021 respectively.
61
Net
Operating Income, or NOI
– We define NOI as profit for the period adjusted by (a) other revenue (which primarily relates
to development fee revenue), (b) general and administrative expenses, (c) investment property valuation gain, (d) interest income from
affiliates, (e) financing costs, (f) net foreign currency gain or loss, (g) other income, (h) gain or loss on sale of investment properties,
(i) gain on disposition of asset held for sale, (j) other expenses, and (k) income tax expense. NOI, Same Property NOI, Cash NOI, and
Same Property Cash NOI are supplemental industry reporting measures used to evaluate the performance of our investments in real estate
assets and our operating results. Same Properties refers to properties that we have owned and that have been operating for the entirety
of the applicable period and the comparable period. Our management believes that these metrics are useful for investors as performance
measures and that they provide useful information regarding our results of operations because, when compared across periods, they reflect
the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and development activity on an
unlevered basis, providing perspectives that may not be immediately apparent from a review of our audited consolidated financial statements.
We
define Same Property NOI as NOI less non same-property NOI. We evaluate the performance of the properties
we own using a Same Property NOI, and our management believes that Same Property NOI is helpful to investors and management as a supplemental
performance measure because it includes the operating performance from the population of properties that is consistent from period-to-period,
thereby eliminating the effects of changes in the composition of our portfolio on performance. When used in conjunction with IFRS financial
measures, Same Property NOI is a supplemental measure of operating performance that our management believes is a useful measure to evaluate
the performance and profitability of our investment properties. Additionally, Same Property NOI is a key metric used internally by our
management to develop internal budgets and forecasts, as well as to assess the performance of our investment properties relative to budget
and against prior periods. Our management believes presentation of Same Property NOI provides investors with a supplemental view of our
operating performance that can provide meaningful insights to the underlying operating performance of our investment properties, as these
measures depict the operating results that directly result from our investment properties, is consistent period-over-period, and excludes
items that may not be indicative of, or are unrelated to, the ongoing operations of the properties.
We
define Cash NOI as NOI adjusted for straight-line rental revenue during the relevant period. We defines Same Property Cash NOI as Cash
NOI less non same-property cash NOI and adjusted for constant currency. The same property population for a given period includes the
operating properties that were owned during the entirety of that period and the corresponding prior year period. Properties developed
or acquired are excluded from the same property population until they are held in the operating portfolio for the entirety of both such
periods, and properties that sold during such periods are also excluded from the same property population. As of December 31, 2023, 2022,
and 2021, the same property population consisted of 22, 17, and 15, buildings aggregating approximately 64%, 42%, and 43% of our total
square feet owned during such period, respectively.
The
table below reconciles these measures to the most directly comparable IFRS financial measure, profit for the period:
For
    the years ended December 31,
(USD
    in thousands)
2023
2022
2021
PROFIT FOR
    THE PERIOD
$
7,156
$
11,441
$
8,669
Other revenue
(109
)
(93
)
(42
)
General and administrative
8,509
4,609
5,394
Investment property valuation
    gain
(20,151
)
(3,526
)
(12,610
)
Interest income from affiliates
(664
)
(561
)
(425
)
Financing costs
31,111
11,767
9,800
Net foreign currency gain
(285
)
(300
)
708
Other income
(1)
(308
)
(100
)
(151
)
(Gain) loss on sale of
    investment property
(1,165
)
398
-
Gain on sale of asset held
    for sale
(1,023
)
-
-
Other expenses
(2)
6,133
611
1,367
Income
    tax expense
4,981
2,237
8,757
NOI
$
34,185
$
26,483
$
21,467
Gain on impact of foreign
    currency translation
507
(141
)
(72
)
Less:
    Non Same-Property NOI
11,177
11,628
8,941
SAME-PROPERTY
    NOI
$
23,515
$
14,714
$
12,454
NOI
$
34,185
$
26,483
21,467
Straight-line
    rental revenue
(1,036
)
(2,423
)
(1,984
)
CASH
    NOI
$
33,149
$
24,060
$
19,483
Constant currency impact
-
233
7
Less:
    Non Same-Property Cash NOI
9,647
9,884
5,526
SAME-PROPERTY
    CASH NOI
$
23,502
$
14,409
$
13,964
(1)
Other
    income included interest income on certificates of deposit of $0.3 million for the year ended December 31, 2023, less than $0.1 million
    for the years ended December 31, 2022 and 2021.
(2)
Other
    expenses included transaction-related costs of $6.2 million, $0.3 million and $1.4 million for the years ended December 31, 2023,
    2022 and 2021, respectively. Other expenses also included a loss on disposition of fixed assets of $0.1 million for the year ended
    December 31, 2023, and less than $0.1 million for the years ended December 31, 2022 and 2021. Additionally, other
    expenses included legal provision expense of ($0.1) million, $0.3 million, and $0 for the years ended December 31,
    2023, 2022, and 2021, respectively.
62
Funds
From Operations, or FFO (as defined by us)
– We define FFO as profit for the period, excluding investment property valuation
gain, gain or loss on sale of investment properties, gain on sale of asset held for sale, depreciation and amortization, non-cash financing
costs, interest income from affiliates, and unrealized foreign currency gain or loss. We define Adjusted FFO as FFO less realized foreign
currency gain or loss and straight-line rental revenue. We use FFO and Adjusted FFO to help analyze the operating results of our assets
and operations. Our management believes that FFO is useful to investors as a supplemental performance measure because it excludes the
effects of certain items which can create significant earnings volatility, as well as certain noncash items, but which do not directly
relate to our ongoing business operations or cash flow generation. Our management believes FFO can facilitate comparisons of operating
performance between periods, while also providing an indication of future earnings potential. However, since FFO does not capture the
level of capital expenditures or maintenance and improvements required to sustain the operating performance of properties, which has
a material economic impact on operating results, Our management believes the usefulness of FFO as a measure of performance may be limited.
Our computation of FFO may not be comparable to FFO measures reported by other real estate companies that define or interpret the FFO
definition differently. The table below includes reconciliations of FFO and Adjusted FFO to the most directly comparable IFRS financial
measure, profit, for the respective periods:
For
    the years ended December 31,
(USD
    in thousands)
2023
2022
2021
PROFIT FOR
    THE PERIOD
$
7,156
$
11,441
$
8,669
Investment property valuation
    gain
(20,151
)
(3,526
)
(12,610
)
(Gain) loss on sale of
    investment property
(1,165
)
398
-
Gain on sale of asset held
    for sale
(1,023
)
-
-
Depreciation and amortization
(1)
107
124
140
Non-cash financing costs
(2)
5,957
(2,685
)
991
Interest income from affiliates
(664
)
(561
)
(425
)
Unrealized
    foreign currency gain
(3)
(507
)
(325
)
303
FFO
$
(10,290
)
$
4,866
$
(2,932
)
Realized foreign currency
(3)
88
25
405
Straight-line
    rental revenue
(1,036
)
(2,423
)
(1,984
)
ADJUSTED
    FFO
$
(11,238
)
$
2,468
$
(4,511
)
(1)
Included
    within general and administrative expense in the consolidated statement of profit or loss.
(2)
Included
    within financing costs in the consolidated statement of profit or loss and reflects debt extinguishment or modification gain or loss,
    amortization of debt issuance cost and accrued interest.
(3)
Included
    within net foreign currency gain (loss) in the consolidated statement of profit or loss.
Net
Debt
— Net Debt is defined as our total debt (defined as long term debt plus long-term debt—current portion) less
cash and cash equivalents. Net Debt to Adjusted EBITDA represents Net Debt divided by Adjusted EBITDA. Our management believes that this
ratio is useful because it provides investors with information on our ability to repay debt, compared to our performance as measured
using Adjusted EBITDA. Net Debt to Investment Properties represents Net Debt divided by Investment Properties (end of period value).
We believe that this ratio is useful because it shows the degree in which Net Debt has been used to finance our assets. The table below
includes reconciliations of Net Debt to the most directly comparable IFRS financial measures:
As
    of December 31,
(USD
    in thousands except for ratio data)
2023
2022
2021
Long term debt
$
253,151
$
98,383
$
165,172
Long term debt—current
    portion
16,703
110,943
23,547
Cash
    and equivalents
(1)
(37,923
)
(18,241
)
(21,290
)
Net
    debt
$
231,931
$
191,085
$
167,429
Net Debt to Net Income
32.4
x
16.7
x
19.3
x
Net Debt to Adjusted EBITDA
8.9
x
8.6
x
10.2
x
Net Debt to Investment
    Properties (end of period value)
45
%
43
%
39
%
(1)
Includes
    $2.7 million, $3.2 million, and $3.9 million of restricted cash associated with the total debt as of December 31, 2023, 2022, and
    2021, respectively.
63
The
following table presents a summary our non-IFRS measures for the years ended December 31, 2023, 2022 and 2021:
For
    the years ended December 31,
(USD
    in thousands except for ratio data)
2023
2022
2021
Adjusted EBITDA
$
25,953
$
22,195
$
16,353
NOI
34,185
26,483
21,467
Same Property NOI
23,515
11,193
12,454
Cash NOI
33,149
24,060
19,483
Same Property Cash NOI
23,502
15,503
13,964
FFO
(10,290
)
4,866
(2,932
)
Adjusted FFO
(11,238
)
2,468
(4,511
Net Debt (end of period
    value) to Adjusted EBITDA
8.9
x
8.6
x
10.2
x
Net Debt to Investment
    Properties (end of period value)
45
%
43
%
39
%
B.
Liquidity
    and Capital Resources
For
the years ended December 31, 2023, 2022 and 2021, we had profits of $7.2 million, $11.4 million, and $8.7 million, respectively. As of
December 31, 2023, we also had cash, restricted cash equivalents- short term, and restricted cash equivalents- long term of $35.2 million,
$2.0 million and $0.7 million, respectively. We require significant cash resources to, among other things, fund our working capital requirements,
increase our headcount, make capital expenditures, and expand our business through acquisitions. Our future capital requirements will
depend on many factors, including the cost of future acquisitions, the scale of increases in headcount, our revenue mix, incremental
costs relating to the implementation of new contracts, and the timing and extent of spending to support warehouse development efforts.
If
we were to require additional funding, seek additional sources of financing or desire to refinance our debt, we believe that our historical
ability to raise and deploy capital to fund the development of our logistic warehouses facilities and expansion of our operations would
enable us to access financing on reasonable terms. However, there can be no assurance that such financing would be available to us on
favorable terms or at all. If financing is not available, or if the terms of such financing are not acceptable to us, we may be forced
to decrease the level of investment in our logistic warehouses facilities, scale back our operations, defer investments to execute on
our growth strategy or execute a combination of these cost management strategies, which could have an adverse impact on our business
and financial prospects. The profits in current and prior periods we have recognized are consistent with our strategy and plans for continued
growth and expansion. We expect to continue to recognize profits as we executes on our operating plan and expands our warehouse offerings
in the near term.
64
As
described further in Note 16 to our audited consolidated financial statements, we were in compliance with our financial covenants or
otherwise had waivers for all debt covenants with our lenders as of December 31, 2023. As of December 31, 2022 we did not comply
with certain financial covenants for non-recourse loans with the financial institutions of Banco Davivienda, Bancolombia and
ITAÚ Corpbanca; however we obtained waivers or refinanced those debt agreements. The covenants breached as of December 31,
2022 required our subsidiary acting as borrower to achieve or exceed a specific debt service coverage ratio as defined in the
lending agreements. This ratio was defined as 1.10x for the ITAÚ Corpbanca loan and 1.20x for the Banco Davivienda and
Bancolombia loans. In addition to these breaches as of December 31, 2022, we breached this debt service coverage ratio covenant with
Bancolombia in June 2023. These were our only covenant breaches and did not trigger covenant breaches or events of default for any
of our other loans. Despite not missing any debt service payments, each of these covenant breaches constitute an "event of
default" under our credit agreements and may cast significant doubt regarding our ability to continue as a going concern.
However, we have a history of successfully refinancing our debt as a matter of customary business practice and we have successfully
completed the Business Combination including the PIPE Investment, which has provided us with additional funding.
In
order to mitigate the effects of the Banco Davivienda breach, we obtained a waiver which removed our obligation to comply with the financial
covenants in February 2023. This debt was subsequently refinanced in April 2023 with Banco Nacional de Costa Rica, with which we are
currently in compliance.
As
part of the sale of the Colombian investment property, the ITAÚ Corpbanca Colombia loan was fully repaid in August 2023, thus
curing any covenant breach.
In
September 2023, we restructured our Bancolombia debt to defer principal payments until May 2024, at which point we will have 12 months
to pay the deferred principal and interest in full at no additional cost. We also obtained a waiver for the covenant breaches, which
waives compliance with the debt service coverage ratio through December 31, 2023, after which the next debt service coverage ratio compliance
testing date will be in June 2024.
While
we have fulfilled all debt service payments required by our lending agreements in all jurisdictions to date, current interest rates in
Colombia make it probable that further debt waivers, restructuring, or repayment will be necessary relating to the Bancolombia loan prior
to May 2024, when principal payments resume on the loan. Our lending agreements in Colombia are only collateralized by four Colombian
investment properties. No other guarantees have been provided by our other subsidiaries that would put our operations outside of Colombia
at risk in event of foreclosure. Furthermore, our operations outside of Colombia are expected to be profitable and generate adequate
liquidity to provide for continued operations. Therefore, in the event that we are unable to obtain further debt waivers, restructure
the debt, or otherwise repay the Bancolombia loan, a foreclosure by Bancolombia on the Colombian property would not create material uncertainty
as to our ability to continue as a going concern in regards to our operations outside of Colombia. Accordingly, our plan for mitigating
actions are sufficient to alleviate the significant doubt about our ability to continue as a going concern.
Debt
Overview
As
of December 31, 2023, our total outstanding debt was $269.9 million, of which $253.2 million, or 93.81%, consists of long-term debt.
As of December 31, 2022, our total outstanding debt was $209.3 million, of which $98.4 million, or 47.0%, consists of long-term debt.
As
of December 31, 2023, 2022, and 2021, all of our outstanding debt was secured by our investment properties.
65
Debt
Agreements
On
May 21, 2021, we entered into a U.S. dollar denominated secured bridge loan agreement of $15.0 million with BTG Pactual, S.A –
Cayman Branch. The proceeds of the loan were used to fund the continued growth of the Company. As per the initial conditions, the
credit facility was scheduled to mature on June 17, 2022, with a fixed annual interest rate of 5.85%. In June 2022, we extended this
bridge loan to March 17, 2023, including a substitution of the fixed interest rate to a variable interest rate consisting of SOFR
annual average plus 600 basis points. The agreement restricted Latam Logistic Properties S.R.L (the predecessor to LLP) from
changing its ownership, except in the event of an IPO if Jaguar Growth Partners LLC remained as the final beneficiary of the
debtor. This loan was repaid in full by December 31, 2023.
On May 31, 2017, we entered into the
IFC secured credit facility, which included financing for the full development of Latam Logistic Lima Sur through a two-tranche facility. Latam Logistic Lima
Sur is a total of six buildings development divided in two phases. The loan had an aggregate borrowing capacity of $53,000,000 and was
divided in two tranches corresponding to each development phase.
Tranche
1 – This tranche was for the financing of the development of phase 1. The loan had a total borrowing capacity of $27,100,000 and was
interest only until January 15, 2020 with a balloon payment of $6,865,611 at expiration on July 15, 2028. As of December 31, 2022, we
had disbursed all of the tranche.
Tranche
2 – This tranche was for the financing of the development of phase 2. The loan had a total borrowing capacity of $25,900,000 and was
interest only until January 15, 2022 with a balloon payment of $6,475,000 at expiration on July 15, 2030. As of December 31, 2022 we
had disbursed $15,607,323.
The
loan required a commitment fee over unborrowed amounts until December 15, 2022 as follows:
●
June
    16, 2019 – December 31, 2019 – 0.50% over unborrowed amount.
●
January
    1, 2020 – June 30, 2021 – 1.00% over unborrowed amount.
●
July
    1, 2021 – January 15, 2022 – 1.50% over unborrowed amount.
On
March 14, 2022, we negotiated a new interest rate on the IFC Tranche 1, reducing the spread by 100 basis points, to 425 basis points,
effective July 15, 2022. All the other terms and conditions of the loan with IFC remained the same. A gain of $351,503 was recognized
as part of modification of this debt facility and is included in financing costs in the consolidated statements of profit or loss in
the year ended December 31, 2022.
On
October 26, 2023, we drew on our debt facilities with IFC for a total of $10,292,677 to finance the construction of the Lurin I project
in Peru. The related interest expense directly attributable to the construction is capitalized.
On
December 15, 2023, we refinanced the debt outstanding with IFC Tranche 1 and Tranche 2 for a total amount of $46,973,443 with a mortgage
loan denominated in U.S. dollar with BBVA Perú for an aggregate amount of $60,000,000. A loss of $1,651,793 was recognized as
part of the extinguishment of this debt facility and is included in financing costs in the consolidated statements of profit or loss
in the year ended December 31, 2023.
As
per the IFC loan agreement, we had to maintain a cash collateral account as a guarantee of the principal during the construction and
leasing period. As of December 31, 2022, we had a restricted cash equivalent of $1,205,162 in the cash collateral account, which was
released from restricted cash in connection with the loan refinancing on December 15, 2023.
On
January 6, 2021, we entered into a COP denominated secured construction loan facility with ITAU Corpbanca Colombia, S.A.
("
ITAU
") for a total borrowing capacity of COP35.0 billion ($8.8 million). Proceeds were used for the financing
of the construction of building 500 in Latam Logistic Park Calle 80 in Bogota, Colombia. The loan had a maturity date of July 6,
2033 and an annual interest rate of IBR (a short-term interest rate for the Colombian Peso determined by the board of directors of
Colombia's Central Bank) plus 447 basis points and had an annual commitment fee of 0.50% of the undrawn amount of the credit
line. The loan was interest only until April 20, 2022 and was fully drawn in October 2021. The debt facility with ITAU was paid in
full through a sale of the mortgaged property to a subsidiary of Bancolombia. The subsidiary of Bancolombia provided an advance of
the payment directly to ITAU on August 31, 2023 in order to settle the outstanding debt. The administrative transfer process was
initiated on September 27, 2023 and was completed in November 2023. As of December 31, 2022, the interest rate was 14.9%.
On
January 22, 2021, we entered into a COP denominated financing agreement of COP44.5 billion ($11.2 million) with Bancolombia, S.A. for
the financing of the construction of building 300 in Latam Logistic Park Calle 80 in Bogota, Colombia. As of December 31, 2021, the financing
was fully disbursed. The financing bears an interest rate of IBR plus 365 basis points, commitment fees of 0.1% per month of the undrawn
amount of the loan and has a 15-year term with a balloon payment of 40% at maturity (COP17.8 billion, or $4.6 million). We began to
make principal payments in November 2021. As of December 31, 2023 and December 31, 2022 the interest rate on
the loan was 15.5% and 13.8%, respectively.
66
On
September 22, 2023, we negotiated a deferral of principal with Bancolombia, deferring all principal payments for seven months, beginning
on October 1, 2023. All the other terms and conditions of the loan with Bancolombia remained the same. A gain of $70,058 was recognized
as part of the modification of this debt facility and is included in financing costs in the consolidated statements of profit or loss
in the year ended December 31, 2023.
In
March 2021, we entered into two U.S. dollar denominated mortgage loan facilities with BAC Credomatic, S.A. for an aggregate amount of
$10.0 million for the financing of the acquisition of two operating properties in San José, Costa Rica. The loans had a fifteen-year
term and an annual interest rate of three-month LIBOR plus 423 basis point with a minimum interest rate of 5.0%. One of these loans was refinanced
with Banco Nacional de Costa Rica on April 28, 2023. As of December 31, 2022, the interest rate as of December 31, 2022 was 7.7%.
On
July 7, 2021, we entered into a U.S. dollar denominated mortgage loan facility of up to $45.5 million with Banco BAC San
José, S.A. on behalf of LatAm Parque Logístico San José - Verbena partnership. Proceeds will be used to finance
the construction of LatAm Parque Logístico San José - Verbena, a five-building class-A master-planned logistic park
totaling 829,898 square feet of net rentable area, in the Alajuelita submarket in San José, Costa Rica. The loan can be drawn
in multiple disbursements for up to approximately 60% of the total investment amount of the project. The mortgage loan has a term of
10 years with a 15-year amortization profile. The stated interest rate was the three-month LIBOR plus 423 basis points. In October
2022, the stated interest rate on the debt facility changed to the three-month Secured Overnight Financing Rate (SOFR) plus 378
basis points. The debt facility has an amortization grace period of 30 months and does not accrue any commitment fees. On March 1,
2023, we negotiated a reduced interest rate with BAC, reducing the interest rate from 3-month SOFR plus 378 basis points to 8.1% for
six months. On October 5, 2023, we negotiated to keep the reduced interest rate of 8.12% for six more months. As of December 31,
2023 and December 31, 2022, the interest rate on the loan was 8.1% and 7.6%, respectively.
On
February 16, 2022, we repaid one of the loans with BAC Credomatic due to the sale of the underlying property. The loan outstanding balance
at the time of the sale was $2,868,155 and we recognized a loss of $586 due to the extinguishment of the debt facility which is included
in financing costs in the consolidated statements of profit or loss. On March 1, 2023, we negotiated a reduced interest rate with BAC
Credomatic, S.A., reducing the interest rate from 3-month SOFR plus 378 basis points to 8.12% for six months. All the other terms and
conditions of the loan remained the same. A gain of $121,038 was recognized as part of the modification of this debt facility
and is included in financing costs in the condensed consolidated statements of profit or loss. On October 5, 2023, we negotiated to keep
the reduced interest rate of 8.12% for six more months. All the other terms and conditions of the loan remained the same. A
loss of $47,466 was recognized as part of the modification of this debt facility and is included in financing costs in the condensed
consolidated statements of profit or loss.
On
August 16, 2021, we entered into a U.S. dollar denominated mortgage loan of $7.0 million with Banco Promerica de Costa Rica, S.A. for
the purchase of an 118,403 square feet logistic facility located in the Coyol submarket in San José, Costa Rica. The loan has
a fifteen-year term. The stated interest rate is the U.S. Prime Rate plus 475 basis points. This loan was refinanced with Banco Nacional
de Costa Rica on April 28, 2023. As of December 31, 2022, the interest rate on the loan was 8.3%.
On
January 31, 2022, we entered into a U.S. dollar denominated mortgage loan of $2.4 million with Banco Davivienda de Costa Rica for the
acquisition of a container parking lot. The loan has a fifteen-year term. The loan bears an annual interest rate of U.S. Prime Rate plus
175 basis points. As part of the sale of related investment property, the purchaser of the investment property assumed the balance on
the loan on October 31, 2022.
As
of December 31, 2022, we have borrowed $1.0 million of a U.S. dollar denominated mortgage loan facility of up to $1.0 million with Banco
BAC San José, S.A. for the financing of the renovations in LatAm Bodegas San Joaquin. The loan matures on June 24, 2032. The loan
bears an annual interest rate at the U.S. Prime Rate plus 110 basis points with no minimum interest rate. This loan was refinanced with
Banco Nacional de Costa Rica on April 28, 2023. The interest rate as of December 31, 2022 was 7.4%.
67
On
April 28, 2023, we entered into four U.S. dollar denominated mortgage loans with Banco Nacional de Costa Rica for an aggregate amount
of $107,353,410. The loans have a twenty-five-year term. The loans bear a fixed annual interest rate for the first two years and a variable
rate thereafter. The interest rate as of December 31, 2023 was 5.9% for three of the loans and 6.4% for one loan.
On
August 25, 2023 and August 30, 2023, we entered into two new line of credit agreements with BTG Pactual Colombia S.A. for COP 15,000,000,000
and COP 10,000,000,000, respectively (approximately $3,679,266 and $2,433,042, respectively, at the date the transactions were initiated).
Interest is calculated and paid monthly at the rate of a one-month Colombian IBR plus 720 basis points. Principal repayment is due at
maturity, on August 25, 2024 and August 30, 2024, respectively. These debt agreements are guaranteed by the trust established for Latam
Logistic Col Propco Cota 1, where Banco BTG Pactual Colombia S.A is established as a guaranteed creditor, with three underlying properties
as collateral. As of December 31, 2023, the interest rate on the loans was 20.2%.
On
October 19, 2023, we entered into a new line of credit agreement with El Banco BBVA Perú for $2,000,000. The line of credit agreement
has a nominal rate of 14.45% fixed and an annual effective rate of 8.35%. The line of credit agreement matures in 9 months and follows
a monthly repayment schedule. This debt agreement is a senior unsecured loan and is not guaranteed by any of the properties of LPA. As
of the issuance date, the Company has fully drawn the line of credit.
On
November 1, 2023, we refinanced the debt outstanding with Banco Nacional de Costa Rica, S.A. ($7,373,460) with a mortgage loan denominated
in U.S. dollar with Davivienda de Costa Rica for an aggregate amount of $8,000,000. The new mortgage loan matures in 15 years. The loan
is subject to a fixed interest rate of 7.00% in the first year, and a rate of 6-month SOFR plus 2.4% adjustable monthly from the second
year onwards.
On
December 15, 2023, we entered into a mortgage loan with El Banco BBVA Perú for a total of $60,000,000. The mortgage loan consists
of two components: Tranche A and Tranche B. The Tranche A totaling $48,670,000 was used to refinance our existing debt with IFC. The
Tranche B totaling $11,330,000 is expected to finance our other real estate projects. Tranche A and B will mature in 10 years (with a
35% balloon payment for Tranche A) and carry a fixed interest rate of 8.5% and 8.4%, respectively.
Compliance
with Debt Covenants
The
loans described above are subject to certain affirmative covenants, including, among others, (i) reporting of financial information and
(ii) maintenance of corporate existence, the security interest in the properties subject to the loan and appropriate insurance for such
properties. In addition, the loans are subject to certain negative covenants that restrict our ability to, among other matters, incur
additional indebtedness under or create additional liens on the properties subject to the loans, change our corporate structure, make
certain restricted payments, enter into certain transactions with affiliates, or amend certain material contracts.
The
loans contain, among others, the following events of default: (i) non-payment; (ii) false representations; (iii) failure to comply with
covenants; (iv) inability to generally pay debts as they become due; (v) any bankruptcy or insolvency event; (vi) disposition of the
subject properties; and (vii) change of control of the subject properties.
As
of December 31, 2023, our only loan agreements requiring compliance with specific financial covenants were those loans with Bancolombia,
BAC Credomatic, and a loan agreement with Bank Davivienda entered into in November 2023. The agreements with Bancolombia require that the
borrower maintain a debt to service coverage ratio of at least 1.20x and a debt to equity ratio no greater than 58% debt to 42% equity.
The agreement with BAC Credomatic requires that the borrower maintains a debt to service coverage ratio of at least 1.20x and a total
liabilities debt to equity ratio no greater than 2:1. The agreement with Bank Davivienda requires a debt service coverage ratio of at
least 1.20x. We are required to report to our lenders compliance with the financial ratio debt covenants associated with the BAC Credomatic
on a quarterly basis, while the financial ratio debt covenants with Bancolombia and Bank Davivienda require semiannual compliance reporting.
Compliance with these covenants has been detailed within the Notes to the Consolidated Financial Statements for the period ending December
31, 2023.
68
During
the month of December 2023, we refinanced our loan with International Finance Corporation with a loan from El Banco BBVA Perú,
which requires semiannual compliance reporting beginning in June 2024. As of December 31, 2023, we were in compliance with our BAC Credomatic
covenants and had a waiver in place related to the debt service coverage ratio related to the Bancolombia loan covenant.
As
of December 31, 2022, we had instances of non-compliance with certain of our debt covenants. On November 22, 2022, we did not expect
to meet debt service coverage ratio covenants for the loan with Davivienda related to Latam Logistic CR Propco Alajuela I SRL, for the
year ended December 31, 2022. We applied for a covenant waiver on the same date, and the covenant waiver was successfully obtained on
February 17, 2023. Since the waiver was received subsequent to December 31, 2022, $48.1 million related to this debt was classified within
Long-term debt – current portion in the consolidated statement of financial position for the year ended December 31, 2022. Additional
breaches occurred in December 2022 relating to Latam Logistic COL PropCo Cota 1 S.A.S., due to the rising interest rates in Colombia.
The breaches related to Latam Logistic COL PropCo Cota 1 S.A.S.'s three debt facilities, two of which were with Bancolombia as lender
and one of which was with ITAU as lender. Although no communication of the breach was received from any of the lenders, in September 2023,
we negotiated a debt restructuring along with a covenant waiver for our debt facilities with Bancolombia. Meanwhile, the debt facility
with ITAU was paid in full through a sale of the mortgaged property to a subsidiary of Bancolombia. The subsidiary of Bancolombia provided
an advance of the payment directly to ITAU on August 31, 2023 in order to settle the outstanding debt, and the administrative transfer
process was initiated on September 27, 2023 and was completed in November 2023. Since the waiver was received subsequent to December
31, 2022, $39.2 million of this debt was classified as Long-term debt – current portion in the consolidated statement of financial
position as of December 31, 2022.
Capital
Expenditures
For
the year ended December 31, 2023, 2022, and 2021, we incurred capital expenditures totaling $28.4 million, $41.0 million, and $48.3 million,
respectively, in connection with construction projects to develop warehouses on the land acquired in Colombia, Peru, and Costa Rica.
Cash
Flows
The
following table summarizes our consolidated cash flows provided by (used in) operating, investing, and financing activities for the years
ended December 31, 2023, 2022, and 2021:
For
    the Year Ended December 31,
$
    Change
%
    Change
2023
2022
2021
2023
    vs 2022
2022
    vs 2021
2023
    vs 2022
2022
    vs 2021
Net cash generated
    by operating activities
$
17,199,470
$
19,611,145
$
9,852,251
$
(2,411,675
)
$
9,758,894
(12.3
)%
99.1
%
Net cash used in investing
    activities
(23,200,222
)
(36,483,936
)
(66,861,963
)
13,283,714
30,378,027
(36.4
)%
(45.4
)%
Net cash provided by financing
    activities
25,977,456
14,804,304
59,264,058
11,173,152
(44,459,754
)
75.5
%
(75.0
)%
Effects of exchange rate fluctuations
    on cash held
277,547
(303,754
)
(352,796
)
581,301
49,042
(191.4
)%
13.9
%
Net
    increase (decrease) in cash and cash equivalents
20,254,251
(2,372,241
)
1,901,550
22,626,492
(4,273,791
)
(953.8
)%
(224.8
)%
Cash and cash equivalents
    at the beginning of year
14,988,112
17,360,353
15,458,803
(2,372,241
)
1,901,550
(13.7
)%
12.3
%
Cash
    and cash equivalents at the end of year
$
35,242,363
$
14,988,112
$
17,360,353
$
20,254,251
$
(2,372,241
)
135.1
%
(13.7
)%
69
Cash
flows from operating activities
Cash
flows generated by operating activities for the year ended December 31, 2023 amounted to $17.2 million, a decrease of $2.4 million,
or 12.3%, compared to $19.6 million for the year ended December 31, 2022. Decrease in cash provided by operating activities was
primarily attributed to a decrease in cash due to an increase in payments for taxes of $6.2 million and contributed by a decrease
related to adjustments to other current assets of $0.3 million. Decrease in cash flows from operating activities are partially
offset by a decrease in cash paid for services received for managing the real estate and G&A expenses of $4.5 million, and an
increase in cash collected from rental income of $3.6 million.
Cash
flows generated by operating activities for the year ended December 31, 2022 amounted to $19.6 million, an increase of $9.8 million,
or 99.1%, compared to $9.9 million for the year ended December 31, 2021. This increase in cash provided by operating activities was primarily
due to an increase in cash inflows from the increase in cash revenue of $5.9 million from new properties that were previously under development
and began operating and were leased in 2022. In addition, there was an increase in cash inflows for a $3.8 million VAT receivable received
during 2022. This increase was offset by outflows for tenant improvements.
Cash
flows from investing activities
Cash
flows used in investing activities for the year ended December 31, 2023 amounted to $23.2 million, a decrease in cash use of $13.3 million,
or 36.4%, compared to $36.5 million for the year ended December 31, 2022. This was primarily due to a $12.6 million decrease in capital
expenditure on investment properties, a $6.1 million decrease in cash proceeds from sale of asset held for sale, offset by a $2.1 million
increase in cash proceeds from sale of investment properties and a $4.3 million decrease in cash provided to loans to affiliates.
Cash
flows used in investing activities for the year ended December 31, 2022 amounted to $36.5 million, a decrease in cash use of $30.4 million,
or 45.4%, compared to $66.9 million for the year ended December 31, 2021. This was primarily impacted by the cash paid for investment
properties acquisition of $22.4 million in the year ended December 31, 2021, the proceeds from sale of investment properties of $8.9
million in the year ended December 31, 2022, and a $7.3 million decrease in capital expenditure on investment properties partially offset
by an increase of $3.9 million in loans to tenants for leasehold improvement and an increase of $1.4 million in loans to affiliates.
Cash
flows from financing activities
Cash
flows provided by financing activities for the year ended December 31, 2023 amounted to $26.0 million, a increase of $11.2 million, or
75.5%, compared to cash flows provided by financing activities of $14.8 million for the year ended December 31, 2022. This was primarily
related to a $161 million increase in long-term debt borrowings, a $139.1 million increase in long-term debt repayment, a $1.1 million
increase in cash paid for raising debt, a $2.5 million increase in debt extinguishment cost paid, a $10.4 million increase in interest
and commitment fees paid, a $5.2 million increase in capital contributions from non-controlling partners, and a $2.5 million increase
in distributions to non-controlling partners.
Cash
flows provided by financing activities for the year ended December 31, 2022 amounted to $14.8 million, a decrease of $44.5 million, or
75.0%, compared to cash flows provided by financing activities of $59.3 million for the year ended December 31, 2021. This was primarily
related to a $34.4 million decrease in long-term debt borrowings, a $5.1 million increase in cash paid for interest and commitment fees,
a $3.4 million decrease in capital contributions from non-controlling partners, a $1.5 million increase in long term debt repayment and
a $1.0 million increase in distributions to non-controlling partners, offset by a $1.0 million decrease in cash paid for raising debt.
70
C.
Research
    and Development, Patents and Licenses, Etc.
Not
applicable.
D.
Trend
    Information
See
"Item 5.A. Operating and Financial Review and Prospects — Operating Results
".
In
addition to the information set forth in above sections, additional information about the trends affecting our business can be found
in "
Item 3.D. Key Information — Risk Factors
".
E.
Critical
    Accounting Estimates
Our
consolidated financial statements have been prepared in accordance with IFRS as issued by the IASB. The preparation of the consolidated
financial statements in accordance with IFRS requires the use of estimates and assumptions that affect the value of assets and liabilities — as
well as contingent assets and liabilities — as reported on the statements of financial position, and revenues and
expenses arising during the periods presented. We evaluate our assumptions and estimates on an ongoing basis. We base our estimates on
historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which
form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources.
Actual results may differ from these estimates under different assumptions or conditions.
For
more information, see Note 2 to our audited consolidated financial statements.
Valuation
of Investment Properties
Investment
properties are initially recognized at cost, and are subsequently measured at fair value. We engage external appraisers in order to obtain
an independent opinion on the market value of all our investments properties, including operating properties, properties under development
and land bank. Our management submits an updated rent roll of the investment property portfolio to the appraiser and provides them access
to the properties, leasing contracts and specific operating details of the portfolio.
The
independent appraiser uses a combination of valuation techniques such as the discounted cash flows approach, sales comparison approach,
and direct capitalization approach to value the investment properties. The valuation techniques used to estimate the fair value of our
investment properties rely on assumptions, which are not directly observable in the market, including discount rates, occupancy rates,
net operating income, and market rents. Our operating properties are primarily appraised using the discounted cash flows method and direct
capitalization method. Our properties under development are primarily appraised using discounted cash flows and direct capitalization
methods, adjusted by the net present value of the cost to complete and vacancy in the properties under construction. Our land bank is
primarily appraised using a combination of direct capitalization, discounted cash flow, sales comparison approach (or market approach).
T
o
review the appraisers' valuations, we leverage our familiarity with individual properties and regional portfolios, coupled with
insights in evaluating factors like interest rate fluctuations, turnover rates, and other judgment factors used in the valuation process.
We then evaluate the reasonableness of the results based on these criteria and compare the reported values to those from the previous
period to monitor changes. As part of the review process, we offer feedback concerning inconsistencies in factual information and inaccurate
statements, before the appraisal reports are finalized.
For
more information, see Note 12 to our audited consolidated financial statements for the year ended December 31, 2023 and 2022, filed with this Report. Our management believes
that the chosen valuation methodologies are appropriate for determining the fair value of the types of investment properties we own.
71
FMV
    as of December 31, 2023
#
    of Buildings
NRA
(1)
(sq ft)
Leased
    %
Occupied
    %
Land bank:
Owned
    properties
Colombia
$
24,100,446
4
1,090,215
n/a
n/a
Sub-total
24,100,446
4
1,090,215
n/a
n/a
Properties
    under right-of-use
(2)
Peru
619,976
3
878,025
n/a
n/a
Sub-total
619,976
3
878,025
n/a
n/a
Total
    land bank
24,720,422
7
1,968,240
n/a
n/a
Properties under development:
Owned
    properties
Peru
22,230,781
2
346,384
79.8
%
15.6
%
Costa
    Rica
10,891,000
1
157,692
68.6
%
0.0
%
Sub-total
33,121,781
3
504,076
76.3
%
10.7
%
Properties
    under right-of-use
Peru
12,260,000
1
165,915
85.0
%
0.0
%
Sub-total
12,260,000
1
165,915
85.0
%
0.0
%
Total
    properties under development
45,381,781
4
669,991
78.5
%
8.0
%
Operating properties:
Owned
    properties
Colombia
106,957,000
5
1,255,409
100.0
%
100.0
%
Peru
92,239,857
5
1,004,695
100.0
%
100.0
%
Costa
    Rica
(3)
244,873,221
18
2,358,702
100.0
%
100.0
%
Total
    operating properties
444,070,078
28
4,618,806
100.0
%
100.0
%
Total
    operating and properties under development
489,451,859
32
5,288,797
97.3
%
88.4
%
Total
$
514,172,281
39
7,257,037
n/a
n/a
FMV
                                            as of
December
                                            31,
2022
#
                                            of
Buildings
NRA
                                            (1)
(sq
                                            ft)
Leased
%
Occupied
%
Land bank:
Owned
    properties
Colombia
$
16,394,722
4
1,090,211
n/a
n/a
Peru
7,190,000
4
1,202,988
n/a
n/a
Costa
    Rica
6,155,000
1
168,208
n/a
n/a
Total
    land bank
29,739,722
9
2,461,407
n/a
n/a
Properties under development:
Properties
    under right-of-use
(2)
Peru
614,523
1
165,915
23.8
%
0.0
%
Sub-total
614,523
1
165,915
23.8
%
0.0
%
Owned
    properties
Colombia
20,708,910
2
399,148
100.0
%
40.4
%
Peru
9,793,481
1
122,752
14.8
%
0.0
%
Costa
    Rica
35,715,220
3
462,021
73.8
%
33.8
%
Sub-total
66,217,611
6
983,921
77.1
%
32.3
%
Total
    properties under development
66,832,134
7
1,149,836
69.4
%
27.6
%
Operating properties:
Owned
    properties
Colombia
70,645,712
4
1,144,099
100.0
%
100.0
%
Peru
87,523,052
5
1,004,692
100.0
%
100.0
%
Costa
    Rica
(3)
194,296,013
15
1,889,095
99.2
%
99.2
%
Total
    operating properties
352,464,777
24
4,037,886
99.6
%
99.6
%
Total
    operating and properties under development
419,296,911
31
5,187,722
92.9
%
83.7
%
Total
$
449,036,633
40
7,649,129
n/a
n/a
(1)
Square
    feet included for estimated potential building area in the land bank and buildings under development and operation.
(2)
Properties
    under right-of-use are mainly related to the investment properties developed on leased land. More specifically, they are associated
    with a land lease agreement the Parque Logistic Callao S.R.L. (Parque Logistic), a partnership entity controlled by us, entered into
    with Lima Airport Partners S.R.L. ("
LAP
") whereas Parque Logistic committed to lease a land parcel for a period
    of 30 years, with the intention of developing warehouses on the leased land. The amount includes the right-of-use asset associated
    with our access to a piece of land lot, as well as the capitalized construction costs.
(3)
As
    of December 31, 2023 and 2022, the operating properties in Costa Rica include patios and open-air rentable land totaling 521,275
    square feet, and 521,275 square feet, respectively, for the use of trailer parking and open-air warehousing. As of December 31, 2023
    and 2022, the patios and open-air rentable land had a fair value of $6,062,000, and $5,945,450, respectively, with a weighted average
    capitalization rate of 7.9%. The net rentable area (NRA) included in the table above excludes net rentable area of the patios or
    the open-air rentable land.
72
Item
6. Directors, Senior Management and Employees
A.
Directors and Senior Management
The
following table lists the names, ages and positions of the individuals who currently serve as directors and executive officers of LPA:
Name
Age
Position(s)
Esteban
    Saldarriaga
39
Chief
    Executive Officer
Annette
    Fernandez
47
Chief
    Financial Officer
Guillermo
    Zarco B.
49
Colombia
    Country Manager
Aris
    Stamatiadis
42
Costa
    Rica Country Manager
Alvaro
    Chinchayan
47
Peru
    Country Manager
Thomas
    McDonald
59
Director
Roger
    Lazarus
65
Director
Gloria
    Canales Saldaña
42
Director
Mauricio
    Salgar
54
Director
Diego
    Durruty
53
Director
Esteban
Saldarriaga
has served as the Chief Executive Officer of LLP since November 2022, following his tenure on the board of directors
from 2016 until his appointment as CEO. Mr. Saldarriaga assumed the role of Chief Executive Officer of LPA upon the consummation of the
Business Combination. Since 2019, Mr. Saldarriaga has been a member of the board of directors and the Investment Committee of Colombian
Healthcare Properties, a Jaguar Growth Partners portfolio company. Previously, he served as an Investments Principal, VP, and Associate
at Jaguar Growth Partners, a global investment management firm specializing in real estate operating companies in emerging markets. Before
that, he held several roles in the financial industry, including M&A Associate from 2013 to 2015 at a Latin American conglomerate
based in Lima, Grupo Gloria, working on cross-border acquisitions and integrations, and as an Investment Banking Analyst from 2010 to
2013 at J.P. Morgan's Advisory Group, based in Bogota, covering a broad array of sectors in Central and South America. Mr. Saldarriaga
holds an MBA from Columbia Business School in New York and a bachelor's and master's degree in Economics from Pontificia
Universidad Javeriana in Bogota, Colombia.
Annette
Fernandez
has served as Chief Financial Officer of LLP since 2017 and Chief Operating Officer of LLP since 2023 and assumed the same
roles at LPA upon the consummation of the Business Combination. Prior to her time at LLP, Ms. Fernandez spent 13 years at Prologis, a
real estate investment trust that invests in logistics facilities, and 5 years at PwC. Ms. Fernandez holds a bachelor's degree
in Accounting from University of Puerto Rico, Mayaguez.
Guillermo
Zarco
has served as Country Manager-Colombia of LLP since 2016 and assumed the same role at LPA upon the consummation of the Business
Combination. Prior to his time at LLP, Mr. Zarco spent 5 years as Logistic Portfolio Manager at Terranum. Mr. Zarco holds a bachelor's
degree in industrial engineering from Universidad de los Andes in Bogota, Colombia, and a master's degree in supply chain management
from University of Aix-en-Provence, France.
Aris
Stamatiadis
has served as Country Manager-Costa Rica and Regional Acquisitions Manager of LLP since 2015 and assumed the same roles
at LPA upon the consummation of the Business Combination. Since 2023, Mr. Stamatiadis has served as a member of the board of directors
of Deindustrial Inmobiliaria Limitada, Productos Maky S.A. and 3-101-837501 S.A. Prior to his time at LLP, Mr. Stamatiadis served as
General Manager for Colliers International. Aris holds a bachelor's degree in Finance and Commerce from Concordia University.
Alvaro
Chinchayán
has served as Country Manager-Peru of LLP since 2016 and assumed the same role at LPA upon the consummation of
the Business Combination. Prior to his time at LLP, Mr. Chinchayán served as general manager at BSF Almacenes del Perú
and Papelera Alfa. Mr. Chinchayán holds an MBA from Incae Business School and a degree in Civil Engineer from Ricardo Palma University
of Peru.
73
Thomas
McDonald
became a member of the LPA Board upon the consummation of the Business Combination and has served on the board of directors of LLP since 2021. Mr. McDonald is the co-founder of Jaguar Growth Partners Group, LLC and Jaguar
Growth Partners, LLC. Mr. McDonald has been Managing Partner of Jaguar Growth Partners Group, LLC as well as Managing Partner and
Head of Americas of Jaguar Growth Partners, LLC since their formation in 2013. Mr. McDonald has served as managing member of Jaguar
Growth Assets Management, LLC since 2013. In addition to serving on the board of directors of LLP, Mr. McDonald serves on the boards
of directors for Hoteles City Express (BMV: HCITY), Colombia Healthcare Properties, Opea Securitizadora SA, and Bresco, and
previously for Vesta (BMV: VESTA), Aliansce Sonae SA (BZ: ALSO3), Gafisa (NYSE: GFA), BR Malls (BZ: BRML3), Tenda (BZ: TNDA3),
Parque Arauco (SNSE: PARAUCO), Bracor, AGV Logistics, and Brazilian Finance and Real Estate. Before the creation of Jaguar Growth
Partners, Mr. McDonald served as Chief Strategic Officer of Equity International, LLC, where he was primarily responsible for
developing its collaborative, partner-oriented investment style through establishing, building and optimizing relationships, as well
as coordinating investment and portfolio management activities. From 1997 to 1999, Mr. McDonald was Executive Vice President of
Anixter International (NYSE: AXE) and was responsible for global sales. From 1993 to 1997, Mr. McDonald resided in Argentina and was
responsible for establishing operating businesses for Anixter in Brazil, Argentina, Chile, Venezuela and Colombia. Previously, Mr.
McDonald resided in Mexico and Puerto Rico, holding operating and business development leadership roles with American Airlines and
Quadrum SA de CV. Mr. McDonald is a member of the Emeritus Board of IES Abroad, and former member of the University of
Chicago's Booth School of Business Global Advisory Board. Mr. McDonald founded, and is President of the board of Coprodeli
USA, a non-profit supporting the integral development of Peru's impoverished. Mr. McDonald graduated from the University of
Notre Dame and received his MBA from the University of Chicago's Booth School of Business. Mr. McDonald has extensive
experience in private equity investing in emerging markets over the past 24 years and his extensive public company, private company
and non-for-profit board experience.
Roger
Lazarus
became a member of the LPA Board upon the consummation of the Business Combination and has served on the board of
directors of LLP since 2021, and has served as the chairperson of LLP's audit and compensation committees since March 2021. Mr. Lazarus
has also served as the Chief Financial Officer of Chain Bridge I, a special purpose acquisition company (Nasdaq: CBRG) since
November 2021, and has been a venture partner to Marcy Venture Partners and its portfolio companies since March 2020. In addition to
serving on the board of directors of LLP, Mr. Lazarus has served on the board of directors of Heliogen, Inc. (NYSE: HLGN) since
March 2023. From 1997 to 2019 he was a partner at Ernst & Young LPA, where he advised on acquisitions and investments for
corporate and private equity clients. During his career with Ernst & Young, he served in a variety of roles, including as the
Chief Operating Officer and board member of Ernst & Young's LatAm North region, where he managed internal operations and
oversaw financial and operating reporting for 13 countries from 2017 to 2019, as a managing partner and Chief Operating Officer of
Ernst & Young Colombia from 2013 to 2019, and as the managing partner of Ernst & Young´s West Region Transactions
service-line from 2006 to 2009. He is chair of the audit committee of the Goldman Environmental Foundation, the sponsor of the
annual Goldman Environmental Prize. Mr. Lazarus is a Chartered Accountant (ICAEW), holds a Bachelor of Arts degree with honors in
Economics from the University of York, England and completed the international certification of the Institute of Directors in
London, England in 2020. Mr. Lazarus possesses valuable financial and operational expertise across both developed and emerging
markets.
Gloria
Canales Saldaña
became a member of the LPA Board upon the consummation of the Business Combination and also serves as a
member of the board of directors of
Fundación Harvard en México
, where she has served since 2019. Ms. Canales
Saldaña also serves as a member of the advisory board of Samishop, a venture of Credicorp Peru, where she has served since
2023. Ms. Canales Saldaña is currently the Digital Director of Coppel, a privately owned retailer with a presence in Mexico
and Latin America. Previously, Ms. Canales Saldaña was the Marketing Director of Amazon Mexico and held various other
commercial roles at Amazon from 2014 to 2022. She holds a bachelor's degree in Economics from ITESM, as well as a degree in
International Business from the University of British Columbia. Ms. Canales Saldaña also holds an MBA from Harvard Business
School. Ms. Canales Saldaña possesses extensive knowledge of the Latin American market and experience in retail and
e-commerce.
Mauricio
Salgar
became a member of the LPA Board upon the consummation of the Business Combination and serves as an external advisor to
Advent International, a global private equity firm based in Bogota, Colombia. He previously served as Managing Director of Advent
International from October 2012 to December 2023. Mr. Salgar serves as a member of the board of directors of Holding Hotelera GHL, a
privately held company in Colombia and as a member of the board of directors of Grupo Aval Acciones Y Valores S.A. (NYSE: AVAL).
Previously, Mr. Salgar served as a member of the boards of directors of AI Inversiones Palo Alto II S.A.C. (CANVIA) from June 2017
to November 2023, Sophos Solutions S.A.S. from December 2020 to September 2023, Enjoy S.A. (SSE: ENJOY) from January 2018 to April
2021, Lifemiles B.V. from August 2015 to October 2021, Oleoducto Central S.A. "Ocensa" from January 2014 to February
2020 and Alianza Fiduciaria and Alianza Valores from January 2014 to April 2019. Mr. Salgar holds a Bachelor of Science degree in
Industrial Engineering from Universidad de los Andes in Bogota, Colombia, and an MBA from the MIT Sloan School of Management, and
has expansive experience in the Latin American region.
74
Diego
Durruty
became a member of the LPA Board upon the consummation of the Business Combination and has served as Executive Vice
President of Grupo Urbana, a real estate investment, development, and operations company based in Chile, since March 1996. Mr.
Durruty also serves as member of the board of directors of D'Barbers since March 2020 and B21 since October 2019. Mr. Durruty
has 28 years of professional experience in the real estate investment, development and operations industry in Chile and Latin
America. His institutional involvement with major real estate groups has provided him with insight into various verticals, including
mixed-use developments, multi-family properties, offices, shopping centers, self-storage, and parking facilities. Throughout his
career, Mr. Durruty has successfully acquired 14 companies, solidifying his position as a leader in the real estate industry. Mr.
Durruty pursued coursework in architecture and management at the Pontifical Catholic University of Chile, and has expansive
experience in the real estate industry.
Family
Relationships
There
are no family relationships between the directors or executive officers.
B.
Compensation
Under
Cayman Islands law, we are not required to disclose compensation paid to our senior management on an individual basis and we have not
publicly disclosed this information elsewhere.
For
the year ended December 31, 2023, we paid our executive officers and directors as a whole an aggregate of $1,550,470.
This amount is comprised of salaries, bonuses, and non-cash benefits.
Logistic
Properties of the Americas Equity Incentive Plan
The
Company has adopted the Logistic Properties of the Americas Equity Incentive Plan filed as Exhibit 4.5 to this Report (the "
Equity
Incentive Plan
") in order to give the Company a competitive advantage in attracting, retaining, awarding and motivating directors,
officers, employees and consultants by granting equity and equity-based awards. The Equity Incentive Plan permits the grant of options
to purchase Ordinary Shares, stock appreciation rights, restricted stock, restricted stock unit awards, performance-based awards, and
other equity-based awards, in each case, in respect of Ordinary Shares and cash incentive awards, thus enhancing the alignment of employee
and shareholder interests.
As
of the date of this Report, no awards have been granted under the Equity Incentive Plan.
C.
Board Practices
Board
Composition
The
size of the LPA Board is seven (7) directors, with five (5) directors currently appointed and two (2) vacancies. At each annual general
meeting, each of the Directors of the relevant class, the term of which shall then expire, shall be eligible for re-election to the Board
for a period of three years.
The
LPA directors are divided among the three classes as follows:
●
the
    Class I director is Diego Durruty and his term will expire at the first annual general meeting;
●
the
    Class II directors are Roger Lazarus and Mauricio Salgar and their terms will expire at the second annual general meeting; and
●
the
    Class III directors are Thomas McDonald and Gloria Canales Saldaña and their terms will expire at the third annual general
    meeting.
As
a result of the staggered board, only one class of directors will be appointed at each annual general meeting, with the other classes
continuing for the remainder of their respective terms.
75
Director
Independence
The
LPA Board has determined that each of the directors (other than Mr. McDonald) qualifies as an independent director, as defined under
listing rules of NYSE American, and the LPA Board consists of a majority of "independent directors," as defined under the
rules of the SEC and the listing rules of NYSE American relating to director independence requirements. In addition, LPA is subject to
the rules of the SEC and NYSE American relating to the membership, qualifications, and operations of the audit committee, as discussed
below.
Role
of the Board in Risk Oversight
One
of the key functions of the LPA Board is informed oversight of LPA's risk management process. The LPA Board administers this oversight
function directly through the board as a whole, as well as through various standing committees of the board that address risks inherent
in their respective areas of oversight. In particular, the LPA Board is responsible for monitoring and assessing strategic risk exposure
and the audit committee is responsible for considering and discussing LPA's major financial risk exposures and the steps its management
should take to monitor and control such exposures, including guidelines and policies to govern the process by which risk assessment and
management is undertaken. The audit committee also monitors compliance with legal and regulatory requirements. The compensation committee
also assesses and monitors whether LPA's compensation plans, policies and programs comply with applicable legal and regulatory
requirements.
Duties
of Directors
Under
Cayman Islands law, LPA's directors owe fiduciary duties to LPA, including a duty of loyalty, a duty to act honestly, and a duty
to act in what they consider in good faith to be in LPA's best interests. LPA's directors must also exercise their powers
only for a proper purpose. LPA directors also owe to LPA a duty to act with skill and care that a reasonably prudent person would exercise
in comparable circumstances. In fulfilling their duty of care to LPA, the directors must ensure compliance with the Charter, as amended and restated from time to time. LPA has
the right to seek damages if a duty owed by its directors is breached. In limited exceptional circumstances, a shareholder may have the
right to seek damages in LPA's name if a duty owed by its directors is breached.
The
functions and powers of the LPA Board include, among others:
●
conducting
    and managing the business of LPA;
●
representing
    LPA in contracts and deals;
●
appointing
    attorneys for LPA;
●
selecting
    senior management such as managing directors and executive directors;
●
providing
    employee benefits and pension;
●
convening
    shareholders' annual general meetings and reporting its work to shareholders at such meetings;
●
declaring
    dividends and distributions;
●
exercising
    the borrowing powers of LPA and mortgaging the property of LPA;
●
approving
    the transfer of shares of LPA, including the registering of such shares in LPA's register of members; and
●
exercising
    any other powers conferred by the shareholders of LPA under the Proposed Charter, as it may be amended from time to time.
Board
Committees
The
LPA Board has the authority to appoint committees to perform certain management and administration functions. The LPA Board has established
an audit committee, a compensation committee, and a nominating and corporate governance committee. The composition and responsibilities
of each committee are described below. Members will serve on these committees until their resignation or until otherwise determined by
the LPA Board. Copies of the charters for each committee are available on the investor relations portion of LPA's website.
76
Audit
Committee
The
audit committee consists of Messrs. Lazarus and Durruty and Ms. Canales Saldaña, and Mr. Lazarus serves as the chair of the audit
committee. Mr. Lazarus satisfies the criteria of an audit committee financial expert as set forth under the applicable rules of the SEC.
Each of Messrs. Lazarus and Durruty and Ms. Canales Saldaña satisfy the requirement for an "independent director"
within the meaning of the NYSE American listing rules and the criteria for independence set forth in Rule 10A-3 of the Exchange Act and
is expected to be financially literate. In arriving at such determination, the LPA Board examined each audit committee member's
scope of experience and the nature of their prior and/or current employment. Both LPA's independent registered public accounting
firm and management will periodically meet privately with the audit committee.
The
functions of this committee include, among other things:
●
evaluating
    the performance, independence and qualifications of LPA's independent auditors and determining whether to retain LPA's
    existing independent auditors or engage new independent auditors;
●
reviewing
    LPA's financial reporting processes and disclosure controls;
●
reviewing
    and approving the engagement of LPA's independent auditors to perform audit services and any permissible non-audit services;
●
reviewing
    the adequacy and effectiveness of LPA's internal control policies and procedures, including the effectiveness of LPA's
    internal audit function;
●
reviewing
    with the independent auditors the annual audit plan, including the scope of audit activities and all critical accounting policies
    and practices to be used by LPA;
●
obtaining
    and reviewing at least annually a report by LPA's independent auditors describing the independent auditors' internal
    quality control procedures and any material issues raised by the most recent internal quality-control review;
●
monitoring
    the rotation of LPA's independent auditor's lead audit and concurring partners and the rotation of other audit partners
    as required by law;
●
prior
    to engagement of any independent auditor, and at least annually thereafter, reviewing relationships that may reasonably be thought
    to bear on their independence, and assessing and otherwise taking the appropriate action to oversee the independence of LPA's
    independent auditor;
●
reviewing
    LPA's annual and quarterly financial statements and reports, including the disclosures contained in Item 5, and discussing
    the statements and reports with LPA's independent auditors and management;
●
reviewing
    with LPA's independent auditors and management significant issues that arise regarding accounting principles and financial
    statement presentation and matters concerning the scope, adequacy, and effectiveness of our financial controls and critical accounting
    policies;
●
reviewing
    with management and LPA's auditors any earnings announcements and other public announcements regarding material developments;
●
establishing
    procedures for the receipt, retention and treatment of complaints received by LPA regarding accounting, internal accounting controls,
    auditing or other matters;
●
reviewing
    LPA's major financial risk exposures, including the guidelines and policies to govern the process by which risk assessment
    and risk management is implemented; and
●
reviewing
    and evaluating the audit committee charter annually and recommending any proposed changes to the LPA Board.
The
composition and function of the audit committee complies with all applicable requirements of the Sarbanes-Oxley Act and all applicable
SEC and NYSE American rules and regulations.
77
Compensation
Committee
LPA's
compensation committee consists of Messrs. McDonald, Salgar and Durruty. Mr. Salgar serves as the chair of the compensation committee.
The LPA Board has determined that each of the members of the compensation committee is a non-employee director, as defined in Rule 16b-3
promulgated under the Exchange Act and, other than Mr. McDonald, each of the members satisfies the independence requirements of NYSE
American. The functions of the committee include, among other things:
●
reviewing
    and approving the corporate objectives that pertain to the determination of executive compensation;
●
reviewing
    and approving the compensation and other terms of employment of LPA's executive officers;
●
reviewing
    and approving performance goals and objectives relevant to the compensation of LPA's executive officers and assessing their
    performance against these goals and objectives;
●
making
    recommendations to the LPA Board regarding the adoption or amendment of equity and cash incentive plans and approving amendments
    to such plans to the extent authorized by the LPA Board;
●
reviewing
    and making recommendations to the LPA Board regarding the type and amount of compensation to be paid or awarded to non-employee board
    members;
●
reviewing
    and assessing the independence of compensation consultants, legal counsel and other advisors as required by Section 10C of the Exchange
    Act;
●
administering
    equity incentive plans, to the extent such authority is delegated by the LPA Board;
●
reviewing
    and approving the terms of any employment agreements, severance arrangements, change in control protections and any other compensation,
    perquisites and special or supplemental benefits for executive officers;
●
reviewing
    with management LPA's disclosures under the caption "Compensation Discussion and Analysis" in periodic reports
    to be filed with the SEC to the extent such caption is included in any such report;
●
reviewing
    and evaluating the compensation committee charter annually and recommending any proposed changes to the LPA Board.
Nominating
and Corporate Governance Committee
LPA's
nominating and corporate governance committee consists of Messrs. McDonald, Lazarus and Ms. Canales Saldaña. Mr. McDonald serves
as the chair of the nominating and corporate governance committee. The LPA Board has determined that, other than Mr. McDonald, each of
the members of the nominating and corporate governance committee satisfies the requirements for an "independent director"
within the meaning of the NYSE American listing rules. The functions of this committee include, among other things:
●
identifying,
    reviewing and making recommendations of candidates to serve on the LPA Board;
●
evaluating
    the performance of the LPA Board, committees of the LPA Board and individual directors and determining whether continued service
    on the LPA Board is appropriate;
●
evaluating
    nominations by shareholders of candidates for election to the LPA Board;
●
evaluating
    the current size, composition and organization of the LPA Board and its committees and making recommendations to the LPA Board for
    approvals;
●
developing
    a set of corporate governance policies and principles and recommending to the LPA Board any changes to such policies and principles;
●
reviewing
    issues and developments related to corporate governance and identifying and bringing to the attention of the LPA Board current and
    emerging corporate governance trends; and
●
reviewing
    periodically the nominating and corporate governance committee charter, structure and membership requirements and recommending any
    proposed changes to the LPA Board.
Limitation
on Liability and Indemnification of Directors and Officers
Cayman
Islands law does not limit the extent to which a company's memorandum and articles of association may provide for indemnification
of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public
policy, such as to provide indemnification against willful default, fraud or the consequences of committing a crime. The Charter provides
for indemnification of LPA's officers and directors to the maximum extent permitted by law, including for any liability incurred
in their capacities as such, except through their own actual fraud, willful default or willful neglect. LPA has also purchased a policy
of directors' and officers' liability insurance that insures LPA's officers and directors against the cost of defense,
settlement or payment of a judgment in some circumstances and will insure LPA against its obligations to indemnify its officers and directors.
78
D.
Employees
As
of December 31, 2023, we had a total of 23 employees, including 13 employees in Costa Rica, 5 employees in Colombia and 5 employees in
Peru. We outsource our construction, engineering and project management and related activities, as well as maintenance of our properties,
to third parties. As of December 31, 2023, none of our employees were affiliated with labor unions.
E.
Share Ownership
Ownership
of the Company's shares by its directors and executive officers is set forth in Item 7.A and Item 6.B (equity compensation) of
this Report.
F.
Disclosure of a Registrant's Action to Recover Erroneously Awarded Compensation
Not
applicable.
Item
7. Major Shareholders and Related Party Transactions
A.
Major Shareholders
The
following table sets forth information regarding the beneficial ownership of Ordinary Shares as of the date hereof by:
●
each
    person known by us to be the beneficial owner of more than 5% of outstanding Ordinary Shares;
●
each
    of our directors and executive officers; and
●
all
    our directors and executive officers as a group.
Beneficial
ownership is determined according to the rules of the SEC, which generally provide that a person has beneficial ownership of a security
if that person possesses sole or shared voting or investment power over that security. A person is also deemed to be a beneficial owner
of securities that person has a right to acquire within 60 days including, without limitation, through the exercise of any option, warrant
or other right or the conversion of any other security. Such securities, however, are deemed to be outstanding only for the purpose of
computing the percentage beneficial ownership of that person but are not deemed to be outstanding for the purpose of computing the percentage
beneficial ownership of any other person. Under these rules, more than one person may be deemed to be a beneficial owner of the same
securities.
79
As
of the date hereof, there are 31,709,747 Ordinary Shares issued and outstanding.
Unless
otherwise indicated, we believe that all persons named in the table below have sole voting and investment power with respect to all Ordinary
Shares beneficially owned by them.
Name and Address of Beneficial Owner
Number of
Ordinary Shares
% of
Ordinary Shares
Directors and Executive Officers Post-Business Combination
(1)
:
Esteban Saldarriaga
-
-
Annette Fernandez
-
-
Guillermo Zarco B.
-
-
Aris Stamatiadis
-
-
Alvaro Chinchayan
-
-
Thomas McDonald
(2)
26,312,000
83.0
%
Roger Lazarus
-
-
Gloria Canales Saldaña
-
-
Mauricio Salgar
-
-
Diego Durruty
-
-
All directors and executive officers of LPA post-Business Combination as a group
26,312,000
83.0
%
Other 5% Shareholders Post-Business Combination:
HC PropTech Partners III LLC
(3)(4)
2,130,693
6.7
%
JREP I Logistics Acquisition, LP
(5)
26,312,000
83.0
%
(1)
Unless otherwise noted, the business address of each of the following entities or individuals is c/o Logistic Properties of the Americas,
Plaza Tempo, Edificio B Oficina B1, Piso 2 San Rafael de Escazú, San José, Costa Rica.
(2)
Represents shares held by JREP I Logistics Acquisition, LP (see footnote 5 below) and Latam Logistic Equity Partners, LLC. Latam Logistic
Equity Partners is managed by JREP I Logistics Acquisition, LP. Thomas McDonald disclaims beneficial ownership of the reported securities
other than to the extent of any pecuniary interest he may have therein, directly or indirectly.
(3)
Mr. Thomas D. Hennessy exercises voting and investment control over LPA shares that are held by HC PropTech Partners III LLC.
(4)
The business address of the reporting person is 195 US HWY 50, Suite 208, Zephyr Cove, NV 89448.
(5)
Represents shares held by JREP I Logistics Acquisition, LP, Jaguar Real Estate Partners, LP, and Latam Logistic Equity Partners, LLC.
Latam Logistic Equity Partners is managed by JREP I Logistics Acquisition, LP. JREP I Logistics Acquisition, LP and Jaguar Real Estate
Partners, LP are investment funds managed by JREP GP, LLC. JREP GP, LLC is managed by Jaguar Growth Partners Group LLC, managing members
of which are Gary R. Garrabrant and Thomas McDonald, who share equally in the voting and investment discretion with respect to investments
held by such funds. Gary R. Garrabrant and Thomas McDonald disclaim beneficial ownership of the reported securities other than to the
extent of any pecuniary interest they may have therein, directly or indirectly. The business address of the reporting person is 601 Brickell
Key Drive, Suite 700, Miami, FL 33131.
Significant
Changes in Ownership
To
our knowledge, other than as disclosed in this annual report and in our other filings with the SEC, there has been no significant change
in the percentage of ownership held by any major shareholder since the consummation of the Business Combination.
Registered
Holders
Based
on a review of the information provided to us by our Transfer Agent, as of April 23, 2024 there were 44 registered holders of our Ordinary
Shares, 34 of which were United States registered holders holding a total of 27,696,422 Ordinary Shares, representing approximately 87%
of our total outstanding shares.
80
B.
Related Party Transactions
Loan Receivables from Affiliates
On June 25, 2015, we entered into
an agreement with Latam Logistic Investments LLC ("LLI") to provide loans to LLI to meet certain tax obligations. LLI is wholly-owned
by one of the prior executives of LLP and was the owner of 8.0% of the equity of LLP at the time. In July 2020, we increased the notes
receivable from LLI from $3,015,000 to $4,165,000 and extended the term to December 31, 2023. In June 2021, we increased the notes receivable
from LLI from $4,165,000 to $4,850,000. In May 2022, we increased the notes receivable from LLI from $4,850,000 to $6,950,000. The expiration
of the term remained as December 31, 2023. As of December 31, 2023, the notes receivable had a fixed interest rate of 9.0%. The main terms
of the notes receivable were payment of the balance at maturity, including interest receivable, the possibility of early payments without
penalty, pledge of ordinary shares as collateral and a promissory note. As of December 31, 2023, the notes receivable balance, including
accrued interest, was $9,463,164. The loan receivable was considered settled on the Closing Date, in accordance with an assignment agreement
entered into between LLP and LLI. See Note 25 of our audited consolidated financial statements for more information.
Management and Advisory Services
We paid Jaguar Growth Partners
LLC $554,571 for management and advisory services provided to us during the year ended December 31, 2023. On May 12, 2023, and effective
as of November 17, 2022, we entered into an agreement with Jaguar Growth Partners LLC to pay $50,000 per quarter for management advisory
services related to compensation for Esteban Saldarriaga, LLP's Chief Executive Officer.
We reimburse our executives for
reasonable travel-related expenses incurred while conducting business on our behalf.
Legal Services
Ramirez & Cardona Abogados,
whose managing partner was an LPA board member and an LLP board member prior to the consummation of the Business Combination, provided
legal services to us at a cost of $87,689 for the year ended December 2023.
Transactions
Related to the Business Combination
Certain
other related agreements have been entered into in connection with the Business Combination. This section describes the material provisions
of certain additional agreements entered into pursuant to the Business Combination (the "
Related Agreements
") but
does not purport to describe all of the terms thereof. The following summary is qualified in its entirety by reference to the complete
text of each of the Related Agreements, and you are urged to read such Related Agreements in their entirety.
Registration
Rights Agreement
At
the time of the closing of the Business Combination, certain LLP shareholders entered into a registration rights agreement (the "
Registration
Rights Agreement
") dated March 27, 2024 with LPA, pursuant to which, among other matters, such LLP Shareholders were granted
substantially the same priorities and registration rights as the Sponsor and other "Holder" parties under the Founder Registration
Rights Agreement, as amended by the Founder Registration Rights Agreement Amendment, and which Registration Rights Agreement became effective
as of the Closing.
Founder
Registration Rights Agreement Amendment
At
the time of the closing of the Business Combination, LPA, TWOA and the Sponsor entered into an amendment (the "
Founder Registration
Rights Agreement Amendment
") dated March 27, 2024, to the registration rights agreement entered into by TWOA, the Sponsor and
the other parties thereto at the time of TWOA's IPO (the "
Founder Registration Rights Agreement
"). Pursuant
to the Founder Registration Rights Agreement Amendment, the Founder Registration Rights Agreement was amended to, among other things,
add LPA as a party and to reflect the issuance of Ordinary Shares pursuant to the Business Combination Agreement, reconcile with the
provisions of the Registration Rights Agreement, and to provide that, notwithstanding that the other provisions of the Founder Registration
Rights Agreement and the Registration Rights Agreement provide substantially the same rights and priorities to holders of registrable
securities under such agreements, LPA is not required to effect or permit any registration, or cause any registration statement to become
effective, with respect to any registrable securities held by any holder of the Ordinary Shares into which the Founder Shares were converted
until after the expiration of 18 months following the Closing.
Amendment
to Insider Letter Agreement
Simultaneously
with the execution and delivery of the Business Combination Agreement, TWOA, the Sponsor, the two sponsor, and certain other TWOA shareholders
and, by a joinder agreement, LPA, entered into an amendment (the "
Amendment to Letter Agreement
") to the insider letter
agreement entered into in connection with TWOA's initial public offering (the "
Insider Letter
") dated as of
August 15, 2023. The Amendment to Letter Agreement (i) added LPA as a party to the Insider Letter, (ii) revised the terms of the Insider
Letter to reflect the transactions contemplated by the Business Combination Agreement, including the issuance of Ordinary Shares in exchange
for the TWOA Ordinary Shares, (iii) amended the terms of the lock-up set forth in the Insider Letter to conform with the lock-up terms
in the Lock-Up Agreement dated as of August 15, 2023 by and among TWOA, the Sponsor, two sponsor, each of the shareholders of TWOA listed
on the signature pages thereto, and, by joinder agreement LPA, and (iv) provided LLP with the ability to enforce, prior to the Closing,
the lock-up and voting provisions of the Insider Letter.
Second
Amendment to Insider Letter Agreement
At
the time of the Closing of the Business Combination, TWO, the Sponsor, two sponsor, and each of the holders listed on the signature pages
thereto entered into a second amendment (the "
Second Amendment to the Letter Agreement
") to the Insider Letter dated
as of March 27, 2024 in order to amend the terms of the lock-up set forth therein. Pursuant to the Second Amendment to the Letter Agreement,
the parties agreed not to transfer the restricted securities during the period commencing from the Closing and ending on the 18-month
anniversary of the Closing or earlier, if LPA consummates a third-party tender offer, stock sale, liquidation, merger, share exchange
or other similar transaction with an unaffiliated third party that results in all of LPA's shareholders having the right to exchange
their equity holdings in LPA for cash, securities or other property.
81
Lock-Up
Agreement
Simultaneously
with the execution and delivery of the Business Combination Agreement, the majority LLP Shareholder entered into a Lock-Up Agreement
with TWOA and by a joinder agreement, LPA (the "
Lock-Up Agreement
") dated as of August 15, 2023. Pursuant to the Lock-Up
Agreement, such LLP shareholder agreed not to, during the period commencing from the Closing and ending on the 12-month anniversary of
the Closing or earlier, if LPA consummates a third-party tender offer, stock sale, liquidation, merger, share exchange or other similar
transaction with an unaffiliated third party that results in all of LPA's shareholders having the right to exchange their equity
holdings in LPA for cash, securities or other property (and, with respect to 50% of such restricted securities, subject to early release
if the last trading price of the Ordinary Shares equals or exceeds $12.50 for any 20 Trading Days within any 30 Trading Day period commencing
at least 180 days after the Closing): (i) lend, offer, pledge, assign, sell, contract to sell, sell any option or contract to purchase,
purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly
or indirectly, any restricted securities, (ii) enter into any swap or other arrangement that transfers to another, in whole or in part,
any of the economic consequences of ownership of such restricted securities, or (iii) publicly disclose the intention to do any of the
foregoing, whether any such transaction described in clauses (i) or (ii) above is to be settled by delivery of the restricted securities
or other securities, in cash or otherwise (in each case, subject to certain limited permitted transfers, provided that the transferred
shares will continue to be subject to the Lock-Up Agreement).
C.
Interests
    of Experts and Counsel
Not
    applicable.
Item
8: Financial Information
A.
Consolidated
    Statements and Other Financial Information
The
historical operations of LLP prior to the Business Combination are deemed to be those of the Company. Thus, the financial statements
included in this Report reflect the historical operating results of LLP prior to the closing of the Business Combination. The
audited financial statements as of December 31, 2023 and 2022, and for the years ended December 31,
2023, 2022, 2021, included in this Report have been prepared in accordance with IFRS, which we refer to as our financial
statements. See Item 18 of this Report for financial statements and other financial information.
Legal
Proceedings
The
Company may, from time to time, and may in the future be, a party to certain claims and legal proceedings incidental to the normal course
of the Company's business. From time to time, LPA may be involved in various legal proceedings and subject to claims that arise
in the ordinary course of business. Although the results of litigation and claims are inherently unpredictable and uncertain, LPA is
not currently a party to any legal proceedings the outcome of which, if determined adversely to LPA, are believed to, either individually
or taken together, have a material adverse effect on its business, operating results, cash flows or financial condition. Regardless of
the outcome, litigation has the potential to have an adverse impact on us because of defense and settlement costs, diversion of management
resources, and other factors.
From
time to time, we have been and in the future may become involved in litigation, investigations and other legal or administrative proceedings
relating to claims arising from our operations, either in the normal course of business or not, or arising from violations or alleged
violations of laws, regulations or acts. These may include, for example, tax assessments, claims relating to employee or employment matters,
intellectual property matters, regulatory matters, contract, advertising and other claims, including proceedings with probable, possible
and remote risks of loss.
82
In
Peru, we have occasionally been a party to, and may also be in the future, party to administrative proceedings related to compliance
with regulations on the protection of trademarks, notices, trade names, logos, and, in general, any distinctive sign owned by the company
(Legislative Decree 1075, which approves Complementary Provisions to Decision 486 of the Andean Community Commission establishing the
Common Regime on Industrial Property). Similarly, in the normal course of business, we may be affected by advertising practices that
damage the company's reputation, i.e., behaviors that qualify as acts of unfair competition, in accordance with the regulations
set forth in Legislative Decree 1044, Unfair Competition Repression Act.
Our
provisions are recorded pursuant to accounting rules, based on an individual analysis of each contingency by our internal and external
legal counsel. We constitute provisions for proceedings that our external counsel evaluates as having a probable risk of loss. In cases
where unfavorable decisions in claims involve substantial amounts, or if the actual losses are significantly higher than the provisions
constituted, the aggregate cost of unfavorable decisions could have a significantly adverse effect on both our financial condition and
operating results. Moreover, our management may be forced to dedicate time and attention to defend against these claims, which could
prevent it from concentrating on our core business. Therefore, we cannot assure you that these or any of our other regulatory matters
and legal proceedings, including any that may arise in the future, will not harm our reputation or materially affect our ability to conduct
our business in the manner that we expect or otherwise materially adversely affect us should an unfavorable ruling occur, which could
have a material adverse effect on our business, financial condition, results of operations and prospects.
As
of December 31, 2023 and December 31, 2022, we provisioned $0.2 million and $0.3 million, respectively, to legal proceedings to which we were a party. Legal proceedings
are inherently unpredictable and subject to significant uncertainties. If one or more legal proceedings in which we are currently involved
or may come to be involved were to result in a judgment against us in any reporting period for amounts that exceeded our management's
expectations, the impact on our results of operations or financial condition for that reporting period could be material.
Dividend
Policy
The
LPA Board may from time to time declare dividends (including interim dividends) in accordance with the respective rights of the
shareholders if it appears to the LPA Board that such dividends are justified by LPA's financial position and that such
dividends may lawfully be paid. LPA has not paid any cash dividends on its shares to date. The LPA Board has not adopted a dividend
policy with respect to payment of any future dividends.
The
payment of cash dividends in the future will be dependent upon LPA's revenues and earnings, if any, capital requirements and
general financial condition of LPA. The payment of any cash dividends will be within the discretion of the LPA Board at such time, and LPA will only pay such
dividend out of its profits or share premium (subject to solvency requirements) as permitted under Cayman Islands law. Dividends may be paid either in cash or otherwise.
Under
the laws of the Cayman Islands, a Cayman Islands exempted company may pay a dividend on its shares out of either profit or the share
premium account, provided that in no circumstances may a dividend be paid if following such payment the exempted company would be
unable to pay its debts as they fall due in the ordinary course of business. No dividend shall be paid otherwise than out of profits
or, subject to the requirements of the Companies Act and listing rules of the applicable stock exchange, the share premium
account.
If
several persons are registered as joint holders of any share, any of them may give valid receipts for any dividend or other monies payable
on or in respect of the share. Unless provided for by the rights attached to a share, no dividend shall bear interest against LPA.
B.
Significant
    Changes
Except
as disclosed elsewhere in this Report, no significant change has occurred since the date of the Annual Financial Statements.
83
Item 9. The Offer and Listing
A.
Offer
    and Listing Details
Not
    applicable except for Item 9.A.4.
Markets
Our
Ordinary Shares commenced trading on NYSE American on March 28, 2024. Prior to that, there was no public trading market for our Ordinary
Shares.
B.
Plan
    of Distribution
Not
    applicable.
C.
Markets
Ordinary
    Shares are listed on NYSE American under the ticker symbol "LPA."
D.
Selling
    Shareholders
Not
    applicable.
E.
Dilution
Not
    applicable.
F.
Expenses
    of the Issue
Not
    applicable.
Item
10. Additional Information
A.
Share
    Capital
Not
    applicable.
B.
Memorandum
    and Articles of Association
LPA
is a Cayman Islands exempted company and its affairs are governed by its Amended and Restated Memorandum and Articles of Association
(the "
Charter
"), the Companies Act and other legislation and common law of the Cayman Islands. As provided in the
Charter, subject to the Companies Act, LPA's objects are unrestricted and it has unrestricted corporate capacity to carry on or
undertake any business or activity, do any act or enter into any transaction.
Pursuant
to the Charter, LPA is authorized to issue 450,000,000 Ordinary Shares and 50,000,000 preference shares, $0.0001 par value each (the
"
Preference Shares
"). The following are summaries of material provisions of the Charter insofar as they relate to
the material terms of the LPA Ordinary and Preference Shares. The full Charter is incorporated by reference to Exhibit 3.1 to LPA's
Shell Company Report on Form 20-F (File No. 333-275972) filed with the SEC on March 29, 2024.
Ordinary
Shares
Ordinary
shareholders of record are entitled to one vote for each share held on all matters to be voted on by shareholders. Voting at any meeting
of shareholders shall be decided on a poll. A poll shall be taken in such manner as the chairperson of the meeting directs, and the result
of the poll shall be deemed to be the resolution of the meeting at which the poll was demanded. In the case of an equality of votes,
the chairperson of the meeting shall be entitled to exercise a casting vote.
Unless
specified in the Charter, or as required by applicable provisions of the Companies Act or applicable stock exchange rules, the
affirmative vote by ordinary resolution, being a resolution passed at a general meeting of shareholders by a simple majority of the
votes cast by, or on behalf of, the shareholders entitled to vote at such general meeting, is required to approve any such matter
voted on by LPA shareholders. Approval of certain actions will require a special resolution under Cayman Islands law and pursuant to
the Charter, being a resolution passed at a general meeting of shareholders by a majority of at least two-thirds (2/3) of such
shareholders as, being entitled to do so, vote in person or by proxy at such general meeting. Such actions include amending the
Charter and approving a statutory merger (other than with certain subsidiaries of LPA) or consolidation with another
company.
84
LPA
may by ordinary resolution appoint or remove any director. The LPA Board may also appoint any person as a director, either to fill a
vacancy or as an additional director. The LPA Board is divided into three classes. The term of only one class of directors expires each
year and each class (except for those directors appointed prior to LPA's first annual general meeting) serves a three-year term.
There is no cumulative voting with respect to the appointment of directors, with the result that the holders of more than 50% of the
shares voted for the appointment of directors can appoint all of the directors. As an exempted company incorporated in the Cayman Islands,
there is no requirement under the Companies Act for LPA to hold annual or extraordinary general meetings to appoint directors.
The
Ordinary Shares are not entitled to pre-emptive rights, and are not subject to conversion, redemption or sinking fund provisions. LPA
shareholders are entitled to receive ratable dividends when, as and if declared by the LPA Board out of funds legally available therefor.
Preference
Shares
The
Charter authorizes 50,000,000 Preference Shares. Subject to the limitations set out below, the LPA Board is authorized to issue shares
with or without preferred, deferred or other special rights or restrictions whether in regard to dividend, voting, return of capital
or otherwise. Accordingly, the LPA Board is able to, without shareholder approval, issue Preference Shares with voting and other rights
that could adversely affect the voting power and other rights of the holders of the Ordinary Shares and could have anti-takeover effects.
The issuance of Preference Shares, while providing flexibility in connection with possible acquisitions and other corporate purposes,
could, among other things, have the effect of delaying, deferring or preventing a change in control of LPA and might adversely affect
the market price of Ordinary Shares and the voting and other rights of the holders of Ordinary Shares.
As
of the consummation of the Business Combination, no Preference Shares are outstanding. Although LPA does not currently intend to issue
any Preference Shares, it is not assured that LPA will not do so in the future.
Treasury
Shares
LPA
directors may, prior to the purchase, redemption or surrender of any share, determine that such share shall be held as a treasury share.
As of the date of this Report, LPA has no shares in treasury.
Issuance
of Shares
Subject
to the Charter and, where applicable, the rules and regulations of the applicable stock exchange, the SEC and/or any other competent
regulatory authority or otherwise under applicable law, LPA directors may, in their absolute discretion and without approval of the existing
LPA shareholders, issue, grant options over or otherwise deal with any unissued shares of LPA to such persons, at such times and on such
terms and conditions as they may decide. No share shall be issued at a discount to par, except in accordance with the provisions of the
Companies Act. In accordance with its Charter and the Companies Act, LPA shall not issue bearer shares.
85
Register
of Members
Under
the Companies Act, LPA must keep a register of members and there should be entered therein:
●
the
    names and addresses of the members of the company, a statement of the shares held by each member, which:
o
distinguishes
    each share by its number (so long as the share has a number);
o
confirms
    the amount paid, or agreed to be considered as paid, on the shares of each member;
o
confirms
    the number and category of shares held by each member; and
o
confirms
    whether each relevant category of shares held by a member carries voting rights under the Charter, and if so, whether such voting
    rights are conditional;
●
the
    date on which the name of any person was entered on the register as a member; and
●
the
    date on which any person ceased to be a member.
For
these purposes, "voting rights" means rights conferred on shareholders, including the right to appoint or remove directors,
in respect of their shares to vote at general meetings of the company on all or substantially all matters. A voting right is conditional
where the voting right arises only in certain circumstances.
Under
Cayman Islands law, the register of members of an exempted company is prima facie evidence of the matters set out therein (i.e. the register
of members will raise a presumption of fact on the matters referred to above unless rebutted) and a member registered in the register
of members is deemed as a matter of Cayman Islands law to have legal title to the shares as set against its name in the register of members.
LPA's register of members has been updated as of the consummation of the Business Combination, and the shareholders recorded in
the register of members are deemed to have legal title to the Ordinary Shares set against their name. However, there are certain limited
circumstances where an application may be made to a Cayman Islands court for a determination on whether the register of members reflects
the correct legal position. Further, the Cayman Islands court has the power to order that the register of members maintained by an exempted
company should be rectified where it considers that the register of members does not reflect the correct legal position. If an application
for an order for rectification of the register of members were made in respect of the Ordinary Shares, then the validity of such shares
may be subject to re-examination by a Cayman Islands court.
Dividends
The
LPA Board may from time to time declare dividends (including interim dividends) in accordance with the respective rights of the shareholders
if it appears to the LPA Board that they are justified by LPA's financial position and that such dividends may lawfully be paid. LPA has
not paid any cash dividends on its shares to date. The payment of cash dividends in the future will be dependent upon LPA's revenues
and earnings, if any, capital requirements and general financial condition of LPA. The payment
of any cash dividends will be within the discretion of the LPA Board at such time, and LPA will only pay such dividend out of its profits
or share premium (subject to solvency requirements) as permitted under Cayman Islands law. Dividends may be paid either in
cash or otherwise.
Under
the laws of the Cayman Islands, a Cayman Islands exempted company may pay a dividend on its shares out of either profit or the share
premium account, provided that in no circumstances may a dividend be paid if following such payment the exempted company would be
unable to pay its debts as they fall due in the ordinary course of business. No dividend shall be paid otherwise than out of profits
or, subject to the requirements of the Companies Act and listing rules of the applicable stock exchange, the share premium
account.
If
several persons are registered as joint holders of any share, any of them may give valid receipts for any dividend or other monies payable
on or in respect of the share. Unless provided for by the rights attached to a share, no dividend shall bear interest against LPA.
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Transfer
of Shares
Subject
to applicable laws, including applicable securities laws, and the restrictions contained in the Charter, any LPA shareholder may transfer
all or any of their Ordinary Shares by an instrument of transfer in the usual or common form or any other form prescribed by applicable
stock exchange or approved by the LPA Board from time to time. LPA shall be entitled to retain any instrument of transfer which is registered.
However, an instrument of transfer which the directors refuse to register shall be returned to the person lodging it when notice of the
refusal is given by the directors.
If
the shares in question were issued in conjunction with rights, options or warrants issued pursuant to the Charter on terms that one cannot
be transferred without the other, the directors shall refuse to register the transfer of any such shares without evidence satisfactory
to them of the like transfer of such option or warrant. Further, subject to applicable law the directors may suspend registration of
the transfer of shares at such times and for such periods, not exceeding 30 days in any calendar year, as they determine.
The
transferor shall be deemed to remain the holder of any transferred shares until the name of the transferee is entered into LPA's
register of members.
Calls
on Ordinary Shares and Forfeiture of Ordinary Shares
The
LPA Board may from time to time make calls upon LPA shareholders for any amounts unpaid for the purchase of their Ordinary Shares. The
Ordinary Shares that have been called upon and remain unpaid are, after a notice period, subject to forfeiture.
Variations
of Rights of Shares
If
at any time the share capital of LPA is divided into different classes of shares, all or any of the rights attached to any class (unless
otherwise provided by the Charter or the terms of issue of the shares of that class) may be varied with the consent in writing of the
holders of not less than two-thirds (2/3) of the issued shares of that class or with the sanction of a special resolution passed in accordance
with the Charter at a separate general meeting of the holders of the shares of that class. To every such separate general meeting, the
provisions of the Charter relating to general meetings shall mutatis mutandis apply, except that: (a) the necessary quorum shall be any
one or more persons holding or representing by proxy not less than one-third of the issued shares of the applicable class; and (b) any
shareholder holding issued shares of the class, present in person or by proxy or, in the case of a corporate shareholder, by its duly
authorized representative, may demand a poll.
The
rights conferred upon the holders of the shares of any class shall not, unless otherwise expressly provided by the terms of issue of
the shares of that class, be deemed to be varied by the creation or issue of further shares ranking pari passu therewith.
Redemption,
Purchase and Surrender of Own Shares
Subject
to the provisions of the Companies Act and to any rights for the time being conferred on shareholders holding a particular class of shares,
and, where applicable, applicable stock exchange rules, the rules and regulations of the SEC and/or any other competent regulatory authority
or otherwise under applicable law, LPA may by its directors:
●
issue
    shares that are to be redeemed or are liable to be redeemed at the option of the shareholder or LPA, on the terms and in the manner
    its directors determine before the issue of those shares;
●
with
    the consent by special resolution of the shareholders holding shares of the relevant class, vary the rights attaching to that class
    of shares so as to provide that those shares are to be redeemed or are liable to be redeemed at the option of LPA on the terms and
    in the manner determined by the directors at the time of such variation; and
●
purchase
    all or any of its own shares (including any redeemable shares) in such manner and on such other terms as the directors determine
    at the time of such purchase.
LPA
may make a payment in respect of the redemption or purchase of its own shares in any manner permitted by the Companies Act, including
out of capital.
In
addition, under the Companies Act no such share may be redeemed or repurchased (i) unless it is fully paid-up, (ii) if such redemption
or repurchase would result in there being no shares in issue (other than treasury shares), or (iii) if LPA has commenced liquidation.
LPA
directors may also accept the surrender of any fully paid share for no consideration.
87
General
Meetings of Shareholders
As
a Cayman Islands exempted company, LPA is not obliged by the Companies Act to call annual general meetings; however, the Charter provides
that to the extent required by stock exchange listing rules or any applicable law, LPA will hold an annual general meeting at such time
and place as the LPA Board may determine. At annual general meetings, the annual accounts and report of the directors (if any) shall
be presented.
At
least five clear calendar days' notice shall be given for any general meeting. Every notice shall be exclusive of the day on which
it is given or deemed to be given and of the day for which it is given or on which it is to take effect and shall specify (a) the place,
the day and the hour of the meeting, (b) if the meeting is to be held in two or more places, the technology that will be used to facilitate
the meeting, (c) the general nature of the business to be transacted, and (d) if a resolution is proposed as a special resolution, the
text of that resolution;
provided
that a general meeting of LPA shall, whether or not the notice specified in the regulation has
been given and whether or not the provisions of the Charter regarding general meetings have been complied with, be deemed to have been
duly convened if it is so agreed: (i) in the case of an annual general meeting, by all the shareholders (or their proxies) entitled to
attend and vote thereat; and (ii) in the case of an extraordinary general meeting, by shareholders (or their proxies) having a right
to attend and vote at the meeting, together holding not less than 95% of the votes entitled to be cast at such extraordinary general
meeting. The accidental omission to give notice of a meeting to or the non-receipt of a notice of a meeting by any shareholder shall
not invalidate the proceedings at any meeting.
The
LPA Board may call extraordinary general meetings, and must convene an extraordinary general meeting upon the requisition of LPA shareholders
holding at the date of deposit of the requisition not less than 40% of the right to vote at such general meeting. The requisition must
(a) be in writing, (b) specify the purpose of the meeting, (c) be signed by or on behalf of each requisitioner and (d) be delivered in
accordance with the notice provisions of the Charter. If the directors do not within 21 clear calendar days from the date of the deposit
of the requisition duly proceed to convene a general meeting, the requisitioner(s) may themselves convene a general meeting within three
months after the end of that period.
No
business shall be transacted at any general meeting unless a quorum of shareholders is present at the time when the general meeting proceeds
to business. The holders of at least one third of the issued and outstanding shares of LPA, being individuals present in person or by
proxy or if a corporation or other non-natural person, by its duly authorized representative or proxy and entitled to vote at the general
meeting, will constitute a quorum. If a quorum is not present within 15 minutes from the time appointed for the meeting, or if at any
time during the meeting it becomes inquorate, then: (i) if the meeting was requisitioned by shareholders, the meeting shall be cancelled,
or (ii) in any other case, the meeting shall stand adjourned to the same time and place seven days from the date of the initial meeting
or to such other time and place as is determined by the directors. If a quorum is not present within 15 minutes of the time appointed
for the adjourned meeting, then the meeting shall be dissolved.
The
chairperson of the LPA Board or such other director as the directors have nominated to chair LPA Board meetings in the absence of the
chairperson shall preside as chairperson at every general meeting of LPA. If at any meeting the chairperson of the LPA Board is not present
within fifteen minutes after the time appointed for holding the meeting or is unwilling to act as chairperson of the meeting, the directors
present shall elect one of their number to be chairperson of the meeting. If no director is present within 15 minutes of the time appointed
for the meeting, or if no director is willing to act as chairperson, the shareholders present or by proxy shall choose one of their number
to chair the meeting.
The
chairperson of the meeting may with the consent of any meeting at which a quorum is present (and shall if so directed by the meeting)
adjourn a meeting from time to time and from place to place, but no business shall be transacted at any adjourned meeting other than
the business left unfinished at the meeting from which the adjournment took place. When a meeting is adjourned for twenty clear calendar
days or more, not less than five clear calendar days' notice of the date, time and place of the adjourned meeting and the general
nature of the business to be transactions shall be given to shareholders.
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Record
Dates
In
accordance with the Charter, the directors may fix any time and date as the record date for: (a) calling a general meeting of shareholders;
(b) declaring or paying a dividend; (c) making or issuing an allotment of shares; or (d) conducting any other business required pursuant
to the Charter. The record date may be before or after the date on which a dividend, allotment or issue is declared, paid or made.
Directors
Appointment,
Disqualification and Removal of Directors
The
management of LPA is vested in the LPA Board. The Charter provides that there shall be a board of directors consisting of no less than
one (1) and no more than nine (9) directors; provided that LPA may, from time to time, increase or decrease the limits on the number
of directors by ordinary resolution. The size of the LPA Board is seven (7) directors, with five (5) directors having been appointed
at Closing and two (2) vacancies.
The
Charter provides that the directors shall be divided into three (3) classes designated as Class I, Class II and Class III, with as nearly
equal a number of directors in each group as possible. Subject to the Charter, directors must be assigned to each class in accordance
with a resolution or resolutions adopted by the LPA Board.
Director
nominees may be appointed by the directors as outlined above or elected by an ordinary resolution at a general meeting. The seats of
those directors whose terms expire at each annual general meeting will be filled at such annual general meeting. For illustrative purposes,
at the 2025 annual general meeting, the term of office of the initial Class I directors shall expire and Class I directors shall be elected
for a full term of three (3) years. At the 2026 annual general meeting, the term of office of the initial Class II directors shall expire
and Class II directors shall be elected for a full term of three (3) years. At the 2027 annual general meeting, the term of office of
the initial Class III directors shall expire and Class III directors shall be elected for a full term of three (3) years. Subject to
the Charter, at each succeeding annual general meeting, directors shall be elected for a full term of three (3) years to succeed the
directors of the class whose terms expire at such annual general meeting.
Without
prejudice to the power of LPA to appoint a person to be a director by ordinary resolution and subject to the Charter, the directors shall
have power at any time to appoint any person who is willing to act as a director, either to fill a vacancy or as an additional director.
A director elected to fill a vacancy resulting from the death, resignation or removal of a director shall serve for the remainder of
the full term of the director whose death, resignation or removal shall have created such vacancy and until their successor shall have
been elected and qualified.
In
the case of an equality of votes on any matter arising at any meeting of the directors, the chairperson of the LPA Board may exercise
a second or casting vote.
Indemnity
of Directors and Officers
The
Companies Act does not limit the extent to which a company's memorandum and articles of association may provide for indemnification
of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public
policy, such as to provide indemnification against willful default, willful neglect or the consequences of committing a crime. The Charter
provides for indemnification of LPA officers and directors to the maximum extent permitted by applicable law, including for any liability
incurred in their capacities as such, except through their own actual fraud, willful default or willful neglect.
In
accordance with the Charter, LPA may pay, or agree to pay, a premium in respect of a contract insuring each of the following persons
against risks determined by the directors (other than liability arising out of that person's dishonesty): (a) an existing or former
director (including alternate director), secretary, officer or auditor of LPA, LPA's existing or former subsidiaries, a company
in which LPA has or had an interest (whether direct or indirect); or (b) a trustee of an employee or retirement benefits scheme or other
trust in which any of the aforementioned is or was interested.
Inspection
of Books and Records
The
LPA Board will determine whether, to what extent, at what times and places and under what conditions or regulations the accounts and
books of LPA will be open to the inspection by LPA shareholders not being directors, and no LPA shareholder (not being a director) will
otherwise have any right of inspecting any account or book or document of LPA except as required by the Companies Act (and every other
law and regulation of the Cayman Islands for the time being in force concerning companies and affecting LPA) or authorized by the LPA
Board or by LPA shareholders by ordinary resolution.
89
Changes
in Capital
LPA
may from time to time by ordinary resolution do any of the following and amend its memorandum of association for such purpose:
●
increase
    the share capital by such sum, to be divided into shares of such classes and amount, as the resolution will prescribe;
●
consolidate
    and divide all or any of its share capital into shares of a larger amount than its existing shares;
●
convert
    all or any of its paid up shares into stock, and reconvert that stock into paid up shares of any denomination;
●
sub-divide
    its existing shares or any of them into shares of an amount smaller than that fixed by the memorandum, provided, however, that in
    the sub-division, the proportion between the amount paid and the amount, if any, unpaid on each reduced share shall be the same as
    it was in case of the share from which the reduced share is derived; and
●
cancel
    any shares that at the date of the passing of the resolution have not been taken or agreed to be taken by any person and diminish
    the amount of its share capital by the amount of the shares so cancelled.
Subject
to the provisions of the Companies Act (and any other law and regulation of the Cayman Islands applicable to LPA) and any rights for
the time being conferred on shareholders holding a particular class of shares, LPA may by special resolution reduce its share capital
in any way.
Winding
Up
If
LPA shall be wound up, the liquidator may, subject to the rights attaching to any shares and with the approval of a special resolution
and any other approval required by the Companies Act, divide amongst the shareholders in kind the whole or any part of the assets of
LPA (whether such assets shall consist of property of the same kind or not) and may for that purpose value any assets and determine how
the division shall be carried out as between the shareholders or different classes of shareholders. The liquidator may, with the like
approval, vest the whole or any part of such assets in trustees upon such trusts for the benefit of the shareholders as the liquidator,
with the like approval, shall think fit, but so that no shareholder shall be compelled to accept any asset upon which there is a liability.
Certain
Differences in Corporate Law
Cayman
Islands exempted companies are governed by the Companies Act. The Companies Act is modeled on English law but does not follow recent
English law statutory enactments, and differs from laws applicable to United States corporations and their shareholders. Set forth below
is a summary of the material differences between the provisions of the Companies Act applicable to LPA and the laws applicable to companies
incorporated in the United States and their shareholders.
Mergers
and Similar Arrangements.
In certain circumstances, the Companies Act allows for mergers or consolidations between two Cayman
Islands exempted companies, or between a Cayman Islands exempted company and a company incorporated in another jurisdiction (provided
that is facilitated by the laws of that other jurisdiction) so as to form a single surviving company.
90
Where
the merger or consolidation is between two Cayman Islands exempted companies, the directors of each exempted company must approve and
enter into a written plan of merger or consolidation containing certain prescribed information. That plan or merger or consolidation
must then be authorized by either (a) a special resolution (usually a majority of two-thirds in value of the voting shares voted at a
general meeting) of the shareholders of each exempted company; or (b) such other authorization, if any, as may be specified in such constituent
company's articles of association. No shareholder resolution is required for a merger between a parent company (i.e., a company
that holds issued shares that together represent at least 90% of the votes at a general meeting of the subsidiary company) and its subsidiary
company. The consent of each holder of a fixed or floating security interest of a constituent company must be obtained, unless the court
waives such requirement. If the Cayman Islands Registrar of Companies is satisfied that the requirements of the Companies Act (which
includes certain other formalities) have been complied with, the Registrar of Companies will register the plan of merger or consolidation.
Where
the merger or consolidation involves a foreign company, the procedure is similar, save that with respect to the foreign company, the
directors of the Cayman Islands exempted company are required to make a declaration to the effect that, having made due enquiry, they
are of the opinion that the requirements set out below have been met: (i) that the merger or consolidation is permitted or not prohibited
by the constitutional documents of the foreign company and by the laws of the jurisdiction in which the foreign company is incorporated,
and that those laws and any requirements of those constitutional documents have been or will be complied with; (ii) that no petition
or other similar proceeding has been filed and remains outstanding or order made or resolution adopted to wind up or liquidate the foreign
company in any jurisdictions; (iii) that no receiver, trustee, administrator or other similar person has been appointed in any jurisdiction
and is acting in respect of the foreign company, its affairs or its property or any part thereof; (iv) that no scheme, order, compromise
or other similar arrangement has been entered into or made in any jurisdiction whereby the rights of creditors of the foreign company
are and continue to be suspended or restricted; and (v) that there are no reasons why it would be against the public interest to allow
the merger or consolidation.
Where
the surviving company is the Cayman Islands exempted company, the directors of the Cayman Islands exempted company are further required
(in addition to the declarations set out above) to make a declaration to the effect that, having made due enquiry, they are of the opinion
that the requirements set out below have been met: (i) that the foreign company is able to pay its debts as they fall due and that the
merger or consolidated is bona fide and not intended to defraud unsecured creditors of the foreign company; (ii) that in respect of the
transfer of any security interest granted by the foreign company to the surviving or consolidated company (a) consent or approval to
the transfer has been obtained, released or waived; (b) the transfer is permitted by and has been approved in accordance with the constitutional
documents of the foreign company; and (c) the laws of the jurisdiction of the foreign company with respect to the transfer have been
or will be complied with; (iii) that the foreign company will, upon the merger or consolidation becoming effective, cease to be incorporated,
registered or exist under the laws of the relevant foreign jurisdiction; and (iv) that there is no other reason why it would be against
the public interest to permit the merger or consolidation.
Where
the above procedures are adopted, the Companies Act provides certain limited appraisal rights for dissenting shareholders to be paid
a payment of the fair value of such holder's shares upon their dissenting to the merger or consolidation if they follow a prescribed
procedure. In essence, that procedure is as follows: (a) the shareholder must give their written objection to the merger or consolidation
to the constituent company before the vote on the merger or consolidation, including a statement that the shareholder proposes to demand
payment for their shares if the merger or consolidation is authorized by the vote; (b) within 20 days following the date on which the
merger or consolidation is approved by the shareholders, the constituent company must give written notice to each shareholder who made
a written objection; (c) a shareholder must within 20 days following receipt of such notice from the constituent company, give the constituent
company a written notice of their intention to dissent including, among other details, a demand for payment of the fair value of their
shares (including their name, address, and number and classes of shares in respect of which such person dissents); (d) within seven days
following the date of the expiration of the period set out in paragraph (b) above or seven days following the date on which the plan
of merger or consolidation is filed, whichever is later, the constituent company, the surviving company or the consolidated company must
make a written offer to each dissenting shareholder to purchase their shares at a price that the company determines is the fair value
and if the company and the shareholder agree upon the price within 30 days following the date on which the offer was made, the company
must pay the shareholder such amount; and (e) if the company and the shareholder fail to agree a price within such 30 day period, within
20 days following the date on which such 30 day period expires, the company must (and any dissenting shareholder may) file a petition
with the Cayman Islands Grand Court to determine the fair value and such petition must be accompanied by a list of the names and addresses
of the dissenting shareholders with whom agreements as to the fair value of their shares have not been reached by the company. At the
hearing of that petition, the court has the power to determine the fair value of the shares together with a fair rate of interest, if
any, to be paid by the company upon the amount determined to be the fair value. Any dissenting shareholder whose name appears on the
list filed by the company may participate fully in all proceedings until the determination of fair value is reached. These rights of
a dissenting shareholder are not available in certain circumstances, for example, to dissenters holding shares of any class in respect
of which an open market exists on a recognized stock exchange or recognized interdealer quotation system at the relevant date or where
the consideration for such shares to be contributed are shares of any company listed on a national securities exchange or shares of the
surviving or consolidated company.
91
Moreover,
Cayman Islands law has separate statutory provisions that facilitate the reconstruction or amalgamation of companies in certain circumstances,
commonly referred to in the Cayman Islands as a "scheme of arrangement," which may be tantamount to a merger. Schemes of
arrangement will generally be more suited for complex mergers or other transactions involving widely held companies. In the event that
a merger was sought pursuant to a scheme of arrangement (the procedures for which are more rigorous and take longer to complete than
the procedures typically required to consummate a merger in the United States), the arrangement in question must be approved (i) in relation
to a compromise or arrangement between a company and its creditors or any class of them, a majority in number of such creditors or class
of creditors with whom the arrangement is to be made and who must in addition represent 75% in value of such creditors or class of creditors,
as the case may be, that are present and voting either in person or by proxy at a meeting summoned for that purpose; and (ii) in relation
to a compromise or arrangement between a company and its shareholders or any class of them, shareholders who represent 75% in value of
the company's shareholders or class of shareholders, as the case may be, that are present and voting either in person or by proxy
at a meeting summoned for that purpose. The convening of the meetings and subsequently the terms of the arrangement must be sanctioned
by the Grand Court of the Cayman Islands. While a dissenting shareholder would have the right to express to the court the view that the
transaction should not be approved, the court can be expected to approve the arrangement if it satisfies itself that:
●
LPA
    is not proposing to act illegally or beyond the scope of its corporate authority and the statutory provisions as to majority vote
    have been complied with;
●
LPA
    shareholders have been fairly represented at the meeting in question; the arrangement is such as a businessman would reasonably approve;
    and
●
the
    arrangement is not one that would more properly be sanctioned under some other provision of the Companies Act or that would amount
    to a "fraud on the minority."
If
a scheme of arrangement or takeover offer (as described below) is approved, any dissenting shareholder would have no rights comparable
to appraisal rights (providing rights to receive payment in cash for the judicially determined value of the shares), which would otherwise
ordinarily be available to dissenting shareholders of United States corporations.
Squeeze-out
Provisions.
When a tender offer is made and accepted by holders of 90% in value of the shares affected to whom the offer relates
within four months, the offeror may, within a two-month period after the expiration of the initial four month period, give notice in
the prescribed manner specified in the Companies Act to any dissenting shareholder that it desires to acquire that person's shares
on the terms of the offer and, where such notice is given, the shareholder shall (unless otherwise provided for in the Companies Act)
transfer such shares to the offeror. An objection can be made to the Grand Court of the Cayman Islands, but this is unlikely to succeed
unless there is evidence of fraud, bad faith, collusion or inequitable treatment of the shareholders.
Further,
transactions similar to a merger, reconstruction and/or an amalgamation may in some circumstances be achieved through means other than
these statutory provisions, such as a share capital exchange, asset acquisition or control, or through contractual arrangements of an
operating business.
92
Shareholders'
Suits.
Ogier (Cayman) LLP, LPA's Cayman Islands legal counsel, is not aware of any reported class action having been brought
in a Cayman Islands court. Derivative actions have been brought in the Cayman Islands courts, and the Cayman Islands courts have confirmed
the availability for such actions. In most cases, LPA will be the proper plaintiff in any claim based on a breach of duty owed to LPA,
and a claim against (for example) LPA officers or directors usually may not be brought by a shareholder. However, based both on Cayman
Islands authorities and on English authorities, which would in all likelihood be of persuasive authority and be applied by a court in
the Cayman Islands, exceptions to the foregoing principle apply in circumstances in which:
●
a
    company is acting, or proposing to act, illegally or ultra vires (beyond the scope of its authority);
●
the
    act complained of, although not beyond the scope of the authority, could be effected if duly authorized by more than the number of
    votes which have actually been obtained; or
●
those
    who control the company are perpetrating a "fraud on the minority."
A
shareholder may have a direct right of action against LPA where the individual rights of that shareholder have been infringed or are
about to be infringed.
Enforcement
of Civil Liabilities.
The Cayman Islands has a different body of securities laws as compared to the United States and provides
less protection to investors. Additionally, Cayman Islands companies may not have standing to sue before the Federal courts of the United
States.
LPA
has been advised by Ogier (Cayman) LLP, as LPA's Cayman Islands legal counsel, that the courts of the Cayman Islands are unlikely
(i) to recognize or enforce against LPA judgments of courts of the United States predicated upon the civil liability provisions of the
federal securities laws of the United States or any state; and (ii) in original actions brought in the Cayman Islands, to impose liabilities
against LPA predicated upon the civil liability provisions of the federal securities laws of the United States or any state, so far as
the liabilities imposed by those provisions are penal in nature. In those circumstances, although there is no statutory enforcement in
the Cayman Islands of judgments obtained in the United States, the courts of the Cayman Islands will recognize and enforce a foreign
money judgment of a foreign court of competent jurisdiction without retrial on the merits based on the principle that a judgment of a
competent foreign court imposes upon the judgment debtor an obligation to pay the sum for which judgment has been given provided certain
conditions are met. For a foreign judgment to be enforced in the Cayman Islands, such judgment must be final and conclusive and for a
liquidated sum, and must not be in respect of taxes or a fine or penalty, inconsistent with a Cayman Islands judgment in respect of the
same matter, impeachable on the grounds of fraud or obtained in a manner, and or be of a kind the enforcement of which is, contrary to
natural justice or the public policy of the Cayman Islands (awards of punitive or multiple damages may well be held to be contrary to
public policy). A Cayman Islands Court may stay enforcement proceedings if concurrent proceedings are being brought elsewhere.
Special
Considerations for Exempted Companies.
LPA is an exempted company with limited liability (meaning its public shareholders have
no liability, as members of the company, for liabilities of the company over and above the amount paid for their shares) under the Companies
Act. The Companies Act distinguishes between ordinary resident companies and exempted companies. Any company that is registered in the
Cayman Islands but conducts business mainly outside of the Cayman Islands may apply to be registered as an exempted company. The requirements
for an exempted company are essentially the same as for an ordinary company except for the exemptions and privileges listed below:
●
annual
    reporting requirements are minimal and consist mainly of a statement that the company has conducted its operations mainly outside
    of the Cayman Islands and has complied with the provisions of the Companies Act;
●
an
    exempted company's register of members is not open to inspection;
●
an
    exempted company does not have to hold an annual general meeting;
●
an
    exempted company may issue shares with no par value;
●
an
    exempted company may obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for
    20 years in the first instance);
●
an
    exempted company may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands;
●
an
    exempted company may register as a limited duration company; and
●
an exempted company may register as a segregated portfolio company.
93
Anti-Money
Laundering—Cayman Islands
In
order to comply with legislation or regulations aimed at the prevention of money laundering and terrorist financing, LPA is required
to adopt and maintain anti-money laundering procedures, and will require current or prospective shareholders to provide evidence to verify
their identity, address and source of funds. Where permitted, and subject to certain conditions, LPA may also delegate the maintenance
of its anti-money laundering procedures (including the acquisition of due diligence information) to a suitable person.
LPA
reserves the right to request such information and evidence as is necessary to verify the identity, address and source of funds of a
current or prospective shareholder.
In
the event of delay or failure on the part of the prospective shareholder in producing any information or evidence required for verification
purposes, LPA may refuse to accept the application, in which case any funds received will be returned without interest to the account
from which they were originally debited. LPA will not be liable for any loss suffered by a prospective shareholder arising as a result
of a refusal of, or delay in processing, an application from a prospective shareholder if such information and documentation requested
has not been provided by the prospective shareholder in a timely manner.
LPA
also reserves the right to refuse to make any distribution payment to a shareholder if our directors or officers suspect or are advised
that the payment of such distribution to such shareholder might result in a breach of applicable anti-money laundering or other laws
or regulations by any person in any relevant jurisdiction, or if such refusal is considered necessary or appropriate to ensure our compliance
with any such laws or regulations in any applicable jurisdiction.
If
any person resident in the Cayman Islands knows or suspects, or has reasonable grounds for knowing or suspecting, that another person
is engaged in criminal conduct or is involved with terrorism or terrorist property and the information for that knowledge or suspicion
came to their attention in the course of business in the regulated sector or other trade, profession, business or employment, the person
will be required to report such knowledge or suspicion to (i) the Financial Reporting Authority of the Cayman Islands, pursuant to the
Proceeds of Crime Act (As Revised) of the Cayman Islands if the disclosure relates to criminal conduct or money laundering or (ii) the
Financial Reporting Authority or a police officer of the rank of constable or higher if the disclosure relates to involvement with terrorism
or terrorist financing and property. Such a report will not be treated as a breach of confidence or of any restriction upon the disclosure
of information imposed by any enactment or otherwise.
By
applying for shares, the prospective shareholder consents to the disclosure of any information about them to regulators and others upon
request in connection with money laundering, terrorist financing and similar matters both in the Cayman Islands and in other jurisdictions.
Data
Protection in the Cayman Islands—Privacy Notice
This
privacy notice explains the manner in which we collect, process, and maintain personal data about investors of LPA pursuant to the Data
Protection Act (Revised) of the Cayman Islands, as amended from time to time and any regulations, codes of practice, or orders promulgated
pursuant thereto (the "
DPA
").
We
are committed to processing personal data in accordance with the DPA. In our use of personal data, we will be characterized under the
DPA as a "data controller," whilst certain of our service providers, affiliates, and delegates may act as "data processors"
under the DPA. These service providers may process personal data for their own lawful purposes in connection with services provided to
us. For the purposes of this Privacy Notice, "you" or "your" shall mean the shareholder (including prospective
shareholders) and shall also include any individual connected to the shareholder.
By
virtue of your investment in LPA, we and certain of our service providers may collect, record, store, transfer, and otherwise process
personal data by which individuals may be directly or indirectly identified. We may combine personal data that you provide to use with
personal data that we collect from, or about you. This may include personal data collected in an online or offline context including
from credit reference agencies and other available public databases or data sources, such as news outlines, websites and other media
sources and international sanctions lists.
94
Your
personal data will be processed fairly and for lawful purposes, including (a) where the processing is necessary for us to perform a contract
to which you are a party or for taking pre-contractual steps at your request, (b) where the processing is necessary for compliance with
any legal, tax, or regulatory obligation to which we are subject, (c) where the processing is for the purposes of legitimate interests
pursued by us or by a service provider to whom the data are disclosed, or (d) where you otherwise consent to the processing of personal
data for any other specific purpose. As a data controller, we will only use your personal data for the purposes for which we collected
it. If we need to use your personal data for an unrelated purpose, we will contact you.
We
anticipate that we will share your personal data with our service providers for the purposes set out in this privacy notice. We may also
share relevant personal data where it is lawful to do so and necessary to comply with our contractual obligations or your instructions
or where it is necessary or desirable to do so in connection with any regulatory reporting obligations. In exceptional circumstances,
we will share your personal data with regulatory, prosecuting, and other governmental agencies or departments, and parties to litigation
(whether pending or threatened), in any country or territory including to any other person where we have a public or legal duty to do
so (e.g. to assist with detecting and preventing fraud, tax evasion, and financial crime or compliance with a court order).
Your
personal data shall not be held by LPA for longer than necessary with regard to the purposes of the data processing.
We
will not sell your personal data. Any transfer of personal data outside of the Cayman Islands shall be in accordance with the requirements
of the DPA. Where necessary, we will ensure that separate and appropriate legal agreements are put in place with the recipient of that
data.
We
will only transfer personal data in accordance with the requirements of the DPA, and will apply appropriate technical and organizational
information security measures designed to protect against unauthorized or unlawful processing of the personal data and against the accidental
loss, destruction, or damage to the personal data.
If
you are a natural person, this will affect you directly. If you are a corporate investor (including, for these purposes, legal arrangements
such as trusts or exempted limited partnerships) that provides us with personal data on individuals connected to you for any reason in
relation to your investment into LPA, this will be relevant for those individuals and you should transmit this document to those individuals
for their awareness and consideration.
You
have certain rights under the DPA, including (a) the right to be informed as to how we collect and use your personal data (and this privacy
notice fulfils our obligation in this respect), (b) the right to obtain a copy of your personal data, (c) the right to require us to
stop direct marketing, (d) the right to have inaccurate or incomplete personal data corrected, (e) the right to withdraw your consent
and require us to stop processing or restrict the processing, or not begin the processing of your personal data, (f) the right to be
notified of a data breach (unless the breach is unlikely to be prejudicial), (g) the right to obtain information as to any countries
or territories outside the Cayman Islands to which we, whether directly or indirectly, transfer, intend to transfer, or wish to transfer
your personal data, general measures we take to ensure the security of personal data, and any information available to us as to the source
of your personal data, (h) the right to complain to the Office of the Ombudsman of the Cayman Islands, and (i) the right to require us
to delete your personal data in some limited circumstances.
If
you do not wish to provide us with requested personal data or subsequently withdraw your consent, you may not be able to invest in LPA
or remain invested in LPA as it will affect the LPA's ability to manage your investment.
If
you consider that your personal data has not been handled correctly, or you are not satisfied with our responses to any requests you
have made regarding the use of your personal data, you have the right to complain to the Cayman Islands' Ombudsman. The Ombudsman
can be contacted by email at
info@ombudsman.ky
or by accessing their website here:
ombudsman.ky
.
95
Certain
Anti-Takeover Provisions of the Charter
The
Charter provides that the LPA Board is classified into three classes of directors. As a result, in most circumstances, a person can gain
control of the LPA Board only by successfully engaging in a proxy contest at two or more annual general shareholder meetings.
LPA's
authorized but unissued Ordinary Shares and Preference Shares are available for future issuances without shareholder approval and could
be utilized for a variety of corporate purposes, including future offerings to raise additional capital, acquisitions and employee benefit
plans. The existence of authorized but unissued and unreserved Ordinary Shares and Preference Shares could render more difficult or discourage
an attempt to obtain control of LPA by means of a proxy contest, tender offer, merger or otherwise. However, under Cayman Islands law,
the LPA Board may only exercise the rights and powers granted to them under the Charter for a proper purpose and for what they believe
in good faith to be in the best interests of LPA.
Listing
of Securities
The
Ordinary Shares are listed on NYSE American under the symbol "LPA".
C.
Material
    Contracts
See
"
Item 4.B. Information on the Company—Business Overview
," "
Item 5.B. Operating and Financial Review
and Prospects—Liquidity and Capital Resources
," "
Item 6.B. Directors, Senior Management and Employees —
Compensation,
" "
Item 7.A. — Major Shareholders and Related Party Transactions—Major Shareholders
"
and "
Item 7.B. Major Shareholders and Related Party Transactions—Related Party Transactions
."
Except as otherwise disclosed in this Report (including the Exhibits), we are not currently, and have not been in the last two years,
party to any material contract, other than contracts entered into in the ordinary course of business.
D.
Exchange
    Controls
There
are no governmental laws, decrees, regulations or other legislation in the Cayman Islands that may affect the import or export of capital,
including the availability of cash and cash equivalents for use by LPA, or that may affect the remittance of dividends, interest,
or other payments by LPA to non-resident holders of Ordinary Shares. There is no limitation imposed by laws of Cayman Islands
or in the Charter on the right of non-residents to hold or vote Ordinary Shares.
E.
Taxation
Certain
Material U.S. Federal Income Tax Considerations
The
following is a discussion of certain material U.S. federal income tax considerations relevant to the ownership and disposition of Ordinary
Shares. This discussion applies only to Ordinary Shares held as capital assets for U.S. federal income tax purposes (generally, property
held for investment) and does not discuss all aspects of U.S. federal income taxation that might be relevant to holders in light of their
particular circumstances or status, including alternative minimum tax and Medicare contribution tax consequences, or holders who are
subject to special rules, including:
●
brokers,
    dealers and other investors that do not own their Ordinary Shares as capital assets;
●
traders
    in securities that elect to use a mark-to-market method of accounting for their securities holdings;
●
tax-exempt
    organizations, qualified retirement plans, individual retirement accounts or other tax deferred accounts;
96
●
banks
    or other financial institutions, underwriters, insurance companies, real estate investment trusts or regulated investment companies;
●
persons liable for alternative minimum taxes;
●
U.S.
    expatriates or former long-term residents of the United States;
●
persons
    that own (directly, indirectly, or by attribution) 10% or more (by vote or value) of the Ordinary Shares;
●
partnerships
    or other pass-through entities for U.S. federal income tax purposes, including S corporations, and beneficial owners of partnerships or other pass-through entities;
●
persons
    holding Ordinary Shares as part of a straddle, hedging or conversion transaction, constructive sale, or other arrangement involving
    more than one position;
●
persons
    required to accelerate the recognition of any item of gross income with respect to Ordinary Shares as a result of such income being
    recognized on an applicable financial statement;
●
persons
    whose functional currency is not the U.S. dollar;
●
persons
    that received Ordinary Shares as compensation for services; or
●
controlled
    foreign corporations or passive foreign investment companies.
This
discussion is based on the Code, its legislative history, existing and proposed Treasury regulations promulgated under the Code (the
"
Treasury Regulations
"), published rulings by the IRS and court decisions, all as of the date hereof. These laws are
subject to change, possibly on a retroactive basis. This discussion is necessarily general and does not address all aspects of U.S. federal
income taxation, including the effect of the U.S. federal alternative minimum tax or the Medicare contribution tax, or U.S. federal estate
and gift tax, or any state, local or non-U.S. tax laws to a holder of Ordinary Shares. We have not and do not intend to seek any rulings
from the IRS regarding the statements made and positions or conclusions described in this summary.
ALL
HOLDERS OF PURCHASER SECURITIES SHOULD CONSULT WITH THEIR TAX ADVISORS REGARDING THE TAX CONSEQUENCES AND CONSIDERATIONS RELATING TO
THE OWNERSHIP AND DISPOSITION OF ORDINARY SHARES, INCLUDING THE EFFECTS OF U.S. FEDERAL, STATE, AND LOCAL AND NON-U.S. TAX LAWS.
U.S.
Holders
The
section applies to you if you are a U.S. holder. For purposes of this discussion, a U.S. holder means a beneficial owner of Ordinary
Shares that is, for U.S. federal income tax purposes:
●
an
    individual who is a citizen or resident of the United States;
●
a
    corporation (or other entity taxable as a corporation for U.S. federal income tax purposes) created or organized in or under the
    laws of the United States, any state thereof or the District of Columbia;
●
an
    estate whose income is subject to U.S. federal income tax regardless of its source; or
●
a
    trust if (1) a U.S. court can exercise primary supervision over the trust's administration and one or more U.S. persons are
    authorized to control all substantial decisions of the trust; or (2) the trust has a valid election in effect under applicable Treasury
    Regulations to be treated as a U.S. person.
97
Ownership
and Disposition of Ordinary Shares by U.S. Holders
Distributions
on Ordinary Shares
This
section is subject to further discussion under "—
Passive Foreign Investment Company Rules
" below.
Distributions
paid by LPA out of current or accumulated earnings and profits (as determined for U.S. federal income tax purposes) generally will be
taxable to a U.S. holder as dividend income. Distributions in excess of current and accumulated earnings and profits will be treated
as a non-taxable return of capital to the extent of the U.S. holder's basis in the Ordinary Shares and thereafter as capital gain.
However, LPA does not intend to maintain calculations of its earnings and profits in accordance with U.S. federal income tax accounting
principles. U.S. holders should therefore assume that any distribution by LPA with respect to its shares will be treated as dividend
income. Such dividends will not be eligible for the dividends-received deduction allowed to U.S. corporations with respect to dividends
received from other U.S. corporations. U.S. holders should consult their own tax advisors with respect to the appropriate U.S. federal
income tax treatment of any distribution received from LPA.
Dividends
received by non-corporate U.S. holders (including individuals) from a "qualified foreign corporation" may be taxed as
"qualified dividend income" ("QDI") at reduced rates of taxation, provided that certain holding period
requirements and other conditions are satisfied. For these purposes, a non-U.S. corporation will be treated as a qualified foreign
corporation if the Ordinary Shares are readily tradable on an established securities market in the United States. United States Treasury Department guidance indicates that the Ordinary
Shares, which are listed on the NYSE American, are readily tradable on an established securities market in the United States. Thus, we
believe that any dividends we pay on the Ordinary Shares to non-corporate U.S. Holders will be potentially eligible for these reduced
tax rates. However, there can be no
assurance that Ordinary Shares will be considered "readily tradable" on an established securities market in future
years. Non-corporate U.S. holders that do not meet a minimum holding period requirement during which they are not protected from the
risk of loss or that elect to treat the dividend income as "investment income" pursuant to Section 163(d)(4) of the Code
(dealing with the deduction for investment interest expense) will not be eligible for the reduced rates of taxation regardless of
LPA's status as a qualified foreign corporation. In addition, the rate reduction will not apply to dividends if the recipient
of a dividend is obligated to make related payments with respect to the positions in substantially similar or related property. This
disallowance applies even if the minimum holding period has been met. LPA will not constitute a qualified foreign corporation for
purposes of these rules if it is a PFIC for the taxable year in which it pays a dividend or for the preceding taxable year. See
discussion below under "—
Passive Foreign Investment Company Rules
." U.S. holders should consult their tax
advisors regarding the availability of the lower rate for dividends paid with respect to Ordinary Shares.
Subject
to certain exceptions, dividends on Ordinary Shares will generally constitute foreign source income for foreign tax credit limitation
purposes. If such dividends are QDI (as discussed above), the amount of the dividend taken into account for purposes
of calculating the foreign tax credit limitation will be limited to the gross amount of the dividend, multiplied by a fraction, the numerator
of which is the reduced rate applicable to QDI and the denominator of which is the highest rate of tax normally
applicable to dividends. The limitation on foreign taxes eligible for credit is calculated separately with respect to specific classes
of income. For this purpose, dividends distributed by LPA with respect to the Ordinary Shares generally will constitute "passive
category income" but could, in the case of certain U.S. holders, constitute "general category income."
Sale,
Exchange, Redemption or Other Taxable Disposition of Ordinary Shares
This
section is subject to further discussion under "—
Passive Foreign Investment Company Rules
," below.
A
U.S. holder generally will recognize gain or loss on any sale, exchange, redemption or other taxable disposition of Ordinary Shares in
an amount equal to the difference between (i) the amount realized on the disposition and (ii) such U.S. holder's adjusted tax basis
in such Ordinary Shares. Any gain or loss recognized by a U.S. holder on a taxable disposition of Ordinary Shares generally will be capital
gain or loss. A non-corporate U.S. holder, including an individual, who has held the Ordinary Shares for more than one year generally
will be eligible for reduced tax rates for such long-term capital gains. The deductibility of capital losses is subject to limitations.
Any such gain or loss recognized generally will be treated as U.S. source gain or loss. In the event any non-U.S. tax (including withholding
tax) is imposed upon such sale or other disposition, a U.S. holder's ability to claim a foreign tax credit for such non-U.S. tax
is subject to various limitations and restrictions. U.S. holders should consult their tax advisors regarding the ability to claim a foreign
tax credit.
98
Passive
Foreign Investment Company Rules
Generally.
The treatment of U.S. holders of the Ordinary Shares could be materially different from that described above if LPA is treated as
a PFIC for U.S. federal income tax purposes. A PFIC is any non-U.S. corporation with respect to which either: (i) 75% or more of the
gross income for a taxable year constitutes passive income for purposes of the PFIC rules (the "
PFIC Income Test
"),
or (ii) more than 50% of such foreign corporation's assets in any taxable year (generally based on the quarterly average of the
value of its assets during such year) is attributable to assets, including cash, that produce passive income or are held for the production
of passive income (the "
PFIC Asset Test
"). Passive income generally includes dividends, interest, certain royalties
and rents, annuities, net gains from the sale or exchange of property producing such income and net foreign currency gains. The determination
of whether a foreign corporation is a PFIC is based upon the composition of such foreign corporation's income and assets (including,
among others, its proportionate share of the income and assets of any other corporation in which it owns, directly or indirectly, 25%
or more (by value) of the stock), and the nature of such non-U.S. corporation's activities. A separate determination must be made
after the close of each taxable year as to whether a non-U.S. corporation was a PFIC for that year. Once a non-U.S. corporation qualifies
as a PFIC it is, with respect to a shareholder during the time it qualifies as a PFIC, always treated as a PFIC with respect to such
shareholder, regardless of whether it satisfies either of the qualification tests in subsequent years (unless the U.S. holder makes a
deemed sale election with respect to the stock of the PFIC held by such U.S. holder once such PFIC ceases to satisfy either of the qualification
tests).
LPA's
status as a PFIC for its taxable year, and in any future taxable year, is an annual determination that can be made only after the end
of that year. Accordingly, there can be no assurances regarding LPA's status as a PFIC for its taxable year and for any future
taxable year. Because LPA's status as a PFIC depends on facts that are not known at this time, counsel is unable to opine on LPA's
status as a PFIC in its current or any future taxable year. Further, even if LPA determines that it is not expected to be a PFIC for
a taxable year, the IRS could take a different view as to whether or not LPA is a PFIC, either because of a different evaluation of income
and assets or because the IRS determines that TWOA should be treated as a predecessor of LPA. The determination of whether or not LPA
is a PFIC for a taxable year will depend on the composition of LPA's income and assets, and the fair market value of its assets
from time to time, including its unbooked goodwill, which may be determined by reference to LPA's share price (which could fluctuate
significantly). In addition, LPA's possible status as a PFIC will also depend on the application of complex statutory and regulatory
rules that are subject to potentially varying or changing interpretations. The composition of LPA's assets will also be affected
by LPA's holding of significant cash balances. The application of the PFIC rules is subject to uncertainty in several respects
and, therefore, no assurances can be provided that the IRS will not assert that LPA is a PFIC for the taxable year or in a future year.
If
LPA is or becomes a PFIC during any year in which a U.S. holder holds Ordinary Shares, there are three separate taxation regimes that
could apply to such U.S. holder under the PFIC rules, which are the (i) excess distribution regime (which is the default regime), (ii)
QEF regime, and (iii) mark-to-market regime. A U.S. holder who holds (actually or constructively) stock in a non-U.S. corporation during
any year in which such corporation qualifies as a PFIC is subject to U.S. federal income taxation under one of these three regimes. The
effect of the PFIC rules on a U.S. holder will depend upon which of these regimes applies to such U.S. holder. However, dividends paid
by a PFIC are generally not eligible for the lower rates of taxation applicable to qualified dividend income under any of the foregoing
regimes.
Excess
Distribution Regime.
If a U.S. holder does not make a QEF election or a mark-to-market election, as described below, such U.S. holder
will be subject to the default "excess distribution regime" under the PFIC rules with respect to (i) any gain realized on
a sale or other disposition (including a pledge) of U.S. holder's Ordinary Shares, and (ii) any "excess distribution"
that a U.S. holder receives on his or her Ordinary Shares (generally, any distributions in excess of 125% of the average of the annual
distributions on Ordinary Shares during the preceding three years or U.S. holder's holding period, whichever is shorter). Generally,
under this excess distribution regime:
●
the
    gain or excess distribution will be allocated ratably over the period during which such U.S. holder held his or her Ordinary Shares;
●
the
    amount allocated to the current taxable year and any taxable year prior to the first taxable year in which LPA is a PFIC, will be
    taxed as ordinary income; and
●
the
    amount allocated to each of the other taxable years will be subject to the highest tax rate in effect for that taxable year and the
    interest charge generally applicable to underpayments of tax will be imposed on the resulting tax attributable to each such year.
99
The
tax liability for amounts allocated to years prior to the year of disposition or excess distribution will be payable generally without
regard to offsets from deductions, losses and expenses. In addition, gains (but not losses) realized on the sale of a U.S. holder's
Ordinary Shares cannot be treated as capital gains, even if such U.S. holder holds the shares as capital assets. Further, no portion
of any distribution will be treated as QDI.
QEF
Regime.
If LPA is a PFIC, a U.S. holder of Ordinary Shares may avoid taxation under the excess distribution rules described above
by making a QEF election. However, a U.S. holder may make a QEF election with respect to its Ordinary Shares only if LPA provides U.S.
holders on an annual basis with certain financial information specified under applicable U.S. Treasury Regulations. Because LPA currently
intends to make commercially reasonable efforts to provide U.S. holders with such information upon request, it is expected that U.S.
holders generally would be able to make a QEF election with respect to their Ordinary Shares.
Mark-to-Market
Regime.
Alternatively, a U.S. holder of Ordinary Shares may also avoid taxation under the excess distribution rules by making a mark-to-market
election. The mark-to-market election is available only for "marketable stock," which is stock that is regularly traded on
a qualified exchange or other market, as defined in applicable U.S. Treasury Regulations. The Ordinary Shares, which are expected to
be listed on the NYSE, are expected to qualify as marketable stock for purposes of the PFIC rules, but there can be no assurance that
they will be "regularly traded" for purposes of these rules. If a U.S. holder makes a valid mark-to-market election with
respect to its Ordinary Shares, such U.S. holder will include as ordinary income each year, the excess, if any, of the fair market value
of the Ordinary Shares at the end of the taxable year over the U.S. holder's adjusted basis in the Ordinary Shares. Such U.S. holder
will also be allowed to take an ordinary loss in respect of the excess, if any, of such holder's adjusted basis in the Ordinary
Shares over the fair market value of such Ordinary Shares at the end of the taxable year (but only to the extent of the net amount of
previously included income as a result of the mark-to-market election). The U.S. holder's basis in the Ordinary Shares will be
adjusted to reflect any such income or loss amounts. Any gain that is recognized on the sale or other taxable disposition of Ordinary
Shares would be ordinary income and any loss would be an ordinary loss to the extent of the net amount of previously included income
as a result of the mark-to-market election and, thereafter, a capital loss. A mark-to-market election cannot be made for any lower-tier
PFICs. U.S. holders should consult their tax advisors regarding the application of the PFIC rules to their indirect ownership of shares
in any lower-tier PFICs.
PFIC
Reporting Requirements.
A U.S. holder who owns, or who is treated as owning, PFIC stock during any taxable year in which LPA is classified
as a PFIC may be required to file IRS Form 8621. U.S. holders of Ordinary Shares should consult their tax advisors regarding the requirement
to file IRS Form 8621 and the potential application of the PFIC regime.
Additional
Reporting Requirements
Certain
U.S. holders holding specified foreign financial assets with an aggregate value in excess of an applicable dollar threshold are required
to report information to the IRS relating to Ordinary Shares, subject to certain exceptions (including an exception for Ordinary Shares
held in an account maintained with a U.S. financial institution), by attaching a complete IRS Form 8938, Statement of Specified Foreign
Financial Assets, with their tax return, for each year in which they hold Ordinary Shares. U.S. holders should consult their tax advisors
regarding the effect, if any, of these rules on the ownership and disposition of Ordinary Shares.
100
Non-U.S.
Holders
The
section applies to you if you are a non-U.S. holder. For purposes of this discussion, a non-U.S. holder means a beneficial owner (other
than a partnership or an entity or arrangement so characterized for U.S. federal income tax purposes) of Ordinary Shares that is not
a U.S. holder, including:
1.
a
    nonresident alien individual, other than certain former citizens and residents of the United States;
2.
a
    foreign corporation; or
3.
a
    foreign estate or trust;
but
generally does not include an individual who is present in the United States for 183 days or more in the taxable year of disposition.
Ownership
and Disposition of Ordinary Shares by Non-U.S. Holders
A
non-U.S. holder of Ordinary Shares will not be subject to U.S. federal income tax or, subject to the discussion below under "—
Information Reporting and Backup Withholding
," U.S. federal withholding tax on any dividends received on Ordinary Shares
or any gain recognized on a sale or other disposition of Ordinary Shares (including, any distribution to the extent it exceeds the adjusted
basis in the non-U.S. holder's Ordinary Shares) unless the dividend or gain is effectively connected with the non-U.S. holder's
conduct of a trade or business in the United States, and if required by an applicable tax treaty, is attributable to a permanent establishment
maintained by the non-U.S. holder in the United States. In addition, special rules may apply to a non-U.S. holder that is an individual
present in the United States for 183 days or more during the taxable year of the sale or disposition, and certain other requirements
are met. Such non-U.S. holders should consult their own tax advisors regarding the U.S. federal income tax consequences of the sale or
disposition of Ordinary Shares.
Dividends
and gains that are effectively connected with a non-U.S. holder's conduct of a trade or business in the United States (and, if
required by an applicable income tax treaty, are attributable to a permanent establishment or fixed base in the United States) generally
will be subject to U.S. federal income tax at the same regular U.S. federal income tax rates applicable to a comparable U.S. holder and,
in the case of a non-U.S. holder that is a corporation for U.S. federal income tax purposes, also may be subject to an additional branch
profits tax at a 30% rate or a lower applicable tax treaty rate.
Information
Reporting and Backup Withholding
Information
reporting requirements may apply to dividends received by U.S. holders of Ordinary Shares and the proceeds received on the disposition
of Ordinary Shares effected within the United States (and, in certain cases, outside the United States), in each case other than U.S.
holders that are exempt recipients (such as corporations). Backup withholding may apply to such amounts if the U.S. holder fails to provide
an accurate taxpayer identification number (generally on an IRS Form W-9 provided to the paying agent of the U.S. holder's broker)
or is otherwise subject to backup withholding. Any redemptions treated as dividend payments with respect to Ordinary Shares and proceeds
from the sale, exchange, redemption or other disposition of Ordinary Shares may be subject to information reporting to the IRS and possible
U.S. backup withholding. U.S. holders should consult their tax advisors regarding the application of the U.S. information reporting and
backup withholding rules.
Information
returns may be filed with the IRS in connection with, and non-U.S. holders may be subject to backup withholding on amounts received in
respect of their Ordinary Shares, unless the non-U.S. holder furnishes to the applicable withholding agent the required certification
as to its non-U.S. status, such as by providing a valid IRS Form W-8BEN, IRS Form W-8BEN-E or IRS Form W-8ECI, as applicable, or the
non-U.S. holder otherwise establishes an exemption. Dividends paid with respect to Ordinary Shares and proceeds from the sale or other
disposition of Ordinary Shares received in the United States by a non-U.S. holder through certain U.S.-related financial intermediaries
may be subject to information reporting and backup withholding unless such non-U.S. holder provides proof of an applicable exemption
or complies with certain certification procedures described above, and otherwise complies with the applicable requirements of the backup
withholding rules.
Backup
withholding is not an additional tax. Amounts withheld as backup withholding may be credited against the U.S. holder's U.S. federal
income tax liability, and a U.S. holder may obtain a refund of any excess amounts withheld under the backup withholding rules by timely
filing the appropriate claim for a refund with the IRS and furnishing any required information.
101
Material
Cayman Islands Tax Considerations
The
following is a discussion on certain Cayman Islands income tax consequences of an investment in the securities of LPA. The discussion
is a general summary of present law, which is subject to prospective and retroactive change. It is not intended as tax advice, does not
consider any investor's particular circumstances, and does not consider tax consequences other than those arising under Cayman
Islands law.
Under
Existing Cayman Islands Laws
Payments
of dividends and capital in respect of LPA's securities will not be subject to taxation in the Cayman Islands and no withholding
will be required on the payment of a dividend or capital to any holder of the securities nor will gains derived from the disposal of
the securities be subject to Cayman Islands income or corporation tax.
The
Cayman Islands currently levies no taxes on individuals or corporations based upon profits, income, gains, or appreciation and there
is no taxation in the nature of inheritance tax or estate duty. There are no other taxes likely to be material to LPA levied by the Government
of the Cayman Islands except for stamp duties which may be applicable on instruments executed in, or, after execution, brought within
the jurisdiction of the Cayman Islands. There are no exchange control regulations or currency restrictions in the Cayman Islands.
No
stamp duty is payable in respect of the issue of Ordinary Shares or on an instrument of transfer in respect of such shares. Stamp duty may apply to an instrument
of transfer in respect of an Ordinary Share if executed in or brought into the Cayman Islands.
LPA
has been incorporated under the laws of the Cayman Islands as an exempted company with limited liability and, as such, has applied for
and received an undertaking from the Financial Secretary of the Cayman Islands substantially in the following form on October 10, 2023.
The
Tax Concessions Act
Undertaking
as to Tax Concessions
In
accordance with the Tax Concessions Act (Revised) of the Cayman Islands, the following undertaking is hereby given to LPA:
1.
That no law which is hereafter enacted in the Cayman Islands imposing any tax to be levied on profits, income, gains or appreciations
shall apply to LPA or its operations; and
2.
In addition, that no tax to be levied on profits, income, gains or appreciations or which is in the nature of estate duty or inheritance
tax shall be payable:
2.1
on or in respect of the shares, debentures or other obligations of LPA; or
2.2
by way of the withholding in whole or in part of any relevant payment as defined in the Tax Concessions Act (Revised).
These
concessions shall be for a period of twenty years from October 10, 2023.
F.
Dividends
    and Paying Agents
Not
    applicable.
102
G.
Statement
    by Experts
Not
    applicable.
H.
Documents
    on Display
We
are subject to certain of the informational filing requirements of the Exchange Act. Since we are a "foreign private issuer,"
we are exempt from the rules and regulations under the Exchange Act prescribing the furnishing and content of proxy statements, and our
officers, directors and principal shareholders are exempt from the reporting and "short-swing" profit recovery provisions
contained in Section 16 of the Exchange Act, with respect to their purchase and sale of our shares. In addition, we are not required
to file reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered
under the Exchange Act. However, we are required to file with the SEC an Annual Report on Form 20-F containing financial statements audited
by an independent accounting firm. We may, but are not required, to furnish to the SEC, on Form 6-K, unaudited financial information
after each of our first three fiscal quarters. The SEC also maintains a website at http://www.sec.gov that contains reports and other
information that we file with or furnish electronically with the SEC.
I.
Subsidiary
    Information
Not
    applicable.
J.
Annual
    Report to Security Holders
Not
    applicable.
Item
11. Quantitative and Qualitative Disclosures About Market Risk
LPA
is exposed to a variety of market and other risks, including the effects of changes in interest rates and foreign currency risk.
Interest
Rate Risk
LPA
holds financial liabilities (e.g., long-term debt) subject to interest rate risk. Changes in interest rates as of the reporting date
would affect profit or loss and cash flows. As of December 31, 2023 and December 31, 2022, the debt balance that was subject to
variable rates was $207.9 million and $209.3 million, respectively. Assuming no change in the principal amounts outstanding,
the impact of a 1% increase or decrease in the assumed weighted average interest rate on interest expense would be approximately
$2.1 million for the year ended December 31, 2023.
Liquidity
Risk
Liquidity
risk is the risk that LPA will encounter difficulty in meeting the obligations associated with financial liabilities that are met by
delivering cash or another financial asset. LPA's approach to managing liquidity is to ensure, to the extent possible, that it
will have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable
losses or risking damage to LPA's reputation, and to maintain a balance between continuity of funding and flexibility through the
use of bank deposits and loans.
Typically,
LPA ensures that it has sufficient cash on demand, including deposits at banks and the balances of short-term credit facilities with
diverse funding resources and committed borrowing facilities, to meet expected operating expenses for a period of 90 days, including
the servicing of financial obligations. This excludes the potential impact of extreme circumstances that cannot be reasonably predicted,
such as natural disasters.
LPA
has access to a sufficient variety of sources of funding to repay debt maturing within 12 months in the normal course of business. See
Notes 2 and 16 of our audited consolidated financial statements for more information on a debt covenant matter that arose effective December
31, 2022, as a result of which LPA categorized the related debt balance as repayable on demand. The waiver was subsequently obtained
on February 17, 2023 and LPA remains in compliance with all covenants as of the date the financial statements were issued.
103
Foreign
Currency Risk
LPA
is exposed to market risk from changes in foreign currency exchange rates primarily in connection with all of LPA's
subsidiaries. LPA is subject to fluctuations in the Costa Rican colones, Peruvian soles and Colombian pesos to U.S. dollar currency
exchange rates. LPA attempts to mitigate its net exposure to the changes in interest rates by ensuring its debt and revenue are
denominated in the same currencies. In addition, LPA keeps minimal cash in local currencies and holds the majority of cash in its
functional currency of U.S. dollar.
As of December 31, 2023 and 2022, the net assets in
foreign operations of
LPA
in its operations in Colombia, which uses the Colombian peso
as its functional currency amounted to $88.7 million and $49.4 million, respectively. As of December 31, 2023 and 2022, a
hypothetical 10% strengthening or weakening of the U.S. dollar against the local currencies of the subsidiaries would have decreased
or increased profit for the year by $0.3 million and $0.4 million, respectively.
Market
Risk
LPA
is exposed to market risks primarily from changes in interest rates and foreign currency exchange rates. LPA does not use derivatives
for trading purposes to generate income or to engage in speculative activity.
Item
12: Description of Securities Other Than Equity Securities
Not
    applicable.
A.
Debt
    Securities
Not
    applicable.
B.
Warrants
    and Rights
To be confirmed.
C.
Other
    Securities
Not
    applicable.
D.
American
    Depositary Shares
Not
    applicable.
104
PART
II
Item
13: Defaults, Dividend Arrearages and Delinquencies
Not
applicable.
Item
14: Material Modifications to the Rights of Security Holders and Use of Proceeds
Not
applicable.
Item
15: Controls and Procedures
A.
Disclosure
    Controls and Procedures
Our
Chief Executive Officer and Chief Financial Officer are responsible for implementing disclosure controls and procedures to ensure that
the information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed,
summarized and reported within the time periods specified in SEC rules and forms. Such information is necessary for our officers who
certify the Company's financial reports and for other members of senior management and the CEO and CFO as appropriate to allow
timely decisions regarding required disclosure. Because of these inherent limitations, our disclosure controls and procedures may not
prevent or detect misstatements. Additionally, projections of any evaluation of effectiveness to future periods are subject to the risk
that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures
may deteriorate. The CEO and CFO conducted an evaluation of the effectiveness of our disclosure
controls and procedures (pursuant to Rule 13a-15(e) under the Exchange Act) as of December 31, 2023. Based upon our most recent evaluation,
our CEO and CFO has concluded that our disclosure controls and procedures were not effective as of December 31, 2023, as a result of the
material weaknesses in our internal controls over financial reporting described above.
Prior
to this filing, we have been publicly registered in Colombia and not subject to the financial reporting requirements of the SEC and have
not had the accounting personnel and other resources required for SEC financial reporting purposes and to monitor such work while maintaining
appropriate segregation of duties. A "material
weakness" is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a
reasonable possibility that a material misstatement of our company's annual or interim financial statements will not be prevented
or detected on a timely basis.
As
a result of the issues described above, deficiencies were identified, that either individually or in the aggregate, resulted in the identification
of material weaknesses related to each component of the Internal Control — Integrated Framework (2013 Framework)
issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) framework, including control environment, risk
assessment, control activities, information and communication, and monitoring activities. The material weaknesses have led to the material
misstatement and subsequent restatement of our consolidated financial statements for the years ended December 31, 2021 and 2022, and
if not remediated timely may lead to material misstatements in the future.
105
To
remediate our identified material weaknesses, we have adopted and intend to adopt several measures intended to improve our internal control
over financial reporting. These measures include strengthening our finance, operations and information technology teams, and implementation
of further policies, processes and internal controls relating to our financial reporting. Specifically, our planned remediation efforts
include the following:
●
establish
    controls to identify, assess, and respond to risks of material misstatement and working to formalize internal control processes and
    documentation;
●
strengthening
    supervisory reviews by our management in charge of financial issues;
●
hiring
    additional qualified accounting and finance personnel and engaging financial consultants to enable the implementation of internal
    control over financial reporting and to segregate duties amongst our accounting and finance personnel;
●
improving
    our accounting systems and implementing information technology general controls; and
●
engaging
    third parties as required, under management's supervision, to assist with technical accounting, application of new accounting standards, tax matters, valuations of
    investment properties, and ESG sustainability metrics, among other matters.
We
are committed to maintaining a strong internal control environment, and we expect to continue our efforts to ensure the material weaknesses
described above are remediated. However, these material weaknesses cannot be considered remediated until
the applicable remedial controls operate for a sufficient period of time and management has concluded, through testing, that these controls
are operating effectively.
Notwithstanding
the material weaknesses in our internal control over financial reporting, we have concluded that the combined financial statements included
in this Report present fairly, in all material respects, our financial position, results of operations and cash flows for the periods
presented in conformity with IFRS.
See
Exhibits 12.1 and 12.2 for the certifications required by this Item.
B.
Management's
    Annual Assessment on Internal Control Over Financial Reporting
This
Report does not include an annual assessment on internal control over financial reporting due to a transition period established by the
rules of the SEC for newly public companies.
C.
Attestation
    Report of the Registered Public Accounting Firm
This
Report does not include an attestation report of our registered public accounting firm due to a transition period established by rules
of the SEC for newly public companies. For so long as we qualify as an "emerging growth company" as defined under the JOBS
Act, our independent registered accounting firm is not required to issue an attestation report on our internal control over financial
reporting.
D.
Changes
    in Internal Control over Financial Reporting
Except
for the changes described above in connection with our remediation activities associated with the material weaknesses that existed as
of December 31, 2023, there have been no other changes during the year ended December 31, 2023, that has materially affected, or is reasonably
likely to materially affect, our internal control over financial reporting.
Item
16: [Reserved]
Item
16A. Audit Committee Financial Expert
Our
board of directors has determined that Roger Lazarus, a member of our audit committee, is a "financial expert," as defined
in Item 16A of Form 20-F. Mr. Lazarus is "independent", as defined in Rule 10A-3 under the Exchange Act. For a description
of Mr. Lazarus' experience, see Item 6.A.
106
Item
16B. Code of Ethics
LPA
has adopted a Code of Conduct and Ethics that applies to all of LPA's employees, officers and directors. The full text of LPA's
Code of Conduct and Ethics is posted on the Company's website here: https://ir.lpamericas.com/governance/governance-documents/default.aspx.
LPA intends to disclose future amendments to, or waivers of, the Company's Code of Conduct and Ethics, as and to the extent required
by SEC regulations, at the same location on the Company's website identified above or in public filings. Information contained
on the Company's website is not incorporated by reference into this Report and you should not consider information contained on
the Company's website to be part of this Report.
Item
16C. Principal Accountant Fees and Services
The
following table sets forth the aggregate fees by categories specified below in connection with certain professional services rendered
and billed by Deloitte & Touche, S.A., our independent registered public accounting firm for the periods indicated.
For the years ended, December 31
2023
2022
Audit fees
$
2,329,368
$
260,968
All other fees
17,383
15,404
$
2,346,751
$
276,372
Audit
fees include the aggregate fees billed for each of the fiscal years for professional services rendered by our independent registered
public accounting firm for the audit of our annual and interim financial statements.
All
other fees include the aggregate fees billed in each of the fiscal years for products and services provided by our independent registered
public accounting firm, other than the services reported under audit fees, audit-related fees, and tax fees.
Item
16D.
Not
applicable.
Item
16E.
Not
applicable.
Item
16F.
Not
applicable.
Item
16G. Corporate Governance
LPA
is considered a "foreign private issuer" under U.S. securities laws and the rules of NYSE American. Under the applicable
securities laws of the U.S., foreign private issuers are subject to different disclosure requirements than U.S. domiciled issuers. As
a foreign private issuer, we are permitted to follow home country practice in lieu of certain corporate NYSE American governance rules,
subject to certain requirements. We currently rely, and will continue to rely, on the foreign private issuer exemption with respect to
the following rules:
●
Section
    703 of the NYSE American Company Guide, which requires that a company provide shareholders with a written notice at least ten days
    in advance of all shareholder meetings and to provide for such notice in its by-laws.
●
Section
    704 of the NYSE American Company Guide, which requires that company hold an annual meeting of shareholders no later than one year
    after the end of the company's fiscal year.
107
●
Section
    705 of the NYSE American Company Guide, which requires that a company solicit proxies from its shareholders pursuant to a proxy statement
    in connection with its shareholder meetings.
●
Section
    804 of the NYSE American Company Guide, which requires that a company have a nomination committee that is comprised solely of "independent
    directors," or by a majority of the independent directors, as defined by the NYSE American. Although we currently have a nomination
    and corporate governance committee, under the laws of the Cayman Islands we are not required, nor do we intend to, have such committee
    comply with Section 804 of the NYSE American Company Guide;
●
Section
    805 of the NYSE American Company Guide, which requires that a company's compensation committee be comprised solely of "independent
    directors" or, in the case of a company that does not have a compensation committee, that all of the members of the board of
    directors be independent. Although we currently have a compensation committee, under the laws of the Cayman Islands we are not required,
    nor do we intend to, have such committee comply with Section 805 of the NYSE American Company Guide.
Item
16H.
Not
applicable.
Item
16I.
Not
applicable.
Item
16J. Insider Trading Policies
Not
applicable.
Item
16K. Cybersecurity
Risk
Management and Strategy
We
have structured and implemented a set of security policies, procedures, and system redundancies intended to reduce the vulnerability
of our systems and protect the confidentiality and availability of our critical systems. We engaged a managed IT service provider with
a longstanding relationship with the Company (since 2016) to assist us with managing cybersecurity risks. Our managed IT service provider
conducts testing of our controls and environment that enables us to assess, identify, manage, and remediate material risks from cybersecurity
threats to our information systems.
We
have developed a cybersecurity risk management program that includes processes and policies in areas related to identity and access
management, incident response, employee training on cybersecurity matters, device management, and patch and vulnerability
management, among others. Our managed IT Service provider provides LPA with advice on technology, infrastructure, management, and
productivity in relation to its information technology capabilities across different departments of our company.
In
the event of a potential cybersecurity incident, or a series of related cybersecurity incidents, we have implemented an Information Security
Incident Response Plan designed to establish company-wide incident response processes and procedures for response to Information Security
Incidents. The Information Risk Committee ("
IRC
") is the executive body with ultimate oversight over all Information
Security Incidents. It is formed by our Chief Financial Officer, our managed IT services provider and outside legal counsel. The Company's
IRC provides oversight and policy guidance on physical, cyber and information security, as well as business continuity, throughout the
Company's operations. It is responsible for designing, implementing, monitoring and supporting effective physical and technical
security controls for the Company's physical assets, business systems and operational technologies. Additionally, LPA has information
technology general controls in place to support internal control over financial reporting. These controls are tested by LPA's
internal control procedures, and deficiencies, if any, are reported to senior management and the Audit Committee of the LPA Board.
108
We
have an employee education program that is designed to raise awareness of cybersecurity threats to reduce our vulnerability as well as
to encourage consideration of cybersecurity risks across functions. We also monitor risks relating to potential compromises of sensitive
information at our third-party business partners where relevant and reevaluate the risks at these partners semi-annually. Before contracting
with certain third-parties, such as our local property managers, or purchasing third-party technology or other solutions that involve
exposure to sensitive company or tenant information, we conduct diligence on those third-parties, which includes a security review, including,
as appropriate, conducting a review of security ratings of and System and Organization Controls ("
SOC
") reports provided
by actual and potential vendors. We maintain back-ups and disaster recovery plans to restore our information in the event of an incident.
There
can be no assurance that our cybersecurity risk management program and processes, including our policies, controls or procedures, will
be fully enforced, complied with or effective in protecting our systems and information. We have not identified risks from known cybersecurity
threats, including as a result of any prior cybersecurity incidents, that have materially affected or are reasonably likely to materially
affect us, including our operations, business strategy, results of operations, or financial condition. We face certain ongoing risks
from cybersecurity threats that, if realized, are reasonably likely to materially affect our operations, business strategy, results of
operations, or financial condition. For an additional description of our cybersecurity risks and potential related impacts on us, see
the section entitled "
Risk Factors – Our business and operations could suffer in the event of system failures or cybersecurity
attack
" in this Report.
Cybersecurity
Governance
Our
third-party managed IT service provider reports monthly to our Chief Financial Officer on cybersecurity matters, including
cybersecurity risks. Our CFO is involved in the management of information security procedures and quarterly briefs the LPA Board on
information security matters.
The
LPA Board plays an important role in our risk oversight and discharges its duties both as a full board and through the Audit Committee.
The LPA Board is involved in risk oversight through its direct decision-making authority with respect to certain significant matters
and review of our overall business strategy, as well as indirectly through the further oversight of management delegated to each of the
board's committees. The LPA Board relies on management to bring significant matters impacting our company to its attention. If
a material cybersecurity incident occurred, the IRC would report it to the Audit Committee and LPA Board.
As
reflected in the Audit Committee Charter, which is available on our website, the committee oversees our processes and policies relating
to certain risk assessment and risk management matters, including with respect to cybersecurity risks. The audit committee administers
its risk oversight function by receiving periodic reports from members of senior management on areas of material risk to our company.
Our Audit Committee discusses our cybersecurity program at least annually, receives updates on relevant developments and considers steps
that our management has taken to monitor and seek to mitigate any risk exposures.
LPA's
CFO and the team leader for its managed IT services provider, who collectively lead our IRC, have relevant degrees and certifications
in Information Technology and Security and more than 10 years of experience in their current and prior roles related to IT Security. Along with
leading LPA's cybersecurity learning and awareness trainings, they also participate in various third-party industry conferences
and trainings.
109
PART
III
Item
17. Financial Statements
See
Item 18.
Item
18. Financial Statements
The
audited consolidated financial statements as required under Item 18 are attached hereto starting on page F-1 of this Report. The audit
report of Deloitte & Touche, S.A., an independent registered public accounting firm, is included therein preceding the audited consolidated
financial statements.
Additionally, the condensed financial statements of Latam Logistic Properties,
S.A are included as a supplement on Schedule I - Parent Only Condensed Financial Information as of December 31, 2023 and 2022 and for
the years ended December 31, 2023, 2022 and 2021, prepared in accordance with Rule 12-04 of Regulation S-X. Our investment properties
are included as a supplement on Schedule III - Schedule of Real Estate as of December 31, 2023, prepared in accordance with Rule 12-28
of Regulation S-X.
Item
19. Exhibits
We
have filed the following documents as exhibits to this Report:
Exhibit Number
Description
1.1
Amended and Restated Memorandum and Articles of Association of Logistic Properties of the Americas, dated as of March 27, 2024 (incorporated by reference to Exhibit 1.1 to the Company's Shell Company Report on Form 20-F (File No. 333-275972) filed with the SEC on March 29, 2024).
2.1
Specimen LPA Ordinary Share Certificate (incorporated by reference to Exhibit 4.2 to Amendment No. 1 to the Company's Registration Statement on Form F-4 (File No. 333-275972) filed with the SEC on January 16, 2024).
4.1
+
Business Combination Agreement, dated as of August 15, 2023, by and among two, LatAm Logistic Properties S.A., and, by a joinder agreement, each of Logistic Properties of the Americas and Logistic Properties of the Americas Subco (incorporated by reference to Annex A to the proxy statement/prospectus to the Company's Registration Statement on Form F-4 (File No. 333-275972), filed with the SEC on December 8, 2023).
4.2
Waiver Letter to Business Combination Agreement, dated March 27, 2024, among two, Logistic Properties of the Americas, Logistic Properties of the Americas Subco, and LPA Panama Group Corp. (incorporated by reference to Exhibit 4.2 to the Company's Shell Company Report on Form 20-F (File No. 333-275972) filed with the SEC on March 29, 2024).
4.3
Plan of Merger, dated March 27, 2024 by and between two and Logistic Properties of the Americas Subco (incorporated by reference to Exhibit 4.3 to the Company's Shell Company Report on Form 20-F (File No. 333-275972) filed with the SEC on March 29, 2024).
4.4
Merger Agreement, dated March 12, 2024, by and between LatAm Logistic Properties S.A. and LPA Panama Group Corp (incorporated by reference to Exhibit 4.4 to the Company's Shell Company Report on Form 20-F (File No. 333-275972) filed with the SEC on March 29, 2024).
4.5
Logistic Properties of the Americas Equity Incentive Plan (incorporated by reference to Exhibit 4.5 to the Company's Shell Company Report on Form 20-F (File No. 333-275972) filed with the SEC on March 29, 2024).
4.6
Voting Agreement, dated August 15, 2023, by and among two, LatAm Logistic Properties S.A., and JREP I Logistics Acquisition, L.P. (incorporated by reference to Exhibit 10.1 to two's Current Report on Form 8-K, filed with the SEC on August 21, 2023).
4.7
Lock-Up Agreement, dated August 15, 2023, by and among two, JREP I Logistics Acquisition, L.P., and, by a joinder agreement, Logistic Properties of the Americas (incorporated by reference to Exhibit 10.2 to two's Current Report on Form 8-K, filed with the SEC on August 21, 2023).
110
4.8
Amendment to Letter Agreement dated as of August 15, 2023, by and among two, HC PropTech Partners III, LLC, two sponsor, and each of the shareholders of two listed on the signature pages thereto, and, by a joinder agreement, Logistic Properties of the Americas (incorporated by reference to Exhibit 10.3 to two's Current Report on Form 8-K, filed with the SEC on August 21, 2023).
4.9
Second Amendment to Letter Agreement made and entered into as of August 15, 2023, by and among two, HC PropTech Partners III, LLC, two sponsor, and each of the shareholders of two listed on the signature pages thereto, and, by a joinder agreement, Logistic Properties of the Americas (incorporated by reference to Exhibit 4.9 to the Company's Shell Company Report on Form 20-F (File No. 333-275972) filed with the SEC on March 29, 2024).
4.10
Founder Registration Rights Agreement, dated March 29, 2021, among two, two sponsor and certain shareholders (incorporated by reference to Exhibit 10.3 to two's
Current Report on Form 8-K, filed with the SEC on
April 2, 2021).
4.11
Amendment to Founder Registration Rights Agreement, dated March 27, 2024, among Logistic Properties of the Americas, two, HC Proptech Partners III, LLC, and each of the Holders listed on the signature pages thereto (incorporated by reference to Exhibit 4.11 to the Company's Shell Company Report on Form 20-F (File No. 333-275972) filed with the SEC on March 29, 2024).
4.12
Registration Rights Agreement, dated March 27, 2024, among Logistic Properties of the Americas and each of the Holders listed on the signature pages thereto (incorporated by reference to 4.12 to the Company's Shell Company Report on Form 20-F (File No. 333-275972) filed with the SEC on March 29, 2024).
4.13
Sponsor Letter Agreement, dated August 15, 2023, by and among HC PropTech Partners III, LLC, LatAm Logistic Properties S.A., and, by a joinder agreement, Logistic Properties of the Americas (incorporated by reference to Exhibit 10.4 to two's Current Report on Form 8-K, filed with the SEC on August 21, 2023).
4.14
Sponsor Forfeiture Letter, dated March 27, 2024, by and among two, LatAm Logistic Properties S.A., and by a joinder agreement, Logistic Properties of the Americas, Logistic Properties of the Americas Subco, and LPA Panama Group Corp (incorporated by reference to Exhibit 4.14 to the Company's Shell Company Report on Form 20-F (File No. 333-275972) filed with the SEC on March 29, 2024).
4.15
Loan Agreement, dated April 28, 2023, by and between Banco Nacional de Costa Rica and LatAm Logistic CR Propco Alajuela 1 S.R.L. (incorporated by reference to Exhibit 10.13 to the Company's Registration Statement on Form F-4 (File No. 333-275972) filed with the SEC on December 8, 2023).
4.16
Loan Agreement, dated April 28, 2023, by and between Banco Nacional de Costa Rica and LatAm Propco El Coyol Dos S.R.L. (incorporated by reference to Exhibit 10.14 to the Company's Registration Statement on Form F-4 (File No. 333-275972) filed with the SEC on December 8, 2023).
4.17
Loan Agreement, dated April 28, 2023, by and between Banco Nacional de Costa Rica and LatAm Propco Bodegas San Joaquín S.R.L. (incorporated by reference to Exhibit 10.15 to the Company's Registration Statement on Form F-4 (File No. 333-275972) filed with the SEC on December 8, 2023).
4.18
Loan Agreement, dated April 27, 2023, by and between Banco Nacional de Costa Rica and LatAm Propco Bodegas Los Llanos S.R.L. (incorporated by reference to Exhibit 10.16 to the Company's Registration Statement on Form F-4 (File No. 333-275972) filed with the SEC on December 8, 2023).
4.19
Loan Agreement, dated November 1, 2023, by and between Banco Davivienda and LatAm Propco Cedis Rurales Costa Rica S.R.L. (incorporated by reference to Exhibit 10.17 to the Company's Registration Statement on Form F-4 (File No. 333-275972) filed with the SEC on December 8, 2023).
111
4.20
Waiver Letter, dated February 17, 2023, by and between Banco Davivienda and LatAm Logistic CR Propco Alajuela 1 S.R.L. (incorporated by reference to Exhibit 10.18 to the Company's Registration Statement on Form F-4 (File No. 333-275972) filed with the SEC on December 8, 2023).
4.21
Specific Credit Agreement dated June 7, 2021, by and between Banco BAC San José S.A. and 3102784433 S.R.L. (incorporated by reference to Exhibit 10.19 to the Company's Registration Statement on Form F-4 (File No. 333-275972) filed with the SEC on December 8, 2023).
4.22
Addendum No. 1 to the Specific Credit Agreement dated June 7, 2021, by and among Banco BAC San José, S.A., 3-102-784433, S.R.L., LatAm Logistic Pan Holdco Verbena I, S. DE R.L. and Hacienda La Verbena S.A. (incorporated by reference to Exhibit 10.20 to the Company's Registration Statement on Form F-4 (File No. 333-275972) filed with the SEC on December 8, 2023).
4.34
Loan Agreement, dated as of May 31, 2017, by and between LatAm Logistic Per PropCo Lurin I S.R.L. and International Finance Corporation (incorporated by reference to Exhibit 10.21 to the Company's Registration Statement on Form F-4 (File No. 333-275972) filed with the SEC on December 8, 2023).
4.24
Amended and Restated Loan Agreement, dated as of June 18, 2019, by and between LatAm Logistic Per Propco Lurin I S.R.L. and International Finance Corporation (incorporated by reference to Exhibit 10.22 to the Company's Registration Statement on Form F-4 (File No. 333-275972) filed with the SEC on December 8, 2023).
4.25
Amendment Letter to the Amended and Restated Loan Agreement, dated July 2, 2020, by and between LatAm Logistic Per Propco Lurin I S.R.L. and International Finance Corporation (incorporated by reference to Exhibit 10.23 to the Company's Registration Statement on Form F-4 (File No. 333-275972) filed with the SEC on December 8, 2023).
4.26
Amendment Letter to the Amended and Restated Loan Agreement, dated March 14, 2022, by and between LatAm Logistic Per Propco Lurin I S.R.L. and International Finance Corporation (incorporated by reference to Exhibit 10.24 to the Company's Registration Statement on Form F-4 (File No. 333-275972) filed with the SEC on December 8, 2023).
4.27
Amendment Letter to the Amended and Restated Loan Agreement, dated October 16, 2023, by and between LatAm Logistic Per Propco Lurin I S.R.L. and International Finance Corporation (incorporated by reference to Exhibit 10.25 to the Company's Registration Statement on Form F-4 (File No. 333-275972) filed with the SEC on December 8, 2023).
4.28
Amendment Letter to the Loan Agreement, dated June 30, 2023, by and between LatAm Logistic PER PropCo Lurin I S.R.L. and International Finance Corporation (incorporated by reference to Exhibit 10.26 to the Company's Registration Statement on Form F-4 (File No. 333-275972) filed with the SEC on December 8, 2023).
4.29
Leasing Agreement Number: 257617, dated January 22, 2021 by and between Bancolombia S.A and LatAm Logistic Col Propco Cota 1 S.A.S. (incorporated by reference to Exhibit 10.27 to the Company's Registration Statement on Form F-4 (File No. 333-275972) filed with the SEC on December 8, 2023).
4.30
Amendment No. 01 to Leasing Agreement No. 257617 dated June 10, 2021 by and between Bancolombia S.A and LatAm Logistic Col Propco Cota 1 S.A.S. (incorporated by reference to Exhibit 10.28 to the Company's Registration Statement on Form F-4 (File No. 333-275972) filed with the SEC on December 8, 2023).
4.31
Financial Lease Agreement Leasing No.: 235195 dated November 8, 2019 by and between Bancolombia S.A and LatAm Logistic Col Propco Cota 1 S.A.S. (incorporated by reference to Exhibit 10.29 to the Company's Registration Statement on Form F-4 (File No. 333-275972) filed with the SEC on December 8, 2023).
112
4.32
Addendum No. 1 to Financial Leasing Agreement No. 235195, dated February 18, 2020 by and between Bancolombia S.A. and LatAm Logistic Col Propco Cota 1 S.A.S. (incorporated by reference to Exhibit 10.30 to the Company's Registration Statement on Form F-4 (File No. 333-275972) filed with the SEC on December 8, 2023).
4.33
Addendum No. 2 to Financial Leasing Agreement No. 235195, dated November 3, 2020 by and between Bancolombia S.A and LatAm Logistic Col Propco Cota 1 S.A.S. (incorporated by reference to Exhibit 10.31 to the Company's Registration Statement on Form F-4 (File No. 333-275972) filed with the SEC on December 8, 2023).
4.34
Amendment No. 3 to Financial Lease Agreement Leasing No. 235195, dated January 11, 2022. By and between Bancolombia S.A and LatAm Logistic Col Propco Cota 1 S.A.S. (incorporated by reference to Exhibit 10.32 to the Company's Registration Statement on Form F-4 (File No. 333-275972) filed with the SEC on December 8, 2023).
4.35
Response to Waiver Request for Leasing Agreements 235195 and 257617, dated September 25, 2023, by and between Bancolombia S.A and LatAm Logistic Col Propco Cota 1 S.A.S. (incorporated by reference to Exhibit 10.33 to the Company's Registration Statement on Form F-4 (File No. 333-275972) filed with the SEC on December 8, 2023).
4.36*
Credit Agreement, dated August 24, 2023, by and between Banco BTG Pactual Colombia S.A. and LatAm Logistic COL Propco Cota 1 S.A.S.
4.37*
Credit Agreement, dated August 29, 2023, by and between Banco BTG Pactual Colombia S.A. and LatAm Logistic COL Propco Cota 1 S.A.S.
4.38*
Long-Term Loan Agreement, dated December 15, 2023, by
and between BBVA Peru Bank and LatAm Logistic Per Propco Lurin I S.R.L.
4.39*
Credit Agreement, dated October 19, 2023, by and between
BBVA Peru Bank and LatAm Logistic Per Propco Lurin I S.R.L.
4.40
Subscription Agreement, dated February 16, 2024, by and between two and Bonaventure Investments Holding Inc. (incorporated by reference to Exhibit 10.35 to the Company's Registration Statement on Form F-4 (File No. 333-275972) filed with the SEC on March 5, 2024).
8.1*
List of Subsidiaries of Logistic Properties of the Americas.
12.1*
Certification pursuant to section 302 of the Sarbanes-Oxley Act of 2002 of the Chief Executive Officer.
12.2*
Certification pursuant to section 302 of the Sarbanes-Oxley Act of 2002 of the Chief Financial Officer.
13.1*
Certification pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, of the Chief Executive Officer.
13.2*
Certification pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, of the Chief Financial Officer.
97.1*
Clawback Policy
*
Filed herewith.
+
Certain exhibits and schedules to this Exhibit have been omitted in accordance with Regulation S-K Item 601(a)(5). Logistic Properties
of the Americas agrees to furnish supplementally a copy of any omitted exhibit or schedule to the SEC upon its request.
113
SIGNATURES
The
registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized
the undersigned to sign this report on its behalf.
LOGISTIC PROPERTIES OF THE AMERICAS
By:
/s/
    Esteban Saldarriaga
Esteban
    Saldarriaga
Chief
    Executive Officer
114
LatAm
    Logistic Properties, S.A.
Consolidated
    Financial Statements
As
    of December 31, 2023 and 2022 and for the years ended December 31, 2023, 2022 and 2021
LATAM
LOGISTIC PROPERTIES, S.A.
TABLE
OF CONTENTS
Page
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
F-2
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (LOSS)
F-3
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
F-4
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
F-5
CONSOLIDATED STATEMENTS OF CASH FLOWS
F-6
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
F-7
SChedule
I –
parent company only condensed financial information
F-64
Schedule
III -
Schedule of Real Estate
F-67
F-
1
Report
of Independent Registered Public Accounting Firm
To
the shareholders and the Board of Directors of Latam Logistic Properties, S.A.
Opinion
on the Financial Statements
We
have audited the accompanying consolidated statements of financial position of Latam Logistic Properties, S.A. and subsidiaries (the
"Company") as of December 31, 2023 and 2022, the related consolidated statements of profit or loss and other comprehensive
income (loss), changes in equity, and cash flows, for each of the three years in the period ended December 31, 2023, and the related
notes and the schedules listed in the Index at Item 18 (collectively referred to as the "financial statements"). In our opinion,
the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2023 and
2022, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2023, in conformity
with International Financial Reporting Standards as issued by the International Accounting Standards Board.
Basis
for Opinion
These
financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's
financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board
(United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities
laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company
is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits,
we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion
on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.
Our
audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error
or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits
provide a reasonable basis for our opinion.
/s/
Deloitte & Touche, S.A
.
San José, Costa Rica
April 26, 2024
We have served
as the Group's auditor since 2017
Firm
ID – 0
1108
F-
2
LATAM
LOGISTIC PROPERTIES, S.A. AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF PROFIT OR LOSS
AND
OTHER COMPREHENSIVE INCOME (LOSS)
(in
U.S. Dollars)
For the years ended December 31,
Notes
2023
2022
2021
REVENUES
Rental revenue
2m, 4
$
39,327,779
$
31,890,569
$
25,553,931
Other
108,564
92,998
42,142
Total revenues
39,436,343
31,983,567
25,596,073
Investment property operating expense
5
(
5,142,950
)
(
5,407,439
)
(
4,087,365
)
General and administrative
(
8,508,862
)
(
4,609,195
)
(
5,394,201
)
Investment property valuation gain
2j,12
20,151,026
3,525,692
12,610,127
Interest income from affiliates
22
664,219
561,372
424,838
Financing costs
16
(
31,111,064
)
(
11,766,726
)
(
9,799,558
)
Net foreign currency gain (loss)
2c
284,706
299,762
(
707,570
)
Gain (loss) on sale of investment properties
2j,12
1,165,170
(
398,247
)
—
Gain on sale of asset held for sale
13
1,022,853
—
—
Other income
6
307,822
100,127
151,391
Other expenses
6
(
6,132,636
)
(
611,173
)
(
1,367,647
)
Profit before taxes
12,136,627
13,677,740
17,426,088
INCOME TAX EXPENSE
20
(
4,980,622
)
(
2,236,507
)
(
8,756,703
)
PROFIT FOR THE YEAR
$
7,156,005
$
11,441,233
$
8,669,385
OTHER COMPREHENSIVE INCOME (LOSS):
Items that may be reclassified subsequently to profit or loss:
Translation gain (loss) from functional currency to reporting currency
2c
18,373,064
(
13,533,732
)
(
12,522,802
)
Total comprehensive income (loss) for the year
$
25,529,069
$
(
2,092,499
)
$
(
3,853,417
)
PROFIT FOR THE YEAR ATTRIBUTABLE TO:
Owners of the Group
$
3,139,333
$
8,028,610
$
4,126,505
Non-controlling interests
18
4,016,672
3,412,623
4,542,880
Total profit for the year
$
7,156,005
$
11,441,233
$
8,669,385
TOTAL COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO:
Owners of the Group
$
21,512,397
$
(
5,505,122
)
$
(
8,396,297
)
Non-controlling interests
18
4,016,672
3,412,623
4,542,880
Total comprehensive income (loss) for the year
$
25,529,069
$
(
2,092,499
)
$
(
3,853,417
)
Weighted average number of shares – basic and diluted
168,142,740
168,142,740
168,142,740
Earnings per share attributable to owners of the Group – basic and diluted
19
$
0.019
$
0.048
$
0.025
The
accompanying notes are an integral part of these consolidated financial statements.
F-
3
LATAM
LOGISTIC PROPERTIES, S.A. AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF FINANCIAL POSITION
(in
U.S. Dollars)
As of December 31,
Notes
2023
2022
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
8
$
35,242,363
$
14,988,112
Due from affiliates
22
9,463,164
8,798,945
Lease and other receivables, net
9
3,557,988
2,516,525
Receivable from the sale of investment properties – short term
12
4,072,391
—
Asset held for sale
2l,13
—
2,977,147
Prepaid construction costs
1,123,590
2,317,383
Restricted cash equivalent – short term
8
2,000,000
—
Other current assets
10
3,443,518
1,708,313
Total current assets
58,903,014
33,306,425
NON-CURRENT ASSETS:
Investment properties
2j,12
514,172,281
449,036,633
Tenant notes receivables – long term, net
9
6,002,315
6,796,584
Receivable from the sale of investment properties – long term
12
4,147,507
—
Restricted cash equivalent – long term
8
681,110
3,252,897
Property and equipment, net
11
354,437
427,719
Deferred tax asset
20
1,345,859
239,281
Other non-current assets
5,218,787
4,559,330
Total non-current assets
531,922,296
464,312,444
TOTAL ASSETS
$
590,825,310
$
497,618,869
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable and accrued expenses
14
$
13,127,502
$
8,591,922
Deposits for the sale of assets
13
—
2,400,000
Income tax payable
20
2,024,865
663,703
Retainage payable
2n
1,737,805
3,001,433
Long term debt – current portion
16
16,703,098
110,943,460
Other current liabilities
2i
959,539
54,983
Total current liabilities
34,552,809
125,655,501
NON—CURRENT LIABILITIES:
Long term debt
16
253,151,137
98,383,315
Deferred tax liability
20
37,451,338
37,215,884
Security deposits
1,790,554
1,706,959
Other non-current liabilities
2i
2,936,555
590,740
Total non-current liabilities
295,329,584
137,896,898
TOTAL LIABILITIES
329,882,393
263,552,399
EQUITY:
Common share capital
17
168,142,740
168,142,740
Retained earnings
67,878,645
64,739,312
Foreign currency translation reserve
2c
(
13,694,983
)
(
32,068,047
)
Equity attributable to owners of the Group
222,326,402
200,814,005
Non-controlling interests
18
38,616,515
33,252,465
Total equity
260,942,917
234,066,470
TOTAL LIABILITIES AND EQUITY
$
590,825,310
$
497,618,869
The
accompanying notes are an integral part of these consolidated financial statements.
F-
4
LATAM
LOGISTIC PROPERTIES, S.A. AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF CHANGES IN EQUITY
(in
U.S. Dollars)
Attributable to owners of the Group
Membership Units
Common Shares
Notes
Number of Units
Membership units
Additional Paid—in Capital
Number of Shares
Common share capital
Retained Earnings
Foreign currency translation reserve
Equity attributable to owners of the Group
Non—Controlling Interests
Total Equity
BALANCE AS OF JANUARY 1, 2021
100
$
100
$
168,142,696
—
$
—
$
52,584,197
$
(
6,011,513
)
$
214,715,480
$
23,605,352
$
238,320,832
Profit for the year
—
—
—
—
—
4,126,505
—
4,126,505
4,542,880
8,669,385
Other comprehensive loss
2c
—
—
—
—
—
—
(
12,522,802
)
(
12,522,802
)
—
(
12,522,802
)
Total comprehensive loss for the year
—
—
—
—
—
4,126,505
(
12,522,802
)
(
8,396,297
)
4,542,880
(
3,853,417
)
Conversion from S.R.L. to S.A.
1
(
100
)
$
(
100
)
$
(
168,142,696
)
168,142,740
$
168,142,740
$
—
$
—
$
(
56
)
$
—
$
(
56
)
Capital contributions
18
—
—
—
—
—
—
—
—
4,084,160
4,084,160
Distributions paid to non-controlling interest
18
—
—
—
—
—
—
—
—
(
1,024,747
)
(
1,024,747
)
BALANCE AS OF DECEMBER 31, 2021
—
—
—
168,142,740
$
168,142,740
$
56,710,702
$
(
18,534,315
)
$
206,319,127
$
31,207,645
$
237,526,772
Profit for the year
—
—
—
—
—
8,028,610
—
8,028,610
3,412,623
11,441,233
Other comprehensive loss
2c
—
—
—
—
—
—
(
13,533,732
)
(
13,533,732
)
—
(
13,533,732
)
Total comprehensive loss for the year
—
—
—
—
—
8,028,610
(
13,533,732
)
(
5,505,122
)
3,412,623
(
2,092,499
)
Capital contributions
18
—
—
—
—
—
—
—
—
700,000
700,000
Distributions paid to non-controlling interest
18
—
—
—
—
—
—
—
(
2,067,803
)
(
2,067,803
)
BALANCE AS OF
DECEMBER 31, 2022
—
—
—
168,142,740
$
168,142,740
$
64,739,312
$
(
32,068,047
)
$
200,814,005
$
33,252,465
$
234,066,470
Profit for the year
—
—
—
—
—
3,139,333
—
3,139,333
4,016,672
7,156,005
Other comprehensive loss
2c
—
—
—
—
—
—
18,373,064
18,373,064
—
18,373,064
Total comprehensive income for the
Year
3,139,333
18,373,064
21,512,397
4,016,672
25,529,069
Capital Contributions
18
—
—
—
—
—
—
—
—
5,870,314
5,870,314
Distributions paid to non-controlling interest
18
—
—
—
—
—
—
—
—
(
4,522,936
)
(
4,522,936
)
BALANCE AS OF
DECEMBER 31, 2023
—
—
—
168,142,740
$
168,142,740
$
67,878,645
$
(
13,694,983
)
$
222,326,402
$
38,616,515
$
260,942,917
The
accompanying notes are an integral part of these consolidated financial statements.
F-
5
LATAM
LOGISTIC PROPERTIES, S.A. AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF CASH FLOWS
(in
U.S. Dollars)
For the years ended December 31,
Notes
2023
2022
2021
Cash flows from operating activities:
Profit for the year
$
7,156,005
$
11,441,233
$
8,669,385
Adjustments:
Depreciation and amortization
11
107,229
124,287
139,896
Adjustment for expected credit losses
9
(
87,723
)
1,470,990
1,062,133
Net foreign currency (gain) loss
2c
(
507,152
)
(
325,135
)
302,638
Amortization of right-of-use assets
2i,15
60,666
104,198
96,662
Investment property valuation gain
2j,12
(
20,151,026
)
(
3,525,692
)
(
12,610,127
)
Financing costs
16
31,111,064
11,766,726
9,799,558
(Gain) loss on sale of investment properties
2j,12
(
1,165,170
)
398,247
—
Loss on disposal of property and equipment
11
83,389
30,269
925
(Gain) loss on disposition of asset held for sale
13
(
1,022,853
)
—
—
Straight-line rent
2j
(
1,035,592
)
(
2,423,347
)
(
1,984,366
)
Interest income
22
(
763,208
)
(
561,372
)
(
424,838
)
Income tax expense
20
4,980,622
2,236,507
8,756,703
Working capital adjustments
(Increase) decrease in:
Lease and other receivables, net
9
(
1,180,448
)
1,092,549
(
5,185,489
)
Other current assets and other assets
(
1,378,914
)
(
1,295,515
)
1,414,116
Increase (decrease) in:
Accounts payable and accrued expenses
14
4,963,720
(
1,558,595
)
619,206
Security deposits
454,556
346,458
417,547
Retainage payable
2n
(
1,147,401
)
74,730
663,420
Income tax payable
20
1,361,162
539,231
(
492,438
)
Income tax paid
20
(
4,639,456
)
(
324,624
)
(
1,392,680
)
Net cash provided by operating activities
$
17,199,470
$
19,611,145
$
9,852,251
Cash flows from investing activities:
Capital expenditure on investment properties
2j,12
$
(
28,409,164
)
$
(
40,975,109
)
$
(
48,254,733
)
Acquisitions of investment properties, net of closing costs
2j,12
—
—
(
22,443,229
)
Purchase of property and equipment
11
(
126,476
)
(
88,487
)
(
97,687
)
Proceeds from sale of asset held for sale
2l,13
1,600,000
1,200,000
1,200,000
Proceeds from sale of investment properties
2j,12
2,778,063
8,874,753
—
Loans to affiliates
22
—
(
2,100,000
)
(
685,000
)
Loans to tenants for leasehold improvement
9
(
389,695
)
(
4,687,480
)
(
801,384
)
Repayments on loans to tenants
9
775,263
671,937
407,600
Restricted cash equivalent
8
571,787
620,450
3,812,470
Net cash used in investing activities
$
(
23,200,222
)
$
(
36,483,936
)
$
(
66,861,963
)
Cash flows from financing activities:
Long term debt borrowing
16
$
205,676,643
$
44,217,867
$
78,626,400
Long term debt repayment
16
(
152,482,361
)
(
13,335,183
)
(
11,860,052
)
Cash paid for raising debt
16
(
1,175,820
)
(
41,550
)
(
1,070,987
)
Debt extinguishment cost paid
16
(
2,473,134
)
—
—
Interest and commitment fee paid
16
(
24,862,976
)
(
14,505,955
)
(
9,391,336
)
Capital contributions from non-controlling partners
18
5,868,152
700,000
4,084,160
Distributions to non-controlling partners
18
(
4,522,936
)
(
2,067,803
)
(
1,024,747
)
Repayment of office lease liabilities
15
(
50,112
)
(
163,072
)
(
99,380
)
Net cash provided by financing activities
$
25,977,456
$
14,804,304
$
59,264,058
Effects of exchange rate fluctuations on cash held
277,547
(
303,754
)
(
352,796
)
Net increase (decrease) in cash and cash equivalents
20,254,251
(
2,372,241
)
1,901,550
Cash and cash equivalents at the beginning of year
14,988,112
17,360,353
15,458,803
Cash and cash equivalents at the end of year
$
35,242,363
$
14,988,112
$
17,360,353
The
accompanying notes are an integral part of these consolidated financial statements.
F-
6
LATAM
LOGISTIC PROPERTIES, S.A. AND SUBSIDIARIES
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(in
U.S. Dollars)
1.
NATURE OF BUSINESS
Latam
Logistic Properties, S.A. ("LLP") is a company organized in accordance with the laws of the
Republic of Panama, constituted as a limited liability company, by public deed dated April 29, 2015, and registered before the Public
Registry of Panama on May 4, 2015. The registered office is located in BMW Plaza, 9th floor, Calle 50, Panama City, Republic of Panama.
Latam
Logistic Properties, S.A., through its affiliates and subsidiaries (jointly referred to as "the Group" and individually as
"Group entities"), is a fully-integrated, internally managed real estate company that develops, owns and manages a diversified
portfolio of warehouse logistics assets in Central and South America.
The
consolidated financial statements of the Group as of December 31, 2023 and 2022 and the years ended December 31, 2023, 2022 and 2021
include the consolidated financial information of LLP and its subsidiaries. Information on the Group's structure
is provided in Note 2.
As
of December 31, 2023, and 2022, Latam Logistic Properties, S.A. ownership structure was as follows:
2023
2022
Number of Common Shares
% of Ownership
Number of Common Shares
% of Ownership
JREP I Logistics Acquisition, L.P.
(1)
149,378,010
88.8
%
149,378,010
88.8
%
Latam Logistics Investments, LLC
13,451,419
8.0
%
13,451,419
8.0
%
Latam Logistic Equity Partners, LLC
5,313,311
3.2
%
5,313,311
3.2
%
Total
168,142,740
100.0
%
168,142,740
100.0
%
(1)
JREP I Logistics
Acquisition L.P. ("JREP I") is the Group's majority shareholder and controlling investor with
88.8
% ownership. JREP
GP LLC has exclusive management control over JREP I, which was engaged by Jaguar Growth Asset Management LLC to have full control over
JREP I. The ultimate Group's capital partner is Jaguar Growth Partners LLC, a New York based private equity fund with ample experience
in real estate developments throughout emerging markets.
Business
Combination Agreement -
On
August 15, 2023, two, a Cayman Islands exempted company ("TWOA"), announced the execution of a definitive business
combination agreement ("Business Combination Agreement") with LLP, and, by joinder agreements, each of Logistic
Properties of the Americas, a Cayman Islands exempted company ("Pubco"), Logistic Properties of the Americas Subco, a
Cayman Islands exempted company and a wholly-owned subsidiary of Pubco ("SPAC Merger Sub"), and LPA Panama Group Corp.,
a company incorporated under the laws of Panama and a wholly-owned subsidiary of Pubco ("Company Merger Sub"), for a
proposed business combination among the parties (the "Business Combination"). Under the Business Combination Agreement,
at the closing of the transactions contemplated by the Business Combination Agreement (the "Closing"), among other
matters, (a) SPAC Merger Sub will merge with and into TWOA, with TWOA continuing as the surviving company (the "SPAC
Merger"), and, in connection therewith, each issued and outstanding security of TWOA immediately prior to the effective time
of the Mergers (as defined below) (the "Effective Time") will no longer be outstanding and will automatically be
canceled, in exchange for the right of the holder thereof to receive a substantially equivalent security of Pubco; (b) Company
Merger Sub will merge with and into LLP, with LLP continuing as the surviving company (the "Company Merger," and,
together with the SPAC Merger, the "Mergers"), and, in connection therewith, the LLP shares issued and outstanding
immediately prior to the Effective Time will be canceled in exchange for the right of the holders thereof to receive ordinary shares
of Pubco ("Pubco Ordinary Shares"); and (c) as a result of the Mergers, TWOA and LLP will each become wholly-owned
subsidiaries of Pubco, and Pubco Ordinary Shares will be listed on The New York Stock Exchange ("NYSE") under the symbol
"LPA", all upon the terms and subject to the conditions set forth in the Business Combination Agreement. The Business
Combination was consummated on March 27, 2024. Refer to Note 25 for more details.
F-
7
Conversion
from S.R.L. to S.A
.
On
January 2, 2021, the General Assembly of Shareholders unanimously approved the transformation and conversion of LatAm Logistic Properties,
S.A. from a limited liability company to a corporation, resolution duly registered with the Public Registry of Panama on January 13,
2021 (the "Conversion"). In accordance with the bylaws of a limited liability company and up to conversion date on January
2, 2021, the capital structure of Latam Logistic Properties, S.A. was through Membership Units.
The
Group evaluated the facts and circumstances and concluded the Conversion represented a capital restructuring, which was reflected in
the consolidated statements of changes in equity prospectively. Additionally, the Conversion resulted in an exchange of equity interest
that was akin to a stock split. As such, the change in capital stock was reflected retrospectively for earnings per share ("EPS")
purposes.
2.
MATERIAL ACCOUNTING POLICY INFORMATION
a.
Basis of Accounting
-
The consolidated financial statements have been prepared in accordance with International Financial
Reporting Standards as issued by the International Accounting Standards Board ("IFRS").
The
consolidated financial statements have been prepared on the historical cost basis except certain investment properties that are measured
at fair value as of end of each reporting period, as explained in the accounting policies below. Historical cost is generally based on
the fair value of the consideration given in exchange for goods and services.
The
Group management believes that all adjustments that are required for a proper presentation of the financial information are incorporated
in these consolidated financial statements.
b.
Going Concern
-
The accompanying consolidated financial statements are prepared on a going concern basis in accordance
with International Accounting Standard ("IAS") 1 Presentation of Financial Statements, which contemplates the realization
of assets and the satisfaction of liabilities in the normal course of business.
As
described further in Note 16, the Group obtained a waiver relating to compliance with the debt service coverage ratio as required by
its loan covenants with Bancolombia. This waiver remains in force through December 31, 2023.
In
September 2023, the Group restructured its Bancolombia debt to defer principal payments until May 2024, at which point the Group will
have 12 months to pay this accrued principal and interest in full at no additional cost and will subsequently be tested for compliance
with the debt service coverage ratio on June 30, 2024 as required by its debt covenants. The outstanding Bancolombia loan balance as
of December 31, 2023 was $
41.8
million, with $
1.1
million classified within current liabilities on the consolidated statement of financial
position.
F-
8
While
the Group has fulfilled all debt service payments required by its lending agreements in all jurisdictions to date, current interest
rates in Colombia make it probable that further debt waivers, restructuring, or repayment will be necessary relating to the
Bancolombia loan prior to May 2024, when principal payments resume on the loan. The Group's lending agreements with
Bancolombia are only collateralized by four Colombian investment properties, which were valued at $
90.3
million and $
67.5
million as of December 31, 2023 and 2022, respectively. No other guarantees have been provided by the Group's other
subsidiaries that would put the Group's operations outside of Colombia at risk in event of foreclosure. While the $
8.0
million in revenue generated by the Group's Colombian operations for the year ended December 31, 2023 represents approximately
20.4
%
of the Group's consolidated revenues for the year, the Group's operations outside of Colombia are expected to be
profitable and generate adequate liquidity to provide for continued operations. In the event that the Group is unable to obtain
further debt waivers, restructure the debt, or otherwise repay the Bancolombia loan, there is a possibility Bancolombia may initiate
proceedings to foreclose on its Colombian properties without further recourse. However, this would not create material uncertainty
as to the Group's ability to continue as a going concern in regards to its operations outside of Colombia. Additionally, upon
the consummation of the Group's merger with TWOA on March 27, 2024, the Group gained access to additional capital which further supports the Group's ability to finance ongoing operations. (refer to Note 25 for additional information on the
merger).
c.
Foreign Currency
-
●
Functional
                                            and Presentation Currency -
The consolidated financial statements are presented in
                                            U.S. dollars (USD), which is the functional currency of Latam Logistic Properties, S.A. and
                                            its subsidiaries, except for the Colombian subsidiaries of Latam Logistic COL OpCo, S.A.
                                            and Latam Logistic COL PropCo Cota I, S.A.S, for which the functional currency is the Colombian
                                            Peso. As of December 31, 2023 and 2022, the sell-exchange rates for a USD to relevant currencies
                                            for the Group $1.00 were the following:
2023
2022
Costa Rican Colones ("CRC")
CRC
527
CRC
602
Peruvian Soles ("PEN")
PEN
3.713
PEN
3.820
Colombian Peso ("COP")
COP
3,822
COP
4,810
The
average rates for a USD to relevant currencies for the Group $1.00 were the following for the years ended December 31, 2023, 2022, and
2021:
2023
2022
2021
Costa Rican Colones ("CRC")
CRC
547
CRC
651
CRC
624
Peruvian Soles ("PEN")
PEN
3.747
PEN
3.840
PEN
3.885
Colombian Peso ("COP")
COP
4,321
COP
4,255
COP
4,743
●
Foreign
                                            Currency Transactions -
Transactions in foreign currencies are translated into the respective
                                            functional currencies of the Group entities at exchange rates at the dates of the transactions.
F-
9
Monetary
assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rate at the reporting
date. Non-monetary assets and liabilities that are measured at fair value in a foreign currency are translated into the functional currency
at the exchange rate when the fair value was determined. Non-monetary items that are measured based on historical cost in a foreign currency
are translated at the exchange rate at the date of the transaction. Foreign currency differences are generally recognized in profit or
loss.
Foreign
Operations -
The assets and liabilities of foreign operations, for which the functional currency is other than the USD are translated
into USD at exchange rates in effect at the date of the consolidated statement of financial position. The income and expenses of foreign
operations are translated at exchange rates at the dates of the transactions. Components of equity are translated into USD at the historical
exchange rates.
Foreign
currency differences are recognized in other comprehensive income (OCI) and accumulated in a separate line item in the Group's
consolidated statements of changes in equity under "Foreign currency translation reserve", except to the extent that the
translation difference is allocated to non-controlling interests (NCI). When a foreign operation is disposed of in its entirety or partially
such that control, significant influence or joint control is lost, the cumulative amount in the foreign currency translation reserve
account related to that foreign operation is reclassified to profit or loss as part of the gain or loss on disposal. If the Group disposes
of part of its interest in a subsidiary but retains control, then, the relevant proportion of the cumulative amount is reattributed to
non-controlling interests. When the Group disposes only part of an associate while retaining significant influence, the relevant proportion
of the cumulative amount is reclassified to profit or loss.
d.
Use of Significant Judgements and Estimates
- In preparing the consolidated financial statements, management has made judgments,
estimates, and assumptions that affect the application of the Group's accounting policies and the reported amounts of assets, liabilities,
income, and expenses. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognized prospectively.
Actual results may differ from these estimates.
The
following are the critical accounting judgements and key sources of estimation uncertainty, that the management have made in the process
of applying the Group's accounting policies and that have the most significant effect on the amounts recognized in financial statements.
●
Leases
- The Group applied the following judgements that significantly affect the determination
                                            of the amount and timing of income from lease contracts:
Definition
of a lease
Under
IFRS 16, a lease is a contract (i.e., an agreement between two or more parties that creates enforceable rights and obligations), or part
of a contract, that conveys the right to use an asset (the underlying asset) for a period of time in exchange for consideration.
F-
10
Property
lease classification – the Group as lessor
The
Group has entered into leases on its investment property portfolio. The Group has determined, based on an evaluation of the terms and
conditions of the arrangements, such as the lease term not constituting a major part of the economic life of the property and the present
value of the minimum lease payments not amounting to substantially all of the fair value of the property, that it retains substantially
all the risks and rewards incidental to ownership of this property and accounts for the contracts as operating leases.
Estimating
the incremental borrowing rate – the Group as lessee
The
Group cannot readily determine the interest rate implicit in leases where it is the lessee, therefore, it uses its incremental borrowing
rate (IBR) to measure lease liabilities. The IBR is the rate of interest that the Group would have to pay to borrow over a similar term,
and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic
environment. The Group estimates the IBR using observable inputs (such as market interest rates) when available and is required to make
certain entity-specific estimates (such as the subsidiary's stand-alone credit rating).
●
Receivable
                                            from the sale of investment properties
– The receivable from the sale of investment
                                            properties is related to the disposition of an investment property, Latam Parque Logistico
                                            Calle 80 Building 500A, as discussed in detail in Note 12. The receivable balance was initially
                                            determined by applying a discount rate to the expected future proceeds. The discount rate
                                            was estimated based on several Level 2 valuation inputs such as senior unsecured Option Adjusted
                                            Spread ("OAS") and the Colombia sovereign yield curve.
●
Investment
                                            Properties
- Investment properties are initially recognized at cost. The Group elects
                                            to subsequently remeasure investment properties at fair value. As of each period end, valuations
                                            for the Group's investment properties are generally performed by an external valuation
                                            firm. Note 12 provides detailed information about the key assumptions used in the determination
                                            of the fair value of the investment properties.
●
Impairment
                                            of Financial Assets
– Allowances for expected credit losses are made based on the
                                            risk of non-payment taking into account aging, previous experience, economic conditions and
                                            forward-looking data, which are evaluated on a quarterly basis. Allowances for tenant notes
                                            receivables are measured as 12-months expected credit losses. Allowances for lease receivables
                                            are measured as lifetime expected credit losses depending on changes in the credit quality
                                            of the counterparty, with 100% of balances being reserved for if a counterparty exhibits
                                            characteristics of default. The definition of default is determined by considering whether
                                            there is a breach of financial covenants or information developed internally or obtained
                                            from external sources.
●
Control
                                            for partnership agreements –
Management has assessed whether its interest over
                                            investees represents a parent / subsidiary relationship and requires consolidation as per
                                            IFRS 10 control criteria. Control is achieved when the Group is exposed, or has rights, to
                                            variable returns from its involvement with the investee and has the ability to affect those
                                            returns through its power over the investee. Management considers all relevant facts and
                                            circumstances in assessing whether it has power over an investee including contractual arrangement
                                            contained within partnership agreements, rights arising service contracts with other vote
                                            holders for partnership arrangements and decision-making authority for the Group.
F-
11
e.
Basis of Consolidation
-
The consolidated financial statements incorporate the financial statements of the Group
and entities controlled by the Group (its subsidiaries) at the end of each reporting year. Control is achieved when the Group:
●
Has
                                            the power over the investee;
●
Is
                                            exposed, or has rights, to variable returns from its involvement with the investee; and
●
Has
                                            the ability to use its power to affects its returns.
The
Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of
the three elements of control listed above.
When
the Group has less than a majority of the voting rights of an investee, it considers that it has power over the investee when the contractual
rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Group considers
all relevant facts and circumstances in assessing whether or not the Group's voting rights in an investee are sufficient to give
it power, including:
●
The
                                            size of the Group's holding of voting rights relative to the size and dispersion of
                                            holdings of the other vote holders;
●
Exposure,
                                            or rights, to variable returns from its involvement with the investee
●
Any
                                            additional facts and circumstances that indicate that the Group has, or does not have, the
                                            current ability to direct the relevant activities at the time that decisions need to be made
                                            including the ability to use its power over the investee to affect the amount of the investor's
                                            returns
Consolidation
of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control. Specifically, the
results of subsidiaries acquired or disposed of during the year are included in profit or loss from the date the Group gains control
until the date when the Group ceases to control the subsidiary. Profit or loss and each component of other comprehensive loss are attributed
to owners of the Group and to the non-controlling interests. Total comprehensive income of the subsidiaries is attributed to the owners
of the Group and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance.
Where
necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with the
Group's accounting policies.
All
intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between the members of the Group
are eliminated on consolidation.
Non-controlling
interests in subsidiaries are identified separately from the Group's equity therein. Those interests of non-controlling shareholders
that are present ownership interests entitling their holders to a proportionate share of net assets upon liquidation may initially be
measured at fair value or at the non-controlling interests' proportionate share of the fair value of the acquiree's identifiable
net assets. The choice of measurement is made on an acquisition-by-acquisition basis. Other non-controlling interests are initially measured
at fair value. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial
recognition plus the non-controlling interests' share of subsequent changes in equity. Total comprehensive income is attributed
to non-controlling interests even if this results in the non-controlling interests having a deficit balance.
Changes
in the Group's interests in subsidiaries that do not result in a loss of control are accounted for as equity transactions. The
carrying amount of the Group's interests and the non-controlling interests are adjusted to reflect the changes in their relative
interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value
of the consideration paid or received is recognized directly in equity and attributed to the owners of the Group.
When
the Group loses control of a subsidiary, the gain or loss on disposal recognized in profit or loss is calculated as the difference between
(i) the aggregate of the fair value of the consideration received and the fair value, as of the date control is lost, of any retained
interest in the subsidiary and (ii) the previous carrying amount of the assets (including goodwill), less liabilities of the subsidiary
and any non-controlling interests. All amounts previously recognized in other comprehensive loss in relation to that subsidiary are accounted
for as if the Group had directly disposed of the related assets or liabilities of the subsidiary (i.e. reclassified to profit or loss
or transferred to another category of equity as required/permitted by applicable IFRS Standards). The fair value of any investment retained
in the former subsidiary at the date when control is lost is regarded as the fair value on initial recognition for subsequent accounting
under IFRS 9 Financial Instruments when applicable, or the cost on initial recognition of an investment in an associate or a joint venture.
F-
12
The
consolidated financial statements include the financial information of Latam Logistic Properties, S.A. (parent entity) and its subsidiaries:
Ownership Interest
Non-controlling Interest
Entities
Country
2023
2022
2023
2022
Latam Logistic Property Holdings LLC
United States
100
%
100
%
Latam Logistic COL HoldCo I, S de R.L.
Panamá
100
%
100
%
Latam Logistic CR HoldCo I, S de R.L.
Panamá
100
%
100
%
Latam Logistic Pan HoldCo S de R.L.
Panamá
100
%
100
%
Latam Logistic Pan Holdco El Coyol II S de R.L.
Panamá
50
%
50
%
50
%
50
%
Latam Logistic Pan Holdco Cedis Rurales S de R.L.
Panamá
100
%
100
%
Latam Logistic Pan HoldCo San Joaquin I S de R.L.
Panamá
100
%
100
%
Latam Logistic Pan Holdco
Verbena I S de R.L.
(1)
Panamá
47.6
%
47.6
%
52.4
%
52.4
%
Latam Logistic Pan Holdco Verbena II S, S.R.L.
(2)
Panamá
47.6
%
47.6
%
52.4
%
52.4
%
Latam Logistic Pan Holdco Santiago I, S de R.L.
Panamá
100
%
100
%
Latam Logistic Pan Holdco Santo Domingo, S de R.L.
Panamá
100
%
100
%
Latam Logistic Pan Holdco Medellin I, S.R.L.
Panamá
100
%
100
%
LatAm Logistic Pan HoldCo Bodegas los Llanos, S.R.L.
Panamá
100
%
100
%
Latam Logistic PER OpCo, S.R.L.
Perú
100
%
100
%
Latam Logistic PER PropCo Lurin I, S. de R.L.
Perú
100
%
100
%
Latam Logistic PER PropCo Lurin II, S. de R.L.
Perú
100
%
100
%
Latam Logistic PER PropCo Lurin III, S. de R.L.
Perú
100
%
100
%
Parque Logístico Callao, S.R.L.
Perú
40
%
50
%
60
%
50
%
Latam Logistic COL OpCo, S.A.
(3)
Colombia
100
%
100
%
Latam Logistic COL PropCo Cota I, S.A.S.
Colombia
100
%
100
%
Latam Logistic CR OpCo, S.R.L.
Costa Rica
100
%
100
%
Latam Logistic CR PropCo Alajuela I, S.R.L.
Costa Rica
100
%
100
%
Latam Propco El Coyol Dos S de R.L.
Costa Rica
50
%
50
%
50
%
50
%
Latam Logistic Propco Bodegas San Joaquín S de R.L.
Costa Rica
100
%
100
%
Latam Logistic Propco Cedis Rurales Costa Rica S de R.L.
Costa Rica
100
%
100
%
3101784433, S.R.L.
Costa Rica
23.6
%
23.6
%
76.4
%
76.4
%
Latam Logistic PropCo Bodegas los Llanos S de R.L.
Costa Rica
100
%
100
%
Latam Logistic CR Zona Franca, S. de R.L.
Costa Rica
100
%
100
%
Latam Logistics SLV OpCo S.A. de C.V.
El Salvador
100
%
100
%
(1)
Formerly
                                            known as Latam Logistic Propco Pedregal Panamá S de R.L.
(2)
Formerly
                                            known as Latam Logistic Pan Holdco Pedregal Panamá S de R.L.
(3)
Formerly
                                            known as Latam Logistic COL OpCo, S.A.S.
f.
Financial Instruments
– All regular way purchases or sales of financial assets are recognized and derecognized on
a trade date basis. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within
the time frame established by regulation or convention in the marketplace. All recognized financial assets are measured subsequently
in their entirety at either amortized cost or fair value, depending on the classification of the financial assets.
Classification
of Financial Assets
– Financial assets that meet the following conditions are measured subsequently at amortized cost:
●
The
                                            financial asset is held within a business model whose objective is to hold financial assets
                                            in order to collect contractual cash flows; and
●
The
                                            contractual terms of the financial asset give rise on specified dates to cash flows that
                                            are solely payments of principal and interest on the principal amount outstanding.
Financial
assets that meet the following conditions are measured subsequently at fair value through other comprehensive income (FVTOCI):
●
The
                                            financial asset is held within a business model whose objective is achieved by both collecting
                                            contractual cash flows and selling the financial assets; and
●
The
                                            contractual terms of the financial asset give rise on specified dates to cash flows that
                                            are solely payments of principal and interest on the principal amount outstanding.
F-
13
By
default, all other financial assets are measured subsequently at fair value through profit or loss (FVTPL). Despite the foregoing, the
Group may make the following irrevocable election/designation at initial recognition of a financial asset:
●
The
                                            Group may irrevocably elect to present subsequent changes in fair value of an equity investment
                                            in other comprehensive income if certain criteria are met; and
●
The
                                            Group may irrevocably designate a financial asset that meets the amortized cost or FVTOCI
                                            criteria as measured at FVTPL if doing so eliminates or significantly reduces an accounting
                                            mismatch.
Amortized
Cost and Effective Interest Method
–
The effective interest method is a method of calculating the amortized cost of a
financial asset and of allocating interest income over the relevant year.
For
financial assets other than purchased or originated credit-impaired financial assets, the effective interest rate is the rate that exactly
discounts estimated future cash receipts (including all fees and points paid or received that form an integral part of the effective
interest rate, transaction costs and other premiums or discounts) excluding expected credit losses, through the expected life of the
financial asset, or, where appropriate, a shorter period, to the gross carrying amount of the financial asset on initial recognition.
For purchased or originated credit-impaired financial assets, a credit-adjusted effective interest rate is calculated by discounting
the estimated future cash flows, including expected credit losses, to the amortized cost of the financial asset on initial recognition.
The
amortized cost of a financial asset is the amount at which the financial asset is measured at initial recognition minus the principal
repayments, plus the cumulative amortization using the effective interest method of any difference between that initial amount and the
maturity amount, adjusted for any loss allowance. The gross carrying amount of a financial asset is the amortized cost of a financial
asset before adjusting for any loss allowance.
For
financial assets other than purchased or originated credit-impaired financial assets, interest income is calculated by applying the effective
interest rate to the gross carrying amount of a financial asset, except for financial assets that have subsequently become credit-impaired.
For financial assets that have subsequently become credit-impaired, interest income is recognized by applying the effective interest
rate to the amortized cost of the financial asset. If, in subsequent reporting years, the credit risk on the credit-impaired financial
instrument improves so that the financial asset is no longer credit-impaired, interest income is recognized by applying the effective
interest rate to the gross carrying amount of the financial asset.
Impairment
of Financial Assets
– The Group recognizes a loss allowance for expected credit losses ("ECL") on lease receivables,
tenant notes receivables as well as due from affiliates. The amount of ECL is updated at each reporting date to reflect changes in credit
risk since initial recognition of the respective financial instrument.
F-
14
Measurement
of Expected Credit Losses - For lease receivables, the Group performs an assessment for all tenants to evaluate their current financial
state and historical payment behavior. For tenants who show indicators of financial difficulties, the Group creates a specific reserve
for those tenants covering 100% of their outstanding balance. For lease receivables where tenants are not specifically reserved for,
the Group applies a lifetime ECL using a provision matrix. Lifetime ECL represents the expected credit losses that will result from all
possible default events over the expected life of a financial instrument.
For
tenant notes receivables and due from affiliates, the Group assess and monitors if there has been a significant increase in credit risk
since initial recognition. If the credit risk on the financial instrument has not increased significantly since initial recognition,
the Group measures the loss allowance at an amount equal to 12-month ECL; otherwise, the Group recognizes lifetime ECL. Based on the
result of the assessment for the year ended December 31, 2023 and 2022, the Group concluded there has not been a significant increase
in credit risk since initial recognition for tenant notes receivables and due from affiliates.
The
Group only extends such financial arrangements to tenants who have successfully undergone the comprehensive background check procedures.
Occasionally, the Group extends loans to related party, or affiliate, where the Group conducts a thorough examination of borrower's
reputation, credit history, and payment record. The Group applies continuous monitoring whereby tenants are evaluated on a monthly basis
to ensure there are no indicators that may suggest an increase in credit risk.
Due
to there not being a significant increase in credit risk, the Group measures the loss allowance for tenant notes receivables and due
from affiliates at an amount equal to 12-month ECL, which represents the portion of lifetime ECL that is expected to result from default
events on a financial instrument that are possible within 12 months after the reporting date. The 12-month ECL are estimated using the
probability of default approach, which is a function of the probability of default, loss given default (i.e., the magnitude of the loss
if there is a default) and the exposure at default. The assessment of the probability of default and loss given default is based on historical
data adjusted by forward-looking information. As for the exposure at default, for financial assets, this is represented by the assets'
gross carrying amount at the reporting date.
The
Group writes off a financial asset when there is information indicating that the debtor is in a financial difficulty and there is no
realistic prospect of recovery, e.g., when the debtor has been placed under liquidation or has entered into bankruptcy proceedings. Financial
assets written off may still be subject to enforcement activities under the Group's recovery procedures, taking into account legal
advice where appropriate. Any recoveries made are recognized in profit or loss.
Refer
below for the definition of terms:
i.
Significant
                                            Increase in Credit Risk -
In assessing whether the credit risk on a financial instrument
                                            has increased significantly since initial recognition, the Group compares the risk of a default
                                            occurring on the financial instrument at the reporting date with the risk of a default occurring
                                            on the financial instrument at the date of initial recognition. In making this assessment,
                                            the Group considers both quantitative and qualitative information that is reasonable and
                                            supportable, including historical experience and forward-looking information that is available
                                            without undue cost or effort.
F-
15
ii.
Definition
                                            of Default
– The Group considers the following as constituting an event of default
                                            for internal credit risk management purposes as historical experience indicates that financial
                                            assets that meet either of the following criteria are generally not recoverable:
●
When
                                            there is a breach of financial covenants by the debtor; or
●
Information
                                            developed internally or obtained from external sources indicates that the debtor is unlikely
                                            to pay its creditors, including the Group, in full (without taking into account any collateral
                                            held by the Group).
Irrespective
of the above analysis, the Group considers that default has occurred when a financial asset is more than 90 days past due unless the
Group has reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate.
iii.
Credit
                                            – impaired Financial Assets
– A financial asset is credit-impaired when one
                                            or more events that have a detrimental impact on the estimated future cash flows of that
                                            financial asset have occurred. Evidence that a financial asset is credit-impaired includes
                                            observable data about the following events:
●
Significant
                                            financial difficulty of the issuer or the borrower;
●
A
                                            breach of contract, such as a default or past due event (see (ii) above);
●
The
                                            lender(s) of the borrower, for economic or contractual reasons relating to the borrower's
                                            financial difficulty, having granted to the borrower a concession(s) that the lender(s) would
                                            not otherwise consider;
●
It
                                            is becoming probable that the borrower will enter bankruptcy or other financial reorganization;
                                            or
●
The
                                            disappearance of an active market for that financial asset because of financial difficulties.
iv.
Recognition
                                            of Expected Credit Losses
– The Group recognizes an impairment gain or loss in
                                            profit or loss for all financial instruments with a corresponding adjustment to their carrying
                                            amount through a loss allowance account. The Group records a provision for possible loss
                                            if the collection of a receivable balance is considered doubtful. As of December 31, 2023
                                            and 2022, the Group recorded an allowance for expected credit losses related to receivables
                                            from clients of $
946,006
and $
2,772,977
, respectively.
v.
Concentration
                                            of Credit Risk –
There are no individual customers that make up
10
% or more of
                                            the Group's revenue for the years ended December 31, 2023, 2022 and 2021.
F-
16
Classification
of Financial Liabilities
– All financial liabilities are measured subsequently at amortized cost using the effective interest
method.
Financial
Liabilities Measured Subsequently at Amortized Cost
– Debt instruments that meet the following conditions are measured subsequently
at amortized cost:
Financial
liabilities that are not (i) contingent consideration of an acquirer in a business combination, (ii) held-for-trading, or (iii) designated
as at FVTPL, are measured subsequently at amortized cost using the effective interest method.
The
effective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over
the relevant year. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees
and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts)
through the expected life of the financial liability, or (where appropriate) a shorter period, to the amortized cost of a financial liability.
Embedded
derivatives
- An embedded derivative is a component of a hybrid contract that also includes a non-derivative host with the
effect that some of the cash flows of the combined instrument vary in a way similar to a stand-alone derivative.
Derivatives
embedded in hybrid contracts with hosts that are not financial assets within the scope of IFRS 9 (e.g., financial liabilities) are treated
as separate derivatives when they meet the definition of a derivative, their risks and characteristics are not closely related to those
of the host contracts and the host contracts are not measured at fair value through profit or loss (FVTPL). Further, such derivatives
are initially recognized at fair value and the residual amount is the initial carrying value of the host contract liability. If an embedded
derivative is identified, it is presented as a non-current asset or a non-current liability if the remaining maturity of the hybrid instrument
to which the embedded derivative relates is more than 12 months and is not expected to be realized or settled within 12 months.
Derecognition
of Financial Liabilities
– The Group derecognizes financial liabilities when, and only when, the Group's obligations
are discharged, cancelled or have expired. The difference between the carrying amount of the financial liability derecognized and the
consideration paid and payable is recognized in profit or loss.
F-
17
When
the Group exchanges with the existing lender one debt instrument into another one with the substantially different terms, such exchange
is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. Similarly,
the Group accounts for substantial modification of terms of an existing liability or part of it as an extinguishment of the original
financial liability and the recognition of a new liability. It is assumed that the terms are substantially different if the discounted
present value of the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original
effective rate is at least 10 percent different from the discounted present value of the remaining cash flows of the original financial
liability. If the modification is not substantial, the difference between: (1) the carrying amount of the liability before the modification
under the effective interest rate method; and (2) the present value of the cash flows after modification (discounted using the effective
interest rate before the modification) should be recognized in profit or loss as the modification gain or loss within other gains and
losses.
i.
Leases
- The Group evaluates if a contract contains a lease at the commencement date. The Group recognizes a right-of-use
asset and a corresponding lease liability regarding all lease contracts in which it is a lessee, except for short-term leases (term of
12 months or less) and leases of low value assets, such as personal computers and small office furniture devices. For these leases, the
Group recognizes the lease payments as an operating lease under the straight-line method through the valid term of the lease, unless
other method is more representative of the pattern in which economic benefits from the use of the underlying asset is diminished.
Lease
liability is initially measured at present value of the lease payments that are not paid on the commencement date, discounted from the
implicit interest rate in the contract. If this rate cannot be readily determined, the Group shall use incremental rates.
The
lease payments included in the measurement of lease liability consist of:
●
Fixed
                                            payments, including in substance fixed payments, less any lease incentives received;
●
Variable
                                            lease payments that depend on an index or a rate, initially measured using the index or rate
                                            at the commencement date;
●
Amount
                                            expected to be paid by the lessee under residual value guarantees;
●
The
                                            exercise price of a purchase option if the lessee is reasonably certain to exercise that
                                            option; and
●
Payments
                                            of penalties for terminating the lease if the lease term reflects the lessee exercising an
                                            option to terminate the lease.
Lease
liability is included in the other current and non-current liabilities in the consolidated statement of financial position.
Lease
liability is subsequently measured by increasing the carrying amount to reflect the interest earned on the liability lease (using the
effective interest method) and reducing the carrying amount to reflect the lease payments made.
F-
18
Right-of-use
assets consist of the amount of the initial measurement of the corresponding lease liability, the lease payments made on or before the
commencement date, less any lease incentive received and any initial direct cost. The subsequent valuation is the cost less the accumulated
depreciation and impairment losses.
Right-of-use
assets are depreciated over the shorter period between the lease period and the useful life of the underlying asset. If a lease transfers
the ownership of the underlying asset, or the cost of the right-of-use asset reflects that the Group plans to exercise a purchase option,
the right-of-use asset will be depreciated over the useful life. Depreciation starts on the date of the commencement of the lease.
The
right-of-use assets are shown as a separate component in the statement of financial position.
As
practical expedient, IFRS 16 allows a lessee to not separate the non-lease components and instead account for any lease components and
its associated non-lease components as a single lease component. The Group has not used this practical expedient. For a contract that
contains a lease component and one or more additional lease or non-lease components, the Group allocates the consideration in the contract
to each lease component on the basis of the relative stand-alone price of the lease component and the aggregate stand-alone price of
the non-lease components.
j.
Investment Properties
- Investment properties are buildings and lands held to obtain rent, surpluses, or both. Investment
properties are initially recorded at cost, including transaction costs. Subsequent to initial recognition, investment properties are
measured at fair value at least on annual basis. Fair value is determined by the commercial value of each real property performed by
an independent appraiser. The commercial value of each real property is calculated using a combination of methods including present value
of the net cash flows that are expected in the future and direct capitalization for operating properties and properties under development
and comparable for land. Gains and losses arising from changes in the fair value of investment properties are recognized in profit and
loss in the period in which they arise. Note 12 provides detailed information about the key assumptions used in the determination of
the fair value of the investment properties.
The
Group categorizes its investment properties into three groups: land bank, properties under development and operating properties. The
land bank category encompasses land acquisitions made by the Group, including land purchase expenses, along with certain allocated permit
and infrastructure costs. The investment properties transition to properties under development once the Group secures construction permits
for land development and initiates construction activities. Subsequently, they are reclassified as operating properties once they achieve
a state of "stabilization". The Group defines stabilization as the earlier of the point at which a developed property has
been completed for one year, or when it reaches a 90% occupancy rate.
As
described below, the Group recognizes rental income using the straight-line method. Any temporary difference between the recognized rental
income and the amount billed is recorded in the rent leveling balance sheet account. The temporary difference between cash and accrual
payments will ultimately be reversed and eliminated by the end of the lease. The Group concludes that rent leveling constitutes an integral
component of the fair value of the investment properties because the expected cash flows of the leases are already reflected in the fair
value of the investment properties. Therefore, the recognition of rental revenue on a straight-line basis over the lease term would require
an adjustment to the fair value of the investment property to avoid double counting.
F-
19
An
investment property is derecognized upon disposal or when the investment property is permanently withdrawn from used and no future economic
benefits are expected form the disposal. Any gain or loss arising on derecognition of the property (calculated as the difference between
the net sale proceeds and the carrying amount of the asset) is included in profit or loss in the period in which the property is derecognized.
k.
Fair value measurements
- Fair value is the price that would be received to sell an asset or paid to transfer a liability
in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable
or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Group takes into account
the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset
or liability at the measurement date. Fair value for measurement and/or disclosure purposes in these financial statements is determined
on such a basis, except for leasing transactions that are within the scope of IFRS 16, and measurements that have some similarities to
fair value but are not fair value, such as net realizable value in IAS 2
Inventories
or value in use in IAS 36
Impairment of
Assets
.
In
addition, for financial reporting purposes, fair value measurements are categorized into Level 1, 2 or 3 based on the degree to which
the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety,
which are described as follows:
●
Level
                                            1
- Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities
                                            that the entity can access at the measurement date.
●
Level
                                            2
- Inputs are inputs, other than quoted prices included within Level 1, that are observable
                                            for the asset or liability, either directly or indirectly; and
●
Level
                                            3
- Inputs are unobservable inputs for the asset or liability, among others, statistics
                                            information, and own Group's information, in some instances based on the information
                                            provided by some independent experts.
The
Group has a control framework established in relation to the measurement of fair values. This includes the supervision of management
of all significant fair value measurements, including the fair values of level 3.
The
Group's management regularly reviews the significant unobservable variables and the valuation adjustments. If a third-party information,
such as broker quotes or pricing services, is used to measure fair values, supervision includes evidence obtained from third parties
to support the conclusion that those valuations meet the requirements of IFRS, including the level within the hierarchy of fair value
within these valuations should be classified.
F-
20
l.
Assets Held for Sale
- The Group classifies non-current assets and disposal groups as held for sale if their carrying amounts
will be recovered principally through a sale transaction rather than through continuing use. The criteria for held for sale classification
is regarded as met when the sale is highly probable, and the non-current asset or disposal group is available for immediate sale in its
present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will
be made or that the decision to sell will be withdrawn. The Group should be committed to the plan to sell the asset and the sale is expected
to be completed within 1 year from the date of the classification.
For
investment properties measured at fair value that are classified as held for sale, the Group continues to measure the investment properties
under the fair value model.
Assets
and liabilities classified as held for sale are presented separately in the statement of financial position.
m.
Revenue Recognition
-
Investment
Property Rental Income
- The Group earns rental income from acting as a lessor of operating properties in arrangements which do not
transfer substantially all of the risks and rewards incidental to ownership of an investment property. Rental income is recognized under
the requirements of IFRS 16,
Leases
("IFRS 16") and revenue on the non-lease components is recognized under the requirements
of IFRS 15,
Revenue from Contracts with Customers
("IFRS 15").
The
Group's leases with tenants (customers) under agreements are classified as operating leases. The Group recognizes the total minimum
lease payments provided for under the leases on a straight-line basis over the lease term.
Lease
components
The
right to use an asset represents a separate lease component from other lease components if two criteria are met:
a.
The lessee can benefit from the use of the asset either on its own or together with other readily available resources.
b.
The underlying asset must not be highly dependent on or highly interrelated with other underlying assets in the contract.
The
Group generally identifies the right to use the warehouses and underlying land as lease components in its lease contracts with tenants
based on the above two criteria. In some cases, the Group might also grant tenants the right to use dedicated parking spots, or other
types of assets, which could also be considered as lease components.
F-
21
Non-lease
components
When
identifying non-lease components, the Group considers whether a good or service is transferred to the lessee. Typically, maintenance
activities, including common area maintenance ("CAM," e.g., cleaning a lobby of a building, property management services,
general repairs), provided by the lessor along with utilities are considered non-lease components because they represent goods or services
transferred to the Group separately from the right to use the underlying asset.
The
Group applies IFRS 15 to allocate the consideration in the contract between lease and non-lease components, on the basis of stand-alone
selling prices. Stand-alone selling price represents the price at which an entity would sell a good or service on a stand-alone (or separate)
basis at contract inception.
Principal/agent
considerations for non-lease components
For
the identified non-lease components that are accounted for under IFRS 15, the Group concludes that they should in general be presented
gross in the consolidated statement of profit or loss and other comprehensive loss, because the Group is typically acting as a principal,
because the Group controls the promised good or service before the it transfers the good or service to a customer. The Group is itself
contractually obliged to provide these services to its tenants and is ultimately responsible for fulfilling the promise to provide the
services.
Rental
Revenues in the consolidated statements of profit or loss and other comprehensive loss.
Disaggregation
of rental revenue arising from contracts with customers from other sources of revenue is disclosed in Note 4.
The
Group performs credit analyses of our customers prior to the execution of the leases and continue these analyses for each individual
lease on an ongoing basis in order to ensure the collectability of rental revenue. The Group recognizes revenue to the extent that amounts
are determined to be collectible.
Other
– Other sources of revenue consists of fees earned from customers which are determined in accordance with the terms specific
to each customer arrangement. The third-party development fees are recognized as revenue under the requirements of IFRS 15 when they
are earned under the agreement with the customers.
n.
Retainage Payable
- Construction contract retainage represents payments which have been partially withheld from subcontractors
pending the completion of a project or other contractual conditions. The Group accrues a liability for construction retainage throughout
the construction phase, based on the percentage of completion of the construction. Such liability is subsequently released upon completion
of construction when the retainage is paid.
o.
Income Tax
- Income tax expense comprises current and deferred tax. It is recognized in profit or loss except to the extent
that it relates to a business combination, or items recognized directly in equity or in other comprehensive income.
●
Current
                                            Tax
- Current tax comprises the expected tax payable or receivable on the taxable income
                                            or loss for the period and any adjustment to tax payable or receivable in respect of previous
                                            periods.
The
amount of current tax payable or receivable is the best estimate of the tax amount expected to be paid or received that reflects uncertainty
related to income taxes, if any. It is measured using tax rates enacted or substantively enacted as of the date of the consolidated statement
of financial position. Current assets and liabilities are offset only if certain criteria are met.
F-
22
●
Deferred
                                            Tax
- Deferred tax is recognized in respect of temporary differences between the carrying
                                            amounts of assets and liabilities for financial reporting purposes and the amounts used for
                                            tax purposes. Deferred tax is not recognized for:
–
Temporary
                                            differences on the initial recognition of assets or liabilities in a transaction that is
                                            not a business combination and that affects neither accounting nor taxable profit or loss;
–
Temporary
                                            differences related to investments in subsidiaries and associates to the extent that the
                                            Group is able to control the timing of the reversal of the temporary differences and it is
                                            probable that it will not reverse in the foreseeable future; and,
–
Taxable
                                            temporary differences arising on the initial recognition of goodwill.
Deferred
tax assets are recognized for unused tax losses, unused tax credits and deductible temporary differences to the extent that it is probable
that future taxable profits will be available, against which they can be used. Deferred tax assets are reviewed at each reporting date
and are reduced to the extent that it is no longer probable that the related tax benefit will be realized; such reductions are reversed
when the probability of future taxable profits improves.
Unrecognized
deferred tax assets are reassessed at each reporting date and recognized to the extent that it has become probable that future taxable
profits will be available against which they can be used.
Deferred
tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted
or substantively enacted at the reporting date.
The
measurement of deferred tax reflects the tax consequences that would follow from the manner in which the Group expects, at the reporting
date, to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets and liabilities are offset only if
certain criteria are met.
3.
NEW AND AMENDED IFRS ACCOUNTING STANDARDS
a)
New
                                            and amended IFRS Accounting Standards That are Effective for the Current Year
The
accounting policies adopted and methods of computation followed are consistent with those of the previous financial year, except for
items disclosed below.
There
are several new amendments to standards and interpretations which are applicable for the first time in the current year, but many are
either not relevant or do not have an impact on the consolidated financial statements of the Group. The Group has not early adopted any
standard, interpretation or amendment that has been issued but is not yet effective, except for the ones specifically disclosed, as outlined
below.
F-
23
●
Amendments
                                            to IFRS 3 Reference to the Conceptual Framework
- The Group has adopted the amendments
                                            to IFRS 3 Business Combinations for the first time in the current year. The amendments update
                                            IFRS 3 so that it refers to the 2018 Conceptual Framework instead of the 1989 Framework.
                                            They also add to IFRS 3 a requirement that, for obligations within the scope of IAS 37 Provisions,
                                            Contingent Liabilities and Contingent Assets, an acquirer applies IAS 37 to determine whether
                                            at the acquisition date a present obligation exists as a result of past events. For a levy
                                            that would be within the scope of IFRIC 21 Levies, the acquirer applies IFRIC 21 to determine
                                            whether the obligating event that gives rise to a liability to pay the levy has occurred
                                            by the acquisition date. The adoption of the amendment has no material impact to the Group.
●
Amendments
                                            to IAS 16 Property, Plant and Equipment - Proceeds before Intended Use
- The Group
                                            has adopted the amendments to IAS 16 for the first time in the current year. The amendments
                                            prohibit deducting from the cost of an item of property, plant and equipment any proceeds
                                            from selling items produced before that asset is available for use, i.e. proceeds while bringing
                                            the asset to the location and condition necessary for it to be capable of operating in the
                                            manner intended by management. Consequently, an entity recognizes such sales proceeds and
                                            related costs in profit or loss. The entity measures the cost of those items in accordance
                                            with IAS 2
Inventories
.
The
amendments also clarify the meaning of "testing whether an asset is functioning properly". IAS 16 now specifies this as assessing
whether the technical and physical performance of the asset is such that it is capable of being used in the production or supply of goods
or services, for rental to others, or for administrative purposes.
If
not presented separately in the statement of comprehensive income, the financial statements shall disclose the amounts of proceeds and
cost included in profit or loss that relate to items produced that are not an output of the entity's ordinary activities, and which
line item(s) in the statement of comprehensive income include(s) such proceeds and cost. The adoption of the amendments has no material
impact to the Group.
●
Amendments
                                            to IAS 37 Onerous Contracts - Cost of Fulfilling a Contract
- The Group has adopted
                                            the amendments to IAS 37 for the first time in the current year. The amendments specify that
                                            the cost of fulfilling a contract comprises the costs that relate directly to the contract.
                                            Costs that relate directly to a contract consist of both the incremental costs of fulfilling
                                            that contract (examples would be direct labour or materials) and an allocation of other costs
                                            that relate directly to fulfilling contracts (an example would be the allocation of the depreciation
                                            charge for an item of property, plant and equipment used in fulfilling the contract). The
                                            adoption of the amendment has no material impact to the Group.
●
Amendments
                                            to IAS 12 Income Taxes
- The amendments require an exception to IAS 12, whereby an
                                            entity does not recognize or disclose information about deferred tax assets and liabilities
                                            specifically related to tax laws that have been enacted or substantively enacted to implement
                                            the Organization for Economic Co-operation and Development's international tax reform
                                            recommendations known as the Pillar Two model rules. The Group has applied the exception
                                            which was effective upon the issuance of the amendments and did not have any DTAs or DTLs
                                            on December 31, 2023 that had not been recognized as a result of the application of this
                                            exception. The adoption of the amendment has no material impact to the Group.
F-
24
●
Amendments
                                            to IAS 1 - Presentation of Financial Statements - Classification of Liabilities as Current
                                            or Non-Current ("2020 Amendment")
- The amendments clarify that the classification
                                            of liabilities as current or non-current is based on rights that are in existence at the
                                            end of the reporting period, specify that classification is unaffected by expectations about
                                            whether an entity will exercise its right to defer settlement of a liability, explain that
                                            rights are in existence if covenants are complied with at the end of the reporting period,
                                            and introduce a definition of "settlement" to make clear that settlement refers
                                            to the transfer to the counterparty of cash, equity instruments, other assets or services.
                                            The Group has early adopted the amendment as of January 1, 2023 together with the 2022 Amendment
                                            mentioned below.
●
Amendments
                                            to IAS 1 - Presentation of Financial Statements - Non-Current Liabilities with Covenants
                                            ("2022 Amendment")
- The amendments specify that only covenants that
                                            an entity is required to comply with on or before the end of the reporting period affect
                                            the entity's right to defer settlement of a liability for at least twelve months after
                                            the reporting date (and therefore must be considered in assessing the classification of the
                                            liability as current or non-current). Such covenants affect whether the right exists at the
                                            end of the reporting period, even if compliance with the covenant is assessed only after
                                            the reporting date (e.g. a covenant based on the entity's financial position at the
                                            reporting date that is assessed for compliance only after the reporting date).
The
IASB also specifies that the right to defer settlement of a liability for at least twelve months after the reporting date is not affected
if an entity only has to comply with a covenant after the reporting period. However, if the entity's right to defer settlement
of a liability is subject to the entity complying with covenants within twelve months after the reporting period, an entity discloses
information that enables users of financial statements to understand the risk of the liabilities becoming repayable within twelve months
after the reporting period. This would include information about the covenants (including the nature of the covenants and when the entity
is required to comply with them), the carrying amount of related liabilities and facts and circumstances, if any, that indicate that
the entity may have difficulties complying with the covenants.
The
Group early adopted the amendment as of January 1, 2023. Note 16 contains the detail disclosures related to the Group's compliance
with debt covenants.
●
Amendments
                                            to IAS 1 - Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality
                                            Judgements -
The IASB amended IAS 1 to require entities to disclose their material rather
                                            than their significant accounting policies. The amendments define what is 'material
                                            accounting policy information' and explain how to identify when accounting policy information
                                            is material. They further clarify that immaterial accounting policy information does not
                                            need to be disclosed. If it is disclosed, it should not obscure material accounting information.
                                            To support this amendment, the IASB also amended IFRS Practice Statement 2 Making Materiality
                                            Judgements to provide guidance on how to apply the concept of materiality to accounting policy
                                            disclosures.
F-
25
●
Amendments
                                            to IAS 8 - Accounting Policies Changes in Accounting Estimates and Errors -
The amendment
                                            to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors clarifies how companies
                                            should distinguish changes in accounting policies from changes in accounting estimates. The
                                            distinction is important, because changes in accounting estimates are applied prospectively
                                            to future transactions and other future events, whereas changes in accounting policies are
                                            generally applied retrospectively to past transactions and other past events as well as the
                                            current period. The adoption of the amendment has no material impact to the Group.
●
Amendments
                                            to IAS 12 Income Taxes - Deferred Tax related to Assets and Liabilities arising from a Single
                                            Transaction -
The amendments to IAS 12 Income Taxes require companies to recognize deferred
                                            tax on transactions that, on initial recognition, give rise to equal amounts of taxable and
                                            deductible temporary differences. They will typically apply to transactions such as leases
                                            of lessees and decommissioning obligations, and will require the recognition of additional
                                            deferred tax assets and liabilities. The amendment should be applied to transactions that
                                            occur on or after the beginning of the earliest comparative period presented. In addition,
                                            entities should recognize deferred tax assets (to the extent that it is probable that they
                                            can be utilized) and deferred tax liabilities at the beginning of the earliest comparative
                                            period for all deductible and taxable temporary differences associated with: (i) right-of-use
                                            assets and lease liabilities; and (ii) decommissioning, restoration and similar liabilities,
                                            and the corresponding amounts recognized as part of the cost of the related assets. The cumulative
                                            effect of recognizing these adjustments is recognized in retained earnings, or another component
                                            of equity, as appropriate. The adoption of the amendment has no material impact to the Group.
b)
New
                                            and amended IFRS Accounting Standards issued but not yet Effective
- At the date
                                            of authorization of these financial statements, the Group has not applied the following new
                                            and revised IFRS Accounting Standards that have been issued but are not yet effective:
●
Amendments
                                            to IAS 21 – Lack of exchangeability
– The amendments to IAS 21 require companies
                                            to assess whether a currency is exchangeable and how it should determine a spot exchange
                                            rate when exchangeability is lacking. Specifically, the amendment state that when a currency
                                            is not exchangeable into another currency, the entity is required to estimate the spot exchange
                                            rate at the measurement date and will need to disclose information about the effect on entity's
                                            financial performance, financial position, and cash flows. The amendments will be effective
                                            for annual reporting periods beginning on or after 1 January 2025. The directors of the Group
                                            anticipate that the application of these amendments may have an impact on the Group's
                                            consolidated financial statements in future periods should such transactions arise.
●
Amendments
                                            to IFRS 10
- Consolidated Financial Statements and IAS 28 Investments in Associates and
                                            Joint Ventures - Sale or Contribution of Assets between an Investor and its Associate or
                                            Joint Venture - The amendments to IFRS 10 and IAS 28 deal with situations where there is
                                            a sale or contribution of assets between an investor and its associate or joint venture.
                                            Specifically, the amendments state that gains or losses resulting from the loss of control
                                            of a subsidiary that does not contain a business in a transaction with an associate or a
                                            joint venture that is accounted for using the equity method, are recognised in the parent's
                                            profit or loss only to the extent of the unrelated investors' interests in that associate
                                            or joint venture. Similarly, gains and losses resulting from the remeasurement of investments
                                            retained in any former subsidiary (that has become an associate or a joint venture that is
                                            accounted for using the equity method) to fair value are recognised in the former parent's
                                            profit or loss only to the extent of the unrelated investors' interests in the new
                                            associate or joint venture.
F-
26
●
The
                                            effective date of the amendments has yet to be set by the IASB; however, earlier application
                                            of the amendments is permitted. The directors of the Group anticipate that the application
                                            of these amendments may have an impact on the Group's consolidated financial statements
                                            in future periods should such transactions arise.
4.
REVENUE
The
Group's revenue was as follows:
Year ended December 31,
2023
2022
2021
Non-lease components of rental arrangements
$
4,194,415
$
3,287,013
$
2,235,529
Other
108,564
92,998
42,142
Revenue from contracts with customers (IFRS 15)
4,302,979
3,380,011
2,277,671
Rental income
35,133,364
28,603,556
23,318,402
Total revenue
$
39,436,343
$
31,983,567
$
25,596,073
Note
7 contains further information of the Group's revenue based on segment and geography.
The
Group, through its subsidiaries, has entered into various operating leases agreements with customers for the rental of its investment
properties. Most of the Group's lease agreements associated with the investment properties contain an initial lease term from
5
to
10
years and generally include renewal options for one or more additional terms of varying lengths. The Group's weighted average
lease term remaining on leases in the operating properties and properties under development, based on square feet of all leases in effect
as of December 31, 2023, 2022 and 2021 was
5.3
years,
6.3
years and
8.0
years, respectively.
These
leases are based on a minimum rental payment in USD for properties located in Costa Rica and Peru, and COP for properties in Colombia,
plus maintenance fees and recoverable expenses, and guarantee deposits associated with the agreements, which are commonly used for covering
any repair, improvement tasks or as a final payment when the lease agreement ends.
The
following table summarizes the Group's minimum lease payments under non-cancellable operating leases as of December 31, 2023:
Amount
2024
$
38,723,655
2025
35,919,432
2026
32,869,113
2027
29,297,600
2028
21,488,945
Thereafter
69,406,401
Total
$
227,705,146
F-
27
COVID-19
Rent Relief
- The COVID-19 outbreak has disrupted financial markets and the ultimate impact on global, national and local economies
is uncertain. Existing and potential customers of the logistics facilities may be adversely affected by the decrease in economic activity,
which in turn could temporarily disrupt their business and have a negative impact on the Group. Any prolonged economic downturn, escalation
of the outbreak or disruption in the financial markets may adversely affect the Group financial condition and results of operations.
In
response to the COVID-19 pandemic, the Group provided to some of the customers rent concessions, as a deferral of the rent payment with
a rent repayment schedule within the following 12 months and with no significant impact on revenue recognition. Through December 31,
2023, all of these deferrals were repaid.
5.
INVESTMENT PROPERTY OPERATING EXPENSES
Investment
property operating expenses include the direct operating expenses of the property such as repair and maintenance, property management,
property taxes, utilities, and other property related costs. Property operating expenses are mostly recovered through the rental recoveries
charged to the tenants. The Group does not incur significant direct property operating costs from investment properties under development
that did not generate rental income during the period.
Rental
property operating expenses were as follows:
Year ended December 31,
2023
2022
2021
Repair and maintenance
$
2,351,598
$
1,661,900
$
1,234,863
Property management
1,062,320
1,072,509
783,495
Real estate taxes
731,261
357,457
333,613
Adjustment for expected credit losses
(
87,723
)
1,470,990
1,062,133
Other property related expenses
1,085,494
844,583
673,261
Total
$
5,142,950
$
5,407,439
$
4,087,365
6.
OTHER INCOME AND OTHER EXPENSES
Other
income for the years ended December 31, 2023, 2022 and 2021 were as follows:
2023
2022
2021
Interest income
$
300,189
$
94,130
$
87,923
Other
7,633
5,997
63,468
Total
$
307,822
$
100,127
$
151,391
Other
expenses for the years ended December 31, 2023, 2022 and 2021 were as follows:
2023
2022
2021
Transaction-related costs
$
6,150,988
$
306,059
$
1,367,647
Loss on disposition of fixed assets
83,389
30,270
—
Legal provision
(
101,741
)
274,844
—
Total
$
6,132,636
$
611,173
$
1,367,647
F-
28
7.
SEGMENT REPORTING
The
Group has
three
operating segments, based on geographic regions consisting of Colombia, Peru, and Costa Rica. Operating segments are
defined as components of an enterprise for which separate financial information is evaluated regularly by the chief operating decision
maker ("CODM"), the Group's Chief Executive Officer, in deciding how to allocate resources and assess the Group's
financial and operational performance. The CODM receives information and evaluates the business from a geographic perspective and reviews
the Group's internal reporting by geography in order to assess performance and allocate resources. As a result, the Group has determined
the business operates in three distinct operating segments based on geography.
The
three geographic segments, Colombia, Peru, and Costa Rica primarily derive revenue from various operating lease agreements with customers
for the rental of warehouses. Each of these locations and corresponding operations are presented and managed separately. The operating
segments are each reportable segments, and aggregation of segments is not applied. Unallocated revenue consists of other revenue streams
earned by operating subsidiaries that are not allocated to segments for CODM's review. Unallocated expenses consist of certain
corporate general and administrative expenses that are not allocated to segments for CODM's review, as well as financing costs
for the bridge loan held by the parent entity.
The
accounting policies of the segments are the same as those described in the summary of significant accounting policies. There was no inter-segment
revenue for the years ended December 31, 2023, 2022 and 2021.
The
tables below present information by segment presented to the CODM and reconciliations to the Group's consolidated amounts.
F-
29
The
Group evaluates the performance of its reportable segments based on net operating income. Segment net operating income consists of segment
investment property rental revenue less segment investment property operating expense.
Year ended December 31,
2023
2022
2021
Revenue:
Colombia
$
8,038,441
$
5,690,569
$
4,714,197
Peru
9,260,197
8,350,957
5,244,208
Costa Rica
22,029,141
17,849,043
15,595,526
Unallocated revenue
108,564
92,998
42,142
Total
$
39,436,343
$
31,983,567
$
25,596,073
Investment property operating expense:
Colombia
$
(
989,404
)
$
(
599,084
)
$
(
454,333
)
Peru
(
1,476,086
)
(
1,288,280
)
(
1,037,161
)
Costa Rica
(
2,677,460
)
(
3,520,075
)
(
2,595,871
)
Total
$
(
5,142,950
)
$
(
5,407,439
)
$
(
4,087,365
)
Net operating income
Colombia
$
7,049,037
$
5,091,485
$
4,259,864
Peru
7,784,111
7,062,677
4,207,047
Costa Rica
19,351,681
14,328,968
12,999,655
Total
$
34,184,829
$
26,483,130
$
21,466,566
General and administrative:
Colombia
$
(
1,182,837
)
$
(
897,455
)
$
(
1,048,445
)
Peru
(
1,745,286
)
(
765,572
)
(
721,501
)
Costa Rica
(
2,945,824
)
(
2,421,168
)
(
3,017,494
)
Corporate and other
(
2,634,915
)
(
525,000
)
(
606,761
)
Total
$
(
8,508,862
)
$
(
4,609,195
)
$
(
5,394,201
)
Financing costs
Colombia
$
(
8,068,416
)
$
(
6,267,603
)
$
(
2,753,390
)
Peru
(
5,431,535
)
(
1,997,204
)
(
1,421,466
)
Costa Rica
(
17,611,113
)
(
3,483,685
)
(
5,620,317
)
Corporate and other
—
(
18,234
)
(
4,385
)
Total
$
(
31,111,064
)
$
(
11,766,726
)
$
(
9,799,558
)
The
following table reconciles segment net operating income to profit before taxes for the years ended December 31, 2023, 2022 and 2021:
Year ended December 31,
2023
2022
2021
Net operating income
$
34,184,829
$
26,483,130
$
21,466,566
Unallocated revenue
108,564
92,998
42,142
General and administrative
(
8,508,862
)
(
4,609,195
)
(
5,394,201
)
Investment property valuation gain
20,151,026
3,525,692
12,610,127
Interest income from affiliates
664,219
561,372
424,838
Financing costs
(
31,111,064
)
(
11,766,726
)
(
9,799,558
)
Net foreign currency gain (loss)
284,706
299,762
(
707,570
)
Gain (loss) on sale of investment properties
1,165,170
(
398,247
)
—
Gain on sale of asset held for sale
1,022,853
—
—
Other income
307,822
100,127
151,391
Other expenses
(
6,132,636
)
(
611,173
)
(
1,367,647
)
Profit before taxes
$
12,136,627
$
13,677,740
$
17,426,088
F-
30
Segment
Assets and Liabilities
For
the purposes of monitoring segment performance and allocating resources between segments, the CODM monitors select assets and liabilities
attributable to each segment. The following table summarizes the Group's total assets and liabilities by reportable operating segment
as of December 31, 2023 and 2022:
2023
2022
Segment investment properties
Colombia
$
131,057,446
$
107,749,342
Peru
127,350,614
105,121,058
Costa Rica
255,764,221
236,166,233
Total
$
514,172,281
$
449,036,633
Reconciling items:
Cash and cash equivalents
35,242,363
14,988,112
Due from affiliates
9,463,164
8,798,945
Lease and other receivables, net
3,557,988
2,516,525
Receivable from the sale of investment properties - short term
4,072,391
—
Asset held for sale
—
2,977,147
Prepaid construction costs
1,123,590
2,317,383
Other current assets
3,443,518
1,708,313
Tenant notes receivables - long term, net
6,002,315
6,796,584
Receivable from the sale of investment properties - long term
4,147,507
—
Restricted cash equivalent
2,681,110
3,252,897
Property and equipment, net
354,437
427,719
Deferred tax asset
1,345,859
239,281
Other non-current assets
5,218,787
4,559,330
Total assets
$
590,825,310
$
497,618,869
Segment long-term debt
Colombia
$
47,654,090
$
55,260,326
Peru
61,260,237
35,662,360
Costa Rica
160,939,908
118,404,089
Total
$
269,854,235
$
209,326,775
Reconciling items:
Accounts payable and accrued expenses
13,127,502
8,591,922
Deposits for the sale of assets
—
2,400,000
Income tax payable
2,024,865
663,703
Retainage payable
1,737,805
3,001,433
Other current liabilities
959,539
54,983
Deferred tax liability
37,451,338
37,215,884
Security deposits
1,790,554
1,706,959
Other non-current liabilities
2,936,555
590,740
Total liabilities
$
329,882,393
$
263,552,399
Geographic
Area Information
2023
2022
Long-lived assets
Colombia
$
131,147,272
$
107,807,334
Peru
127,416,698
105,448,377
Costa Rica
256,000,132
236,471,570
Total
$
514,564,102
$
449,727,281
F-
31
8.
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Cash
equivalents are considered by the Group to be highly liquid investments such as short-term deposits with banks, the maturity of which
do not exceed three months at the time of deposit and which are not restricted. Such deposits bear interest at a negligible interest rate
and the book value of these assets approximates their fair value. Available cash are held in bank accounts and overnight deposits.
The
Group's cash are predominantly denominated in USD and, in part, in COP, PEN and CRC.
Cash
and cash equivalents were as follows as of December 31, 2023, and 2022:
(in USD)
2023
2022
Bank accounts:
In COP
$
1,445,179
$
1,117,352
In CRC
6,599
15,287
In PEN
479,057
237,240
In USD
33,311,528
13,618,233
Total
$
35,242,363
$
14,988,112
As
of December 31, 2023 and 2022, cash disclosed in the consolidated statements of financial position and in the consolidated statements
of cash flows included $
2,993,045
and $
2,465,008
, respectively, that were held in partnership entities in which the ownership is shared
with other private investors. These cash deposits were designated for the sole purpose of investing in development and operations of
the properties held by the partnership entities and were therefore not available for general use by other entities within the Group.
In
addition, the Group had short-term and long-term restricted cash equivalent related to additional guarantees for the Group's debt
and corporate credit cards. As disclosed in Note 16, certain debt agreements require the Group to maintain cash in a restricted bank
account in order to comply with conditions over minimum debt service coverage. The funds can only be used for debt service repayments
for the associated debt agreement. Certificates of Deposit have maturities ranging from 3 to 12 months and renew until the outstanding
balance for the associated debt agreement is liquidated.
As
of December 31, 2023, and 2022, the Group's total restricted cash equivalents amounted to $
2,681,110
(of which $
2,000,000
was classified
as short-term) and $
3,252,897
(all was classified as long-term), respectively. The classification of restricted cash equivalents as short-term
or long-term aligns with the corresponding loan agreements' classification on the consolidated statements of financial position,
reflecting the terms of restriction.
Non-cash
transactions
Changes
in assets and liabilities arising from investing and financing activities not requiring cash relate to an increase in accrued payables
for investment properties of $
2,078,508
, $
1,247,256
and $
2,891,858
in the years ended December 31, 2023, 2022 and 2021, respectively,
an increase for new lease liabilities for $
2,623,092
, $
376,325
and $
0
in the years ended December 31, 2023, 2022 and 2021, respectively.
Additionally, in relation to the sale of investment properties, Latam Parque Logistico Calle 80 Building 500A in the year ended December
31, 2023, the Group records non-cash activities for an increase in receivables from the sale of $
7,577,092
and decrease of long-term
debt of $
8,299,867
related to settlement of the loan with ITAÚ Corpbanca Colombia, S.A. ("
ITAÚ
"), refer
to Note 12 for transaction details related to the sale. Furthermore, the Group records a non-cash capital contribution from a non-controlling
partner of $
2,162
in the year ended December 31, 2023.
F-
32
9.
LEASE AND OTHER RECEIVABLES, NET
As
of December 31, 2023, and 2022, lease and other receivables, net were as follows:
2023
2022
(a)
Lease receivables, net
$
2,703,760
$
1,644,555
(b)
Tenant notes receivables - short term, net
804,749
751,908
Others
49,479
120,062
Sub-total
3,557,988
2,516,525
Tenant notes receivable - long term, net
6,002,315
6,796,584
Lease and other receivables, net
$
9,560,303
$
9,313,109
(a)
Lease Receivables
- The average credit period
on rents is 30 days. No interest is charged on outstanding lease receivables.
The
Group always measures the expected credit loss for lease receivables, net of cash security deposits, at an amount equal to lifetime ECL.
The expected credit losses on lease receivables are estimated using a provision matrix by reference to past default experience of the
debtor, default trend report from third-party reputable credit rating agency (i.e., Moody's), and an analysis of the debtor's
current financial position, adjusted for factors that are specific to the debtors, general economic conditions of the industry in which
the debtors operate and an assessment of both the current as well as the forecast direction of conditions at the reporting date.
To
measure the expected credit losses, lease receivables have been grouped based on shared credit risk characteristics and the days past
due. The Group adopts a two-part reserve method: 1) with a specific reserve at 100% against all lease receivables from tenant who has
shown indicators of severe financial difficulty, such as consecutive months of rent non-payment, or if the tenant is undergoing liquidation
or bankruptcy proceedings. 2) with a general reserve recognizing expected credit loss allowance of
100
% against all lease receivables
over 90 days outstanding and percentage reflecting Moody's average one-year default rate for all companies against lease receivables
that are less than 90 days outstanding, net of cash security deposits. The lifetime ECL is calculated as gross carrying amount net of
security deposit and multiply by loss rate described above. None of the lease receivables that have been written off is subject to enforcement
activities.
The
gross carrying amount and loss allowance provision for lease receivables was as follows as of December 31, 2023 and 2022:
2023
2022
Gross carrying amount
$
3,535,565
$
4,290,892
Loss allowance provision
(
831,805
)
(
2,646,337
)
Lease receivables, net
$
2,703,760
$
1,644,555
(b)
Tenant Notes Receivables -
The Group finances
some of its specific tenant improvements that customers request. As of December 31, 2023, loans outstanding to tenants bear weighted
average annual interest rate of
10.7
% and had a weighted average remaining loan term of
7.2
years.
As
of December 31, 2022, loans outstanding to tenants bears a weighted average annual interest rate of
10.7
% and have a weighted average
remaining loan term of
8.1
years.
The
Group always measures the expected credit loss allowance for tenant notes receivables at an amount equal to 12-month ECL. The expected
12-month ECL on tenant notes receivables are estimated using the probability of default approach, which is a function of the probability
of default, loss given default (i.e. the magnitude of the loss if there is a default) and the exposure at default. The assessment of
the probability of default and loss given default is based on historical data adjusted by forward looking information. As for the exposure
at default, for financial assets, this is represented by the gross carrying amount at the reporting date. None of the tenant notes have
exhibited a significant increase in credit risk.
The
gross carrying amount and loss allowance provision for tenant notes receivables as of December 31, 2023 and 2022 was as follows:
2023
2022
Gross carrying amount - short term
$
818,250
$
764,523
Loss allowance provision - short term
(
13,501
)
(
12,615
)
Tenant notes receivables - short term, net
$
804,749
$
751,908
Gross carrying amount - long term
6,103,015
6,910,609
Loss allowance provision - long term
(
100,700
)
(
114,025
)
Tenant notes receivables - long term, net
$
6,002,315
$
6,796,584
The
expected credit loss allowance provision for lease receivables and tenant notes receivables as of December 31, 2023, 2022 and 2021 reconciled
to the opening loss allowance for that provision as follows:
2023
Lease Receivables
Tenants Notes Receivables
Total
Beginning balance
$
2,646,337
$
126,640
$
2,772,977
Adjustments in loan loss allowance recognized in profit or loss during the year
(
81,017
)
(
6,706
)
(
87,723
)
Receivables written-off during the year as uncollectible
(
1,733,515
)
(
5,733
)
(
1,739,248
)
Ending balance
$
831,805
$
114,201
$
946,006
2022
Lease Receivables
Tenants Notes Receivables
Total
Beginning balance
$
1,294,649
$
62,089
$
1,356,738
Adjustments in loan loss allowance recognized in profit or loss during the year
1,406,439
64,551
1,470,990
Receivables written-off during the year as uncollectible
(
54,751
)
—
(
54,751
)
Ending balance
$
2,646,337
$
126,640
$
2,772,977
2021
Lease Receivables
Tenants Notes Receivables
Total
Beginning balance
$
243,245
$
51,360
$
294,605
Adjustments in loan loss allowance recognized in profit or loss during the year
1,051,404
10,729
1,062,133
Receivables written-off during the year as uncollectible
—
—
—
Ending balance
$
1,294,649
$
62,089
$
1,356,738
F-
33
10.
OTHER CURRENT ASSETS
The
details of other current assets as of December 31, 2023 and December 31, 2022 were as follows:
2023
2022
Value added tax receivable
$
2,207,983
$
179,566
Prepaid taxes
651,925
816,138
Other
583,610
712,609
Total
$
3,443,518
$
1,708,313
11.
PROPERTY AND EQUIPMENT, NET
Property
and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses. As of December 31, 2023, and
2022, the Group's property and equipment, net were as follows:
Vehicles
Furniture and Office Equipment
Computer Equipment
Leasehold Improvements
Total
Gross assets:
Balance as of January 1, 2022
$
16,022
$
354,437
$
192,418
$
375,878
$
938,755
Additions
4,103
20,734
38,122
25,528
88,487
Retirements
—
(
4,174
)
(
1,366
)
(
152,390
)
(
157,930
)
Foreign currency translation effect
—
(
10,030
)
(
3,286
)
6,909
(
6,407
)
Balance as of December 31, 2022
$
20,125
$
360,967
$
225,888
$
255,925
$
862,905
Additions
18,235
27,704
6,478
74,059
126,476
Retirements
(
1,000
)
(
36,296
)
(
251
)
(
182,033
)
(
219,580
)
Foreign currency translation effect
—
12,383
5,912
1,864
20,159
Balance as of December 31, 2023
$
37,360
$
364,758
$
238,027
$
149,815
$
789,960
Accumulated depreciation:
Balance as of January 1, 2022
$
6,370
$
128,216
$
87,206
$
214,219
$
436,011
Additions
2,458
50,955
31,454
39,420
124,287
Retirements
—
(
2,217
)
(
524
)
(
123,475
)
(
126,216
)
Foreign currency translation effect
—
(
4,255
)
(
1,861
)
7,220
1,104
Balance as of December 31, 2022
$
8,828
$
172,699
$
116,275
$
137,384
$
435,186
Additions
3,689
49,188
34,866
19,486
107,229
Retirements
(
100
)
(
20,856
)
(
11
)
(
95,904
)
(
116,871
)
Foreign currency translation effect
—
6,205
3,152
622
9,979
Balance as of December 31, 2023
$
12,417
$
207,236
$
154,282
$
61,588
$
435,523
Net book value as of December 31, 2022
$
11,297
$
188,268
$
109,613
$
118,541
$
427,719
Net book value as of December 31, 2023
$
24,943
$
157,522
$
83,745
$
88,227
$
354,437
The
Group recorded losses of $
83,389
, $
30,269
and $
925
in other expenses in the consolidated statements of profit or loss and other comprehensive
loss, related to the disposal of property and equipment for the years ended December 31, 2023, 2022 and 2021, respectively.
Depreciation
expense for the years ended December 31, 2023, 2022 and 2021 was $
107,229
, $
124,287
and $
139,896
, respectively, recognized in General
and administrative expense on the consolidated statements of profit or loss and comprehensive loss.
F-
34
12.
INVESTMENT PROPERTIES
The
Group's investment properties are located in Colombia, Peru and Costa Rica and they are primarily measured using Level 3 inputs
from the IFRS fair value hierarchy. The values, determined by the external appraisers, are recognized as the fair value of the Group's
investment property at the end of each reporting period. Gains or losses arising from changes in the fair values are included in the
consolidated statement of profit or loss and other comprehensive loss in the period in which they arise. For the years ended December
31, 2023, 2022 and 2021, the Group recorded a gain of $
20,151,026
, $
3,525,692
and $
12,610,127
, respectively.
As
of December 31, 2023, and 2022 all owned investment properties are guaranteeing the Group's debt.
As
of December 31, 2023, and 2022, the fair market value ("FMV") of investment properties were as follows:
FMV as of
FMV as of
December 31,
December 31,
2023
2022
Land bank:
Land bank under right-of-use
Peru
$
619,976
$
—
Sub-total
619,976
—
Owned land bank
Colombia
24,100,446
16,394,722
Peru
—
7,190,000
Costa Rica
—
6,155,000
Sub-total
24,100,446
29,739,722
Total Land Bank
$
24,720,422
$
29,739,722
Properties under development:
Properties under right-of-use
Peru
$
12,260,000
$
614,523
Sub-total
12,260,000
614,523
Owned properties
Colombia
—
20,708,910
Peru
22,230,781
9,793,481
Costa Rica
10,891,000
35,715,220
Sub-total
33,121,781
66,217,611
Total properties under development
$
45,381,781
$
66,832,134
Operating Properties
Owned properties
Colombia
$
106,957,000
$
70,645,712
Peru
92,239,857
87,523,052
Costa Rica
244,873,221
194,296,013
Sub-total
444,070,078
352,464,777
Total operating properties
$
444,070,078
$
352,464,777
Total operating properties and properties under development
$
489,451,859
$
419,296,911
Total
$
514,172,281
$
449,036,633
There
were no transfers between Levels 1, 2 or 3 during the years ended December 31, 2023 and 2022.
The
Group uses an external appraiser in order to determine the fair value for its investment properties. The independent appraiser holds
a recognized and relevant professional qualification and has recent experience of the location and category of the investment property
being valued. The valuation model is in accordance with the guidance recommended by the International Valuation Standards Committee.
These valuation models are consistent with the principles in IFRS 13.
F-
35
Disclosed
below is the valuation technique used to measure the fair value of investment properties, along with the significant unobservable inputs
used.
Valuation
Techniques
- This fair value measurement is considered Level 3 of the fair value hierarchy, except where otherwise noted below.
–
Operating Properties
- The valuation model considers
a combination of the present value of net cash flows to be generated by the property, the direct capitalization of the net operating
income, and the replacement cost to construct a similar property.
i.
The present value of net cash flows generated by the property
takes into account the expected rental growth rate, vacancy periods, occupancy rate, lease incentive costs such as rent-free periods
and other costs not paid by tenants. The expected net cash flows are discounted using risk adjusted discount rates. Among other factors,
the discount rate estimation considers the quality of a building and its location, tenant credit quality and lease terms.
ii.
The direct capitalization method. This method involves capitalizing
a fully leased net operating income estimate by an appropriate yield. This approach is best utilized with stabilized assets, where there
is little volatility in the net income and the growth prospects are also stable. It is most commonly used with single tenant investments
or stabilized investments. involves capitalizing the property net operating income at a market capitalization rate. The net operating
income is determined by using the property Effective Gross Income (EGI) net of operating expenses. The EGI is determined by the property's
Potential Gross Income (PGI) through analysis of the property actual historic income and an analysis of competitive current market income
rates and deducting the PGI with an estimate for vacancy and collection.
iii.
The cost approach. The cost approach involves the estimation
of the replacement cost of the building and site improvements that a prudent and rational person would pay no more for a property than
the cost to construct a similar and competitive property - assuming no undue delay in the process.
–
Properties Under Development
- The valuation model considers
the present value of net cash flows, direct capitalization, and the cost approaches adjusted by the net present value of the cost to
complete and vacancy in the properties under construction.
–
Land Bank
- The valuation model used for the land portfolio
is a combination of sales comparison approach (or market approach), cost approach, residual land value approach and the discounted cash
flow method. For undeveloped land, the market approach is used. For land that is under development, the market approach is used in conjunction
with the cost approach and residual land value approach, and the discounted cash flow approach, to determine the fair value of the finished
lots.
i.
The sales comparison approach. This approach compares sales
or listing of similar properties with the subject property using the price per square feet (Level 2 input). This approach is given supporting
weight in this analysis because of the well-supported range of value within this approach and the likelihood that the subject could be
purchased by an owner-user.
ii.
The cost approach. This approach is based on the principle
of substitution that a prudent and rational person would pay not more than the cost to construct a similar property. This approach generally
considers estimated replacement cost of the land and the site improvements (e.g., infrastructure) and estimated depreciation accrued
to the improvements (Level 2 input).
F-
36
iii.
The residual land value approach. This approach involves residual
amount after deducting all known or anticipated costs required to complete the development from the anticipated value of the project
when completed after consideration of the risks associated with the completion of the project (Level 2 input).
Significant
Inputs as of December 31, 2023 and 2022
—
Property
Fair value hierarchy
Valuation techniques
Significant unobservable inputs
Value
Relationship of unobservable inputs to fair value
Operating Properties
Level 3
Discounted cash flows
Risk adjusted residual capitalization rate
2023:
7.9
%, 2022:
7.8
%
The higher the risk adjusted residual rate, the lower the fair value.
Risk adjusted discount rate
2023:
10.8
%, 2022:
10.5
%
The higher the risk adjusted discount rate, the lower the fair value.
Direct capitalization method
Occupancy rate
2023:
98.2
%, 2022:
98.1
%
The
    higher the occupancy rate, the higher the fair value.
Going in stabilized capitalization rate
2023:
7.9
%, 2022:
7.5
%
The higher the stabilized capitalization rate, the lower the fair value
Properties Under Development
Level 3
Discounted cash flows
Risk adjusted residual capitalization rate
2023:
8.1
%, 2022:
7.8
%
The higher the risk adjusted residual rate, the lower the fair value.
Risk adjusted discount rate
2023:
10.8
%, 2022:
10.4
%
The higher the risk adjusted discount rate, the lower the fair value.
Direct capitalization method
Occupancy rate
2023:
97.7
%, 2022:
98.8
%
The
    higher the
occupancy rate, the  higher the fair
    value.
Going in stabilized capitalization rate
2023:
8.0
%, 2022:
7.8
%
The higher the stabilized capitalization rate, the lower the fair value
Land Bank
Level 3
Discounted cash flows
Risk adjusted residual capitalization rate
2023:
7.75
%, 2022:
7.75
%
The higher the stabilized capitalization rate, the lower the fair value
Risk adjusted discount rate
2023:
11.75
%, 2022:
11.25
%
The higher the risk adjusted discount rate, the lower the fair value.
Fair
value sensitivity:
The
following table presents a sensitivity analysis to the impact of 10 basis points ("bps") increase or decrease of the discount
rates and exit cap rate and the aggregated impact of these two on fair values of the investment properties - land and buildings representing
leased land and buildings valued using the discounted cash flows and direct capitalization method as of December 31, 2023 and 2022:
2023
Impact of+10 bps on
exit cap rate
Impact of+10 bps
on
discount rate
Impact of+10 bps
on
exit cap rate and discount rate
Building and land (decrease)
$
(
2,987,585
)
$
(
3,356,702
)
$
(
6,264,419
)
Impact of-10 bps on
exit cap rate
Impact of-10 bps
on
discount rate
Impact of-10 bps
on
exit cap rate and discount rate
Building and land increase
$
2,987,585
$
3,356,702
$
6,264,419
F-
37
2022
Impact of+10 bps on
exit cap rate
Impact of+10 bps
on
discount rate
Impact of+10 bps
on
exit cap rate and discount rate
Building and land (decrease)
$
(
2,697,642
)
$
(
2,905,108
)
$
(
5,565,415
)
Impact of-10 bps on
exit cap rate
Impact of-10 bps
on
discount rate
Impact of-10 bps
on
exit cap rate and discount rate
Building and land increase
$
2,697,642
$
2,905,108
$
5,565,415
The
reconciliation of investment properties for the year ended December 31, 2023, 2022 and 2021, were as follows:
2023
2022
2021
Balance at beginning of year
$
449,036,633
$
428,275,741
$
364,307,039
Additions
33,704,768
47,774,104
70,082,968
Foreign currency translation effect
28,914,062
(
21,265,904
)
(
16,361,576
)
Disposal of investment property
(
17,634,208
)
(
9,273,000
)
—
Transfer to asset held for sale
—
—
(
2,362,817
)
Gain on revaluation of investment property
20,151,026
3,525,692
12,610,127
Balance at end of year
$
514,172,281
$
449,036,633
$
428,275,741
Investment
Properties Acquisitions —
There
were
no
acquisition activities during the years ended December 31, 2023 and 2022. During the year ended December 31, 2021, the Group
acquired two operating investment properties for a total purchase price of $
14,710,000
and one trailer parking of $
4,050,000
. The closing
costs incurred related to these acquisitions were $
355,322
, which were capitalized as part of investment properties as the Group considered
these transactions as asset acquisitions.
Investment
Properties Dispositions
—
On
November 24, 2023, the Group closed the sale of its investment property, Latam Parque Logistico Calle 80 Building 500A (with a
carrying value of USD
17,634,208
as of closing), to a third party for consideration of COP
79,850,000,000
(equivalent of USD
19,512,112
as of closing). Of the total consideration, COP
33,829,392,065
(equivalent of USD
8,266,536
as of closing) was
transferred directly to ITAÚ to settle the liabilities directly associated with the investment property. The remaining
consideration is expected to be received within fifteen months after closing, through six installment payments. The Group has
received the first installment payment of COP
11,505,151,984
(equivalent of USD
2,778,063
as of the payment date) in October 2023,
and expects to receive the remaining in 2024 and 2025. The total future installments were discounted by an implicit rate estimated
based on certain Level 2 inputs discussed in Note 2 resulting in the receivable from the sale of investment properties of $
8,219,898
as of December 31, 2023. The discount on total installments would be subsequently accreted back over the time over the remaining
payment term. During the year ended December 31, 2023, the Group recognized a gain on sale of investment property of $
1,165,170
and
interest income of $
98,990
included in other income in the statements of profit or loss and other comprehensive income
(loss).
F-
38
In
accordance with the purchase and sale agreement, the deferred cash payments will be paid to the Group in the upcoming five installments
based on the following schedule:
Consideration
1
st
Installment Payment due in February 2024
$
1,204,082
2
nd
Installment Payment due in May 2024
1,204,082
3
rd
Installment Payment due in August 2024
1,204,082
4
th
Installment Payment due in November 2024
1,204,082
5
th
Installment Payment due in February 2025
4,214,286
Discount on future payments
(
810,716
)
Total consideration outstanding, net of discount
$
8,219,898
Receivables from the sale of investment properties - short term
4,072,391
Receivables from the sale of investment properties - long term
$
4,147,507
During
2022, The Group sold two of its investments Properties with a carrying amount totaling $
9,273,000
and received net proceeds of $
8,874,753
related to the companies Latam Logistic Propco Bodegas San Joaquin S de R.L. and Latam Logistic Propco Lagunilla I S de R.L. The Group
recognized a loss on sale of investment property of $
398,247
.
There
were no disposition activities during the year ended December 31, 2021.
13.
ASSET HELD FOR SALE
During
the year ended December 31, 2021, the Group engaged in an active sale negotiation for the sale of certain land lot with a third-party
buyer. The land lot held for sale is part of a land lot that is owned by LatAm Parque Logistico San José - Verbena partnership,
within the Costa Rica segment.
On
May 21, 2021, the Group signed on behalf of LatAm Parque Logistico San José - Verbena partnership, the purchase and sale agreement
for the sale of the fully serviced land parcel for $
4,000,000
. In accordance with the purchase and sale agreement, the sale will be paid
in three installments based on the following schedule:
Amount
1st Installment Payment
$
1,200,000
Upon the signing of the Purchase and Sale Agreement.
2
nd
Installment Payment
1,200,000
Upon conclusion of land infrastructure work.
3
rd
Installment Payment
1,600,000
Upon title transfer of the property to the buyer.
$
4,000,000
On
May 24, 2021, the Group, through LatAm Parque Logistico San José - Verbena partnership, received the first installment payment
of $
1,200,000
from the buyer. The Group received the second installment of $
1,200,000
on January 27, 2022 upon the conclusion of the
land infrastructure work. Although the Group initially anticipated the sale to be completed within one year from the agreement execution
date, unforeseen administrative delays related to title transfer arose, thereby extending the expected sale duration beyond one year.
These delays were triggered by events or circumstances beyond the Group's control. The sale subsequently closed on April 23, 2023
upon the transfer of the property title and the receipt of the third installment payment of $
1,600,000
.
The
Group recognized a gain on sale of asset held for sale of $
1,022,853
during the year ended December 31, 2023. As of December 31, 2022,
the land lot and its respective infrastructure work is presented as an asset held for sale within the consolidated statements of financial
position, with a value of $
2,977,147
representing the carrying value of the asset.
F-
39
14.
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Accounts
payable and accrued expenses as of December 31, 2023 and 2022 were as follows:
2023
2022
Trade payables
$
6,276,451
$
1,875,979
Accrued interest
752,874
2,650,535
Accrued development cost
1,308,567
2,411,190
Accrued employee benefits and related obligations
976,268
307,673
Accrued professional service fees
3,007,558
268,939
Other accrued expenses
805,784
1,077,606
Total
$
13,127,502
$
8,591,922
Trade
payables are non-interest bearing and are normally settled on 30-day terms.
15.
LEASES
Group
as a lessor
The
Group enters into leases on its property portfolio. Refer to Note 2 for further information.
Group
as a lessee
Offices
Right-of-Use (ROU) Asset and Liability -
The Group leases its office spaces from third parties. The remaining weighted average
lease term was
2.2
and
3.3
years as of December 31, 2023 and 2022, respectively.
The
Group does not include renewal options in the lease term for calculating the lease liability unless the Group is reasonably certain that
will exercise the option, or the lessor has the sole ability to exercise the option.
As
of December 31, 2023, and 2022, the Group carried short-term office lease liability amounting to $
65,886
and $
54,327
, respectively, and
long-term lease liability amounting to $
135,612
and $
88,553
, respectively. Short-term office lease liability and long-term office lease
liability are included in other current liabilities, and other non-current liabilities, respectively.
The
weighted average discount rate was
7.1
%,
7.1
% and
7.3
% as of December 31, 2023, 2022 and 2021, respectively. The Group recorded interest
expense on lease liabilities of $
11,667
, $
13,400
and $
15,292
for the years ended December 31, 2023, 2022 and 2021, respectively.
The
Group had total cash outflows for leases of $
50,112
, $
163,072
and $
99,380
for the years ended December 31, 2023, 2022 and 2021, respectively.
The Group also had non-cash additions to right of use assets amounting to $
115,100
, $
148,326
and $
0
in the years ended December 31, 2023,
2022 and 2021, respectively, that were replaced by new leases.
The
Group did not have short-term lease expenses or leases of low value assets during the years ended December 31, 2023, 2022 and 2021.
F-
40
Offices
ROU assets are amortized using the straight-line method over the term of the operating lease. Original lease terms and remaining lease
terms of the corporate offices operating leases were as follows:
Office Location
Original
Lease Term
Remaining Term as of December 31, 2023
(in years)
(in years)
Costa Rica
2.9
2.2
Colombia
3.8
2.1
Weighted average
3.3
2.2
As
of December 31, 2023 and 2022, the Group's office right-of-use assets, included in other non-current assets, were as follows:
Total
Gross assets:
Balance as of January 1, 2022
$
452,460
Additions
148,326
Retirements
(
112,740
)
Foreign currency translation effect
(
30,321
)
Balance as of December 31, 2022
$
457,725
Additions
115,100
Retirements
(
339,721
)
Foreign currency translation effect
30,509
Balance as of December 31, 2023
$
263,613
Accumulated depreciation:
Balance as of January 1, 2022
$
317,337
Additions to accumulated depreciation
104,198
Retirements
(
111,688
)
Foreign currency translation effect
17,476
Balance as of December 31, 2022
$
327,323
Additions to accumulated depreciation
60,666
Retirements
(
311,951
)
Foreign currency translation effect
8,115
Balance as of December 31, 2023
$
84,153
Net book value as of December 31, 2022
$
130,402
Net book value as of December 31, 2023
$
179,460
During
the years ended December 31, 2023, 2022 and 2021, the Group recorded ROU amortization expense related to office space of $
60,666
, $
104,198
and $
96,662
, respectively, in the consolidated statements of profit or loss and other comprehensive loss under General and administrative
expenses.
Investment
Property ROU Asset and Liability
– In December 2022, the Group, through Parque Logístico Callao ("Parque Logístico
Callao"), a partnership entity controlled by the Group, entered into a land lease agreement with a third party, whereas Parque
Logístico Callao is committed to lease a land parcel for a period of 30 years, with the intention of development warehouses on
the leased land ("Land Lease"). Since the ROU asset is held by the Parque Logístico Callao to construct and develop
for future use as investment property and lease out the constructed assets under one or more operating leases, the ROU asset meets the
definition of an investment property under IAS 40
Investment Property
and therefore, it was recognized as part of investment properties.
F-
41
Under
IAS 40, the Group applies the fair value model to the investment property ROU assets, which need to be remeasured at fair value at each
period end. As a result, there is no amortization expense associated with the Land Lease. The Group's investment property ROU asset
was $
12,260,000
and $
227,999
as of December 31, 2023 and 2022, respectively.
The
associated land lease liability was recorded at the present value of the remaining lease payment using a discount rate of
8.5
%. The Group
recorded interest expense on lease liabilities of $
237,916
, $
0
and $
0
for the years ended December 31, 2023, 2022 and 2021, respectively,
as part of the general and administration expense in the consolidated statement of profit or loss and other comprehensive income (loss).
The Group had short-term and long-term lease liability, respectively, in relation to the land leases of $
172,963
and $
2,800,943
as of
December 31, 2023, and $
7,875
and $
2,728,115
as of December 31, 2022. Short-term land lease liability and long-term land lease liability
are included in other current liabilities, and other non-current liabilities, respectively.
The
Group also had no cash outflows for the land leases for the years ended December 31, 2023, 2022 and 2021. The Group also had non-cash
additions to land lease ROU assets amounting to $
2,507,992
, $
227,999
and $
0
in the years ended December 31, 2023, 2022 and 2021, respectively.
Lease
commitment for office and land leases -
The following table summarizes the fixed, future minimum rental payments, excluding variable
costs, for which the leases have commenced by December 31, 2023 with amounts discounted at lease commencement by our incremental borrowing
rates to calculate the lease liabilities of the Group's leases:
As of
December 31, 2023
2024
$
271,483
2025
346,403
2026
315,639
2027
268,064
2028
268,953
Thereafter
6,711,858
Total undiscounted rental payments
$
8,182,400
Less: imputed interest
(
5,006,996
)
Total lease liability
$
3,175,404
F-
42
16.
DEBT
As
of December 31, 2023 and 2022, the debt of the Group was as follows (all loans are USD denominated, except loans in Colombia are COP
denominated):
Financial Institution
Type
Expiration
Annual
Interest
Rate
Restricted
Cash at
December 31,
2023
Restricted
Cash at
December 31,
2022
Remaining
Borrowing
Capacity at
December 31, 2023
Amount
Outstanding at
December 31,
2023
Amount
Outstanding at
December 31,
2022
Costa Rica (USD denominated)
Banco Davivienda Costa Rica, S.A
Mortgage Loan
Refinanced
3Mo Secured Overnight Financing Rate ("SOFR") + 435 bps, no min. rate
$
—
$
874,210
$
—
$
—
$
30,411,676
Banco Davivienda Costa Rica, S.A
Mortgage Loan
Refinanced
3Mo SOFR + 435 bps, no min. rate
—
309,814
—
—
11,355,244
Banco Davivienda Costa Rica, S.A
Mortgage Loan
Refinanced
3Mo SOFR + 435 bps, no min. rate
—
142,244
—
—
4,856,716
Banco Davivienda Costa Rica, S.A
Mortgage Loan
Refinanced
3Mo SOFR + 442 bps, no min. rate
—
339,900
—
—
10,731,686
Banco Davivienda Costa Rica, S.A
Mortgage Loan
Refinanced
3Mo SOFR + 435 bps, no min. rate
—
320,940
—
—
3,865,901
Banco Davivienda Costa Rica, S.A.
Mortgage Loan
Nov, 2038
Year 1: 7.0% Year 2: 7.3% Thereafter: 3Mo SOFR + 240 bps
—
—
—
7,974,306
—
BAC Credomatic, S.A.
Mortgage Loan
Refinanced
3Mo SOFR + 432 bps, no min. rate
—
—
—
—
2,218,382
BAC Credomatic, S.A.
Mortgage Loan
Refinanced
3Mo SOFR + 440 bps, no min. rate
—
—
—
—
3,034,137
F-
43
Financial Institution
Type
Expiration
Annual
Interest
Rate
Restricted
Cash at
December 31,
2023
Restricted
Cash at
December 31,
2022
Remaining
Borrowing
Capacity at
December 31, 2023
Amount
Outstanding at
December 31,
2023
Amount
Outstanding at
December 31,
2022
BAC Credomatic, S.A.
Mortgage Loan
Refinanced
US Prime Rate + 110 bps, no min. rate
—
—
—
—
972,476
BAC Credomatic, S.A.
Mortgage Loan
Refinanced
3Mo SOFR + 439 bps, no min. rate
—
—
—
—
6,562,983
BAC Credomatic, S.A.
Mortgage Loan
July 2031
3Mo SOFR + 378 bps, no min. rate (except for the fixed rate of 8.1% from March 2023 to March 2024)
—
—
1,141,001
46,908,999
34,997,899
Banco Promerica de Costa Rica, S.A.
Mortgage Loan
Refinanced
Prime Rate + 275 bps, no min. rate
—
2
—
—
6,697,365
Banco Nacional de Costa Rica, S.A.
Mortgage Loan
Refinanced
0-2 years: 6.5%, Thereafter: 290 bps + US Prime Rate,  no min. rate
—
—
—
—
7,583,783
Banco Nacional de Costa Rica, S.A.
Mortgage Loan
April 2048
Year
    1: 5.9% Year 2: 6.2% Thereafter: 3Mo SOFR +140 bps
—
—
—
65,727,171
—
Banco Nacional de Costa Rica, S.A.
Mortgage Loan
April 2048
Year
    1: 5.9% Year 2: 6.2% Thereafter: 3Mo SOFR +140 bps
480,000
—
—
18,285,023
—
Banco Nacional de Costa Rica, S.A.
Mortgage Loan
April 2048
Year 1: 5.9% Year 2: 6.2% Thereafter: 3Mo SOFR +140 bps
—
—
—
15,164,206
—
Banco Nacional de Costa Rica, S.A.
Mortgage Loan
April 2048
Year 1: 6.4% Year 2: 7.3% Thereafter: 3Mo SOFR + 280 bps
140,485
—
—
6,918,421
—
F-
44
Financial Institution
Type
Expiration
Annual
Interest
Rate
Restricted
Cash at
December 31,
2023
Restricted
Cash at
December 31,
2022
Remaining
Borrowing
Capacity at
December 31, 2023
Amount
Outstanding at
December 31,
2023
Amount
Outstanding at
December 31,
2022
Total Costa Rica Loans
$
620,485
$
1,987,110
$
1,141,001
$
160,978,126
$
123,288,248
Peru (USD denominated)
International Finance Corporation Tranche 1
Mortgage Loan
Refinanced
6Mo SOFR + 425 bps, no min. rate
—
—
—
—
21,671,047
International Finance Corporation Tranche 2
Mortgage Loan
Refinanced
6Mo SOFR + 525 bps no min. rate
—
1,205,162
—
15,009,719
BBVA Peru Tranche 1
Mortgage Loan
March 2053
8.50
%
—
—
—
48,670,000
—
BBVA Peru Tranche 2
Mortgage Loan
March 2053
8.40
%
—
—
—
11,330,000
—
BBVA Peru
Mortgage Loan
July 2024
8.35
%
2,000,000
—
—
2,000,000
—
Total Peru Loans
$
2,000,000
$
1,205,162
$
$
62,000,000
$
36,680,766
Colombia (COP
denominated)
Bancolombia, S.A.
Mortgage Loan
January 2036
IBR +327 bps no min. rate
—
—
—
23,087,020
18,688,521
Bancolombia, S.A.
Mortgage Loan
May 2036
IBR +365 bps no min. rate
—
—
—
18,738,132
15,145,128
BTG
Secured Bridge Loan
August 2024
IBR +720 bps no min. rate
—
—
—
6,540,992
—
ITAÚ Corpbanca Colombia, S.A.
Mortgage Loan
Paid
IBR +447 bps no min. rate
—
—
—
—
7,047,004
Total Colombia
Loans
$
—
$
—
$
—
$
48,366,144
$
40,880,653
Panama (USD dominated)
Banco BTG Pactual S.A. — Cayman Branch
Secured Bridge Loan
Paid
SOFR + 600 bps, no min rate
—
—
—
—
15,000,000
Total Panama Loans
$
—
$
—
$
—
$
—
$
15,000,000
Total
$
2,620,485
$
3,192,272
$
1,141,001
$
271,344,270
$
215,849,667
Accrued financing costs
752,874
2,823,170
Debt issuance costs, net
(
2,242,909
)
(
9,346,062
)
Total debt
269,854,235
209,326,775
Less: Current portion of long-term debt
(
16,703,098
)
(
23,576,982
)
Less: Reclassified to short term due to debt waiver on Banco Davivienda Alajuela I SRL and Bancolombia & ITAÚ loans
—
(
87,366,478
)
Total Long-term debt
$
$
253,151,137
$
98,383,315
F-
45
Debt
Agreements
Secured
Bridge Loan
On
May 21, 2021, the Group entered into a USD Denominated secured bridge loan agreement of $
15.0
million with BTG Pactual, S.A – Cayman
Branch. The proceeds of the loan were used to fund the continued growth of the Group. As per the initial conditions, the credit facility
was scheduled to mature on
June 17, 2022
, with a fixed annual interest rate of
5.85
%. In June 2022, the Group extended the denominated
secured bridge loan to March 17, 2023, including a substitution of the fixed interest rate to a variable interest rate consisting of
SOFR annual average plus 600 basis points. The agreement restricts Latam Logistic Properties S.R.L from changing its ownership. This
excludes the event of an IPO if Jaguar Growth Partners LLC remains as the final beneficiary of the debtor. This loan was repaid in full
by December 31, 2023.
IFC
The
IFC secured credit facility includes full development of Latam Logistic Lima Sur through a two-tranche facility. Latam Logistic Lima
Sur is a total of six buildings development divided in two phases. The loan has an aggregate borrowing capacity of $
53,000,000
and is
divided in two tranches corresponding to each development phase.
●
Tranche 1
– The loan is for the financing of the
development of phase 1. The loan has a total borrowing capacity of $
27,100,000
and is interest only until January 15, 2020 with a balloon
payment of $
6,865,611
at expiration on
July 15, 2028
. As of December 31, 2022, the Group had disbursed all of the tranche.
●
Tranche 2
– The loan is for the financing of the
development of phase 2. The loan has a total borrowing capacity of $
25,900,000
and is interest only until January 15, 2022 with a balloon
payment of $
6,475,000
at expiration on
July 15, 2030
. As of December 31, 2022 the Group had disbursed $
15,607,323
.
The
loan bears a commitment fee over unborrowed amounts until December 15, 2022 as follows:
–
June 16, 2019 – December 31, 2019 –
0.50
% over
unborrowed amount.
–
January 1, 2020 – June 30, 2021 –
1.00
% over unborrowed
amount.
–
July 1, 2021 – January 15, 2022 –
1.50
% over unborrowed
amount.
On
March 14, 2022, the Group negotiated a new interest rate on the IFC Tranche 1, reducing the spread by 100 basis points, to 425 basis
points, effective July 15, 2022. All the other terms and conditions of the loan with IFC remained the same. A gain of $
351,503
was recognized
as part of modification of this debt facility and is included in financing costs in the consolidated statements of profit or loss in
the year ended December 31, 2022.
On
October 26, 2023, the Group drew on its debt facilities with IFC for a total of $
10,292,677
to finance the construction of the Lurin
I project in Peru. The related interest expense directly attributable to the construction is capitalized.
On
December 15, 2023, the Group refinanced the debt outstanding with IFC Tranche 1 and Tranche 2 for a total amount of $
46,973,443
with
a mortgage loan denominated in USD with Banco Bilbao Vizcalla Peru ("BBVA Peru") for an aggregate amount of $
60,000,000
.
A loss of $
1,651,793
was recognized as part of the extinguishment of this debt facility and is included in financing costs in the consolidated
statements of profit or loss in the year ended December 31, 2023.
F-
46
As
per the loan agreement, the Group has to maintain a cash collateral account as a guarantee of the principal during the construction and
leasing period. As of December 31, 2022, the Group had a restricted cash equivalent of $
1,205,162
in the cash collateral account, which
was released from restricted cash in connection with the loan refinance on December 15, 2023.
ITAÚ
On
January 6, 2021, LLP entered into a COP denominated secured construction loan facility with ITAÚ Corpbanca Colombia, S.A. ("
ITAÚ
")
for a total borrowing capacity of COP$
35,000
million ($
10.1
million as of closing). Proceeds were used for the financing of the construction
of building 500 in Latam Logistic Park Calle 80 in Bogota, Colombia. The loan matures on July 6, 2033. The loan bears an annual interest
rate of IBR (a short-term interest rate for the Colombian Peso determined by the board of directors of Colombia's Central Bank)
plus 447 basis points and has an annual commitment fee of
0.50
% of the undrawn amount of the credit line. The Group was obligated to
pay interest only until April 20, 2022 and this loan was fully drawn in October 2021. The debt facility with ITAÚ was paid in
full through a sale of the mortgaged property to a third party buyer. The buyer provided an advance of the payment directly to ITAÚ
on August 31, 2023 in order to settle the outstanding debt. A loss of $
118,073
was recognized as part of the extinguishment of this debt
facility and is included in financing costs in the consolidated statements of profit or loss in the year ended December 31, 2023.
Bancolombia
On
January 22, 2021, LLP entered into a COP denominated financing agreement of COP
44,500
million ($
12.8
million as of the transaction date)
with Bancolombia, S.A. for the financing of the construction of building 300 in Latam Logistic Park Calle 80 in Bogota, Colombia. As
of December 31, 2021, the financing was fully disbursed. This financing agreement was further increased by COP$
30,000
million ($
7.0
million
of extension). The financing bears an interest rate of IBR plus 365 basis points, commitment fees of
0.1
% per month of the undrawn amount
of the loan and has a
15
-year term with a balloon payment of
40
% at expiration (COP$
29,901
million, or $
6.9
million as of extension).
LLP began to make principal payments in November 2021. On January 19, 2022, the Group increased by COP$
34,000
million ($
8.4
million per
the transaction date exchange rate, same applies to hereafter) its existing financing facilities denominated in COP with Bancolombia
from COP$
57,810
million ($
14.3
million) to COP$
91,810
million ($
22.7
million). The financing has a
fourteen-year
term with a balloon
payment of COP$
42,866
million ($
11.4
million) at expiration. The interest accrues at IBR plus 327 basis points. A loss of $
653,847
was
recognized as part of modification of the debt facility and is included in financing costs in the consolidated statements of profit or
loss in the year ended December 31, 2022.
On
September 22, 2023, the Group negotiated a deferral of principal with Bancolombia, deferring all principal payments for seven months,
beginning on October 1, 2023. All the other terms and conditions of the loan with Bancolombia remained the same. A gain of $
70,058
was
recognized as part of the modification of this debt facility and is included in financing costs in the consolidated statements of profit
or loss in the year ended December 31, 2023.
BAC
Credomatic
In
March 2021, LLP entered into two U.S. dollar denominated mortgage loan facilities with BAC Credomatic, S.A. for an aggregate amount of
$
10.0
million for the financing of the acquisition of two operating properties in San José, Costa Rica. The loans have a fifteen-year
term and bear an annual interest rate of three-month LIBOR plus 423 basis point with a minimum interest rate of
5.0
%. This loan was refinanced
to Banco Nacional de Costa Rica on April 28, 2023.
F-
47
On
July 7, 2021, LLP entered into a U.S. dollar denominated mortgage loan facility of up to $
45.5
million with Banco BAC San José,
S.A. ("BAC") on behalf of LatAm Parque Logístico San José - Verbena partnership. Proceeds will be used to finance
the construction of LatAm Parque Logístico San José - Verbena, a five-building class-A master-planned logistic park totaling
829,898
square feet of net rentable area, in the Alajuelita submarket in San José, Costa Rica. The loan can be drawn in multiple
disbursements up to approximately
60
% of the total investment of the project. The mortgage loan has a term of
10
years with a 15-year
amortization profile. The stated interest rate is the three-month LIBOR plus 423 basis points. In October 2022, the stated interest rate
on the debt facility changed to the three-month SOFR plus 378 basis points. The debt facility has an amortization grace period of 30
months and does not accrue any commitment fees.
On
February 16, 2022, the Group repaid one of the loans with BAC Credomatic due to the sale of the underlying property. The loan outstanding
balance at the time of the sale was $
2,868,155
and the Group recognized a loss of $
586
due to the extinguishment of the debt facility
and is included in financing costs in the consolidated statements of profit or loss. On March 1, 2023, the Group negotiated a reduced
interest rate with BAC Credomatic, S.A. ("BAC"), reducing the interest rate from 3-month SOFR plus 378 basis points to
8.12
%
for six months. All the other terms and conditions of the loan with BAC remained the same. A gain of $
121,038
was recognized as part
of the modification of this debt facility and is included in financing costs in the condensed consolidated statements of profit or loss.
On October 5, 2023, the Group negotiated to keep the reduced interest rate of
8.12
% for six more months. All the other terms and conditions
of the loan with BAC remained the same. A loss of $
47,466
was recognized as part of the modification of this debt facility and is included
in financing costs in the condensed consolidated statements of profit or loss.
As
of December 31, 2022, LLP has borrowed $
1.0
million of a U.S. dollar denominated mortgage loan facility of up to $
1.0
million with Banco
BAC San José, S.A. for the financing of the renovations in LatAm Bodegas San Joaquin. The loan matures on June 24, 2032. The loan
bears an annual interest rate at the U.S. Prime Rate plus 110 basis points with no minimum interest rate. This loan was refinanced to
Banco Nacional de Costa Rica on April 28, 2023.
Banco
Promerica
On
August 16, 2021, LLP entered into a U.S. dollar denominated mortgage loan of $
7.0
million with Banco Promerica de Costa Rica, S.A. for the purchase of a
118,403
square
feet logistic facility located in the Coyol submarket in San José, Costa Rica. The loan has a fifteen-year term. The stated
interest rate is the U.S. Prime Rate plus 475 basis points. This loan was refinanced to Banco Nacional de Costa Rica on April 28,
2023.
Banco
Davivienda
On
January 6, 2022, the Group negotiated a new interest rate on the Davivienda de Cosa Rica loans 3-month LIBOR plus 475 basis points and
eliminated the interest rate floor, all the other terms and conditions of the loans with Davivienda de Costa Rica remained the same.
A gain of $
4,077,399
was recognized as part of modification of this debt facility and is included in financing costs in the consolidated
statements of profit or loss in the year ended December 31, 2022.
F-
48
On
January 31, 2022, LLP entered into a U.S. dollar denominated mortgage loan of $
2.4
million with Banco Davivienda de Costa Rica for the
acquisition of a container parking lot. The loan has a
fifteen-year
term. The loan bears an annual interest rate of U.S. Prime Rate plus
175 basis points. As part of the sale of related investment property, the purchaser of the investment property assumed the balance on
the loan on October 31, 2022.
Banco
Nacional
On
April 28, 2023, the Group refinanced all outstanding loans with Banco Davivienda de Costa Rica, Banco Promerica de Costa Rica, S.A. and
all loans except one with BAC Credomatic, S.A., with Banco Nacional de Costa Rica, S.A. A loss of $
6,555,113
was recognized as part of
extinguishment of these debt facilities and is included in financing costs in the condensed consolidated statements of profit or loss
for the year ended December 31, 2023. The Group entered into four U.S. dollar denominated mortgage loans with Banco Nacional de Costa
Rica for an aggregate amount of $
107,353,410
. The loans have a twenty-five-year term. The loans bear a fixed annual interest rate for
the first two years and a variable rate thereafter.
On
November 1, 2023, LLP refinanced the debt outstanding with Banco Nacional de Costa Rica, S.A. ($
7,373,460
) with a mortgage loan denominated
in USD with Davivienda de Costa Rica for an aggregate amount of $
8,000,000
. The new mortgage loan matures in
15
years.
The loan is subject
to a fixed interest rate of 7.00% in the first year, and a rate of 6-month SOFR plus 2.4% adjustable monthly from the second year onwards
.
BTG
On
August 25, 2023 and August 30, 2023, LLP entered into two new line of credit agreement with BTG Pactual Colombia S.A. for COP
15,000,000,000
and COP
10,000,000,000
, respectively (approximately $
3,679,266
and $
2,433,042
, respectively, at the date the transactions were initiated).
Interest is calculated and paid monthly at the rate of a one-month Colombian IBR plus 720 basis points. Principal repayment is due at
maturity, on August 25, 2024 and August 30, 2024, respectively. This debt agreement is guaranteed by the trust established for Latam
Logistic Col Propco Cota 1, where Banco BTG Pactual Colombia S.A is established as a guaranteed creditor, with three underlying properties
defined as guarantees.
BBVA
Peru
On
October 19, 2023, the Group entered into a new line of credit agreement with El Banco BBVA Peru for $
2,000,000
. The line of credit agreement
has a nominal rate of
14.45
% fixed and an annual effective rate of
8.35
%. The line of credit agreement matures in
9
months and follows
a monthly repayment schedule. This debt agreement is a senior unsecured loan and is not guaranteed by any of the properties of the Group.
As of the issuance date, the Company has fully drawn the line of credit.
On
December 15, 2023, LLP entered into a mortgage loan with El Banco BBVA Peru for a total of $
60,000,000
. The mortgage loan consists of
two components: Tranche A and Tranche B. The Tranche A totaling $
48,670,000
was used to refinance the Group's existing debt with
IFC. The Tranche B totaling $
11,330,000
is expected to finance LLP's other real estate projects. Tranche A and B will mature in
10
years (with a
35
% balloon payment for Tranche A) and carry a fixed interest rate of
8.5
% and
8.4
%, respectively.
LIBOR
Rate
– The Group modified all of its Costa Rican loans from LIBOR rate to SOFR by December 31, 2022. In July 2023, the
Group modified the rate for IFC loans from 6-month LIBOR to 6-month SOFR.
F-
49
Long-Term
Debt Maturities
– Scheduled principal and interest payments due on the Group's debt as of December 31, 2023, are
as follows:
Mortgage Loan
Secured Bridge Loan
Total
Maturity:
2024
$
10,162,104
$
6,540,992
$
16,703,096
2025
9,569,893
—
9,569,893
2026
10,215,729
—
10,215,729
2027
11,410,890
—
11,410,890
2028
11,835,657
—
11,835,657
Thereafter
211,609,005
—
211,609,005
Accrued and deferred financing cost, net
(
1,490,035
)
—
(
1,490,035
)
Total
$
263,313,243
$
6,540,992
$
269,854,235
Financing
Cost
– The following table summarizes the weighted average net effective interest rate by type of financing facility as
of December 31, 2023 and 2022:
2023
2022
Weighted Average Interest Rate (1)
Amount Outstanding
Weighted Average Interest Rate (1)
Amount Outstanding
Mortgage Loan
8.5
%
$
264,803,278
9.2
%
$
200,849,667
Bridge Loan
20.2
%
6,540,992
10.7
%
15,000,000
Total
8.8
%
$
271,344,270
9.3
%
$
215,849,667
(1)
The interest rate presented represent the effective interest
rate (including debt issuance costs) at the end of the year for the debt outstanding.
The
following table summarizes the components of financing cost including the deferred financial cost amortization for the year ended December
31, 2023, 2022 and 2021:
2023
2022
2021
Gross interest expense
$
22,557,977
$
15,568,346
$
9,506,320
Gross commitment fees
128,410
225,261
286,117
Amortization of debt issuance cost
203,237
1,089,893
659,072
Debt modification gain
(
143,630
)
(
3,775,054
)
—
Debt extinguishment loss
8,370,997
—
—
Other expense
593,623
112,542
238,740
Total financing cost before capitalization
31,710,614
13,220,988
10,690,249
Capitalized amounts into investment properties
(
599,550
)
(
1,454,262
)
(
890,691
)
Net financing cost
$
31,111,064
$
11,766,726
$
9,799,558
Total cash paid for interest and commitment fees
$
24,862,976
$
14,505,955
$
9,391,336
Debt
Reconciliation
– The reconciliation of long term debt as of December 31, 2023 and 2022 were as follows:
2023
2022
Beginning balance
$
209,326,775
$
188,719,114
Secured bank debt borrowings
199,135,651
44,217,867
Bridge loan borrowings
6,540,992
—
Secured bank debt repayments
(
152,416,321
)
(
13,335,183
)
Bridge loan repayments
(
66,040
)
—
Long—term accrued interest
—
(
9,733
)
Debt issuance cost
(
814,661
)
(
41,550
)
Deferred financing cost amortization
184,423
1,037,824
Debt extinguishment loss
8,370,997
—
Debt modification gain
(
143,630
)
(
3,775,054
)
Foreign currency translation effect
(
263,951
)
(
7,486,510
)
Ending balance
$
269,854,235
$
209,326,775
F-
50
To
the extent that the Group borrows funds specifically for the purpose of obtaining a qualifying asset, the Group determined the amount
of debt issuance costs eligible for capitalization. Debt issuance costs incurred of ($
814,661
), ($
41,550
) and ($
1,070,987
) for the years
ended December 31, 2023, 2022 and 2021, respectively, were capitalized.
Financial
Debt Covenants
– The loans described above are subject to certain affirmative covenants, including, among others, (i) reporting
of financial information; and (ii) maintenance of corporate existence, the sec urity interest in the properties subject to the loan and
appropriate insurance for such properties; and (iii) maintenance of certain financial ratios. In addition, the loans are subject to certain
negative covenants that restrict Latam Logistic Properties ability to, among other matters, incurs in additional indebtedness under or
create additional liens on the properties subject to the loans, change its corporate structure, make certain restricted payments, enter
into certain transactions with affiliates, amend certain material contracts.
The
loans contain, among others, the following events of default: (i) non-payment; (ii) false representations; (iii) failure to comply with
covenants; (iv) inability to generally pay debts as they become due; (v) any bankruptcy or insolvency event; (vi) disposition of the
subject properties; or (vii) change of control of the subject properties.
As
of December 31, 2023, the group was compliant with, or otherwise had waivers for all debt covenants with its lenders.
As
of December 31, 2022, the Group was not in compliance with certain debt covenants set forth in its loan agreements with Banco Davivienda,
Bancolombia and ITAÚ. Since the liabilities were payable on demand as of December 31, 2022, and the Group did not have the right
to defer its settlement for at least twelve months after that date, the Group reclassified the debt balance with Banco Davivienda, Bancolombia
and ITAÚ totaling $
87,366,478
to be current liabilities as of December 31, 2022. The Group received the waivers for the requirement
to comply with the Banco Davivienda and Bancolombia financial covenants on February 17, 2023 and September 25, 2023, respectively. In
April, 2023 the Group refinanced its Banco Davivienda debt, thereby relieving any covenant requirement with that lender. The Bancolombia
waiver was effective through December 31, 2023 and ratio compliance testing will next be applicable for this loan in June, 2024. The
Group was in compliance with all the other debt covenants as of December 31, 2022.
17.
EQUITY
Latam
Logistic Properties, S.A. shareholders authorized a single class of common stock of
300,000,000
shares from which
168,142,740
shares
were issued and fully paid with a nominal (par) value of $
1.00
per share as of December 31, 2023 and 2022. Refer to Note 1 for more information
on the corporate conversation that occurred on January 13, 2021.
All
shares are equally eligible to receive dividends and the repayment of capital and represent one vote at shareholders' meetings
of Latam Logistic Properties, S.A.
For
the years ended December 31, 2023, 2022 and 2021 non-controlling partners have made capital contribution to the Group of $
5,870,314
,
$
700,000
and $
4,084,160
respectively, and the Group made distributions to the non-controlling partners of $
4,522,936
, $
2,067,803
and
$
1,024,747
, respectively.
Retained
earnings consist of legal reserves and accumulated earnings. According to the legislation in effect in several countries in which the
Group operates, the Group's subsidiaries must appropriate a portion of each year's net earnings to their respective legal
reserve. The legal reserve amount varies by jurisdiction and ranges from
5
%
to
10
%
of the net earnings generated by operating entities,
up to a cap of
10
%
to
50
%
of that entity's capital stock.
F-
51
18.
NON—CONTROLLING INTERESTS
In
September 2018, the Group entered in a real estate partnership for the development of Latam Parque Logistico Coyol II in Costa Rica.
The partnership includes two entities that the Group consolidates but does not own
100
% of the equity (Latam Propco El Coyol Dos S de
R.L. and Latam Logistic Pan Holdco El Coyol II S de R.L., collectively, "Latam Parque Logistico Coyol II"). The Group reports
a non-controlling interest in relation to this partnership. The Group has complete responsibility, authority and discretion in key decision
activities management of the partnership. The Group, through its position of Directing Partner, is responsible for the operations of
the Latam Parque Logistico Coyol II and has the existing rights and ability to direct the relevant activities of the entities, indicating
the Group's power over the non-controlling investee.
In
December 2020, the Group entered in a real estate partnership for the development of Latam Parque Logistico San Jose in Costa Rica. The
partnership includes three entities that the Group consolidates but does not own
100
% of the equity (Latam Logistic Pan Holdco Verbena
I S de R.L., Latam Logistic Pan Holdco Verbena II S, S.R.L., and 3101784433, S.R.L., collectively, "Latam Parque Logistico San
José — Verbena"). The Group reports a non-controlling interest in relation to this partnership. The Group has complete
responsibility, authority and discretion in the day-to-day management of the partnership. Through its position as Managing Partner, the
Group is responsible for the daily operations of Latam Parque Logistico San José — Verbena without prior approval of the
other managers and equity holders, and has the existing rights and ability to direct the relevant activities of the entities, indicating
the Group's power over the non-controlling investees.
In
March 2021, the Group entered into a real estate partnership with Capia Sociedad Administradora de Fondos de Inversion, S.A., through
its investment fund Capia Radix Fondo de Inversion (Capia Radix) (together as "CAPIA"), an investment fund managed by CAPIA
for the development of Parque Logístico Callao located in the submarket of Callao in Lima, Peru within the Jorge Chavez International
Lima Airport land concession. Parque Logístico Callao will be developed in four phases of a building per phase. The partnership
includes one entity that the Group consolidates but does not own
100
% of its equity (Parque Logístico Callao, S.R.L., "Parque
Logístico Callao").
According to the initial terms of the partnership agreement, the Group participation in the partnership
entity will be of 50% during the construction of the first two phases with a dilution in the construction of the remaining two phases
for a total participation of 33% at the end of the fourth phase.
On November 24, 2023, both partners agreed to modify the ownership interest,
whereas CAPIA became owner of
60
% of the shares of the Partnership and LLP's interest was decreased to
40
%, which was supported
by an additional capital contribution from CAPIA to the Partnership, effective as of the date of the agreement. The Group reports a non-controlling
interest in relation to this partnership. The Group has complete responsibility, authority and discretion in the day-to-day management
of the partnership. The Group, through the position of General Manager, is responsible for the daily operations of the Parque Logístico
Callao, and has the existing rights and ability to direct the relevant activities of the entity, indicating the Group's power over
the non-controlling investee.
On
September 17, 2021, the Group entered into a real estate partnership for the acquisition of LatAm Lagunilla Industrial Park in Costa
Rica. The partnership includes two entities that the Group consolidates but do not own
100
% of the equity (Latam Logistic Pan Holdco
Lagunilla I, S.R.L., and Latam Logistic Propco Lagunilla I S de R.L., collectively, "Latam Lagunilla Industrial Park"). The
Group reports a non-controlling interest in relation to this partnership. The Group has complete responsibility, authority and discretion
in the day-to-day management of the partnership, and it has the ability to direct the relevant activities of Latam Lagunilla Industrial
Park, indicating the Group's power over the non-controlling investee. On October 31, 2022, the Group sold its interest in the real
estate partnership to the non-controlling investee and recognized a loss of $
486,863
in the loss on sale of investment properties in
the consolidated statements of profit or loss for the year ended December 31, 2022. As of December 31, 2022, the two entities within
Latam Lagunilla Industrial Park were no longer consolidated within the Group's consolidated financial statements.
The
following table summarizes the Group ownerships percentage and NCI as of December 31, 2023 and 2022. Each NCI partnership in the following
table corresponds to multiple entities in Note 2 (e).
Ownership
    Percentage
NCI
Entity
Country
December
    31, 2023
December
    31, 2022
December
    31, 2023
December
    31, 2022
Latam
    Parque Logistico Coyol II
Costa
    Rica
50.0
%
50.0
%
$
4,818,254
$
8,885,098
Latam
    Parque Logistico San José — Verbena
Costa
    Rica
23.6
%
23.6
%
27,971,004
23,567,619
Parque
    Logístico Callao
Peru
40.0
%
50.0
%
5,827,257
799,748
Total
$
38,616,515
$
33,252,465
During
the years ended December 31, 2023 and 2022, the partnership entities paid distribution to the NCI partners as follows:
2023
2022
2021
Latam
    Parque Logístico Coyol II
$
3,675,054
$
350,000
$
250,000
Latam
    Parque Logístico San José —Verbena
847,882
754,231
774,747
Latam
    Lagunilla Industrial Park
—
963,572
—
Total
    distributions paid to non—controlling partners
$
4,522,936
$
2,067,803
$
1,024,747
F-
52
Summarized
financial information of non-controlling partnership entities' total assets and total liabilities as of December 31, 2023 and 2022
was as follows:
As
    of December 31, 2023
Latam
    Parque Logistico Coyol II
Latam
    Parque Logístico
San José —Verbena
Parque
    Logistico Callao
ASSETS
CURRENT
    ASSETS:
Cash
    and cash equivalents
$
1,301,121
1,666,657
25,267
Lease
    and other receivables, net
34,021
7,326,802
2,023,086
Other
    current assets
37,932
843,894
274,592
NON-CURRENT
    ASSETS:
Investment
    properties
29,708,000
80,878,055
12,879,976
Property
    and equipment, net
—
25,613
4,108
Deferred
    tax asset
—
—
688,485
Restricted
    cash equivalent
480,000
—
—
Total
    assets
$
31,561,074
90,741,021
15,895,514
LIABILITIES
    AND STOCKHOLDERS' EQUITY
CURRENT
    LIABILITIES:
Accounts
    payable and accrued expenses
$
229,988
3,027,672
3,148,102
Due
    to affiliates
—
15,269
—
Other
    current liabilities
—
—
325,811
NON-CURRENT
    LIABILITIES:
Long—term
    debt
18,285,023
44,926,842
—
Security
    deposits
195,000
336,145
51,394
Other
    non-current liabilities
—
—
2,800,943
Deferred
    tax liability
3,214,523
5,863,957
—
Total
    liabilities
$
21,924,534
54,169,885
6,326,250
EQUITY:
Equity
    attributable to owners of the Group
$
4,818,286
8,600,132
3,742,007
Non—controlling
    interests
$
4,818,254
27,971,004
5,827,257
December
    31, 2022
Latam
    Parque Logistico Coyol II
Latam
    Parque Logístico
San José —Verbena
Parque
    Logistico Callao
ASSETS
CURRENT
    ASSETS:
Cash
    and cash equivalents
$
896,623
$
484,230
$
1,084,155
Lease
    and other receivables, net
15,587
6,406,948
87,168
Other
    current assets
17,695
16,126
—
Prepaid
    construction
—
1,020,664
86,693
NON-CURRENT
    ASSETS:
Investment
    properties
30,613,000
63,278,220
386,525
Asset
    held for sale
—
2,996,471
—
Property
    and equipment, net
—
3,795
—
Deferred
    tax asset
—
—
34,639
Restricted
    cash equivalent
339,900
—
—
Other
    non-current assets
—
587,064
—
Total
    assets
$
31,882,805
$
74,793,518
$
1,679,180
LIABILITIES
    AND STOCKHOLDERS' EQUITY
CURRENT
    LIABILITIES:
Accounts
    payable and accrued expenses
$
315,637
$
1,874,696
$
28,290
Deposits
    for the sale of assets
—
2,400,000
—
NON-CURRENT
    LIABILITIES:
Long—term
    debt
9,780,656
34,947,249
—
Security
    deposits
195,000
196,755
51,394
Deferred
    tax liability
3,821,316
4,511,336
—
Total
    liabilities
$
14,112,609
$
43,930,036
$
79,684
EQUITY:
Equity
    attributable to owners of the Group
$
8,885,098
$
7,295,863
$
799,748
Non—controlling
    interests
$
8,885,098
$
23,567,619
$
799,748
F-
53
For
the years ended December 31, 2023, 2022 and 2021, net earnings attributable to NCI were as follows:
2023
2022
2021
Net
    earnings (loss) attributable to non-controlling interests
Latam
    Parque Logistico Coyol II
$
(
215,926
)
$
1,358,675
$
130,433
Latam
    Parque Logistico San Jose - Verbena
4,682,615
2,177,996
4,323,820
Latam
    Lagunilla Industrial Park
—
(
111,583
)
111,583
Parque
    Logístico Callao
(
450,017
)
(
12,465
)
(
22,956
)
Total
$
4,016,672
$
3,412,623
$
4,542,880
19.
EARNINGS PER SHARE
The
Group determines basic earnings per share based on the weighted average number of shares of common stock outstanding during the year.
The Group computes diluted earnings per share on the weighted average number of shares outstanding combined with the incremental weighted
average effect from all outstanding potentially dilutive instruments. As described in Note 1, the Conversion of the Group from S.R.L.
to S.A. represents a change in the form of legal ownership, which is akin to a stock split. The calculation of earnings per share has
been adjusted retrospectively to accommodate this change in company structure.
The
calculated basic and diluted earnings per share for the year ended December 31, 2023, 2022 and 2021, were the same, as follows:
2023
2022
2021
Earnings
    per share – basic and diluted
$
0.019
$
0.048
$
0.025
Net
    earnings attributed to owners of the Group
$
3,139,333
$
8,028,610
$
4,126,505
Weighted
    average number of shares – basic and diluted
168,142,740
168,142,740
168,142,740
20.
INCOME TAX
For
the years ended December 31, 2023, 2022 and 2021, income tax from continued operations was as follows:
2023
2022
2021
Current
    income tax expense
$
6,209,629
$
1,044,399
$
175,631
Deferred
    income tax (benefit) expense
(
1,229,007
)
1,192,108
8,581,072
Tax
    expense
$
4,980,622
$
2,236,507
$
8,756,703
Reconciliations
of income taxes from the Costa Rica national statutory rate of
30
% to the consolidated effective income tax rate are as follows:
2023
2022
2021
Net
    profit before taxes
$
12,136,627
$
13,677,740
$
17,426,088
Income
    tax expense calculated at Costa Rica statutory tax rate of
30
%
3,640,988
4,103,322
5,227,826
Foreign
    rate differential
1,442,871
61,500
551,388
Tax
    attributable to exchange gain/loss
(
3,048,684
)
(
1,882,252
)
2,056,492
Change
    in unrecognized deferred tax assets
(
648,037
)
(
238,549
)
1,039,818
Withholding
    tax
2,750,903
—
—
Alternative
    minimum tax
1,161,583
—
—
Other
(
319,002
)
192,486
(
118,821
)
Tax
    expense
$
4,980,622
$
2,236,507
$
8,756,703
F-
54
The
Group distributed income from an entity in Costa Rica to the parent entity in Panama. While Panama does not tax foreign source earnings,
the Costa Rica entity is subject to a
15
% withholding tax payable to Costa Rica for earnings distributed out of the country. The Group
accrued $
2.8
million withholding tax in the current year.
The
Group is subject to a newly enacted alternative minimum tax ("AMT") of
15
% in Colombia. The Colombia AMT is based on financial
reporting income, subject to certain allowances and adjustments. The Group's current tax liability in Colombia increased by $
1.2
million in the current year due to the Colombia AMT.
Details
of the Group's deferred tax assets and liabilities are as follows:
2023
2022
Deferred
    Tax Assets
Net
    operating loss and tax credit carryforwards
$
2,428,097
$
1,035,315
Allowance
    for uncollectible accounts
261,877
816,340
Other
    accruals
480,299
130,407
Fixed
    assets
133,781
191,031
Employee
    benefits
209,820
209,535
Office
    rent liability
65,656
47,845
Deferred
    debt interest
741,560
—
Other
7,691
26,929
Total
    deferred tax assets
$
4,328,781
$
2,457,402
2023
2022
Deferred
    tax liabilities:
Investment
    properties unrealized gain
$
(
36,507,341
)
$
(
36,806,923
)
Prepaid
    and other assets
(
141,469
)
(
96,537
)
Deferred
    financing cost
(
3,698,940
)
(
2,388,299
)
Right-of-use
    asset
(
86,510
)
(
142,246
)
Total
    deferred tax liabilities
$
(
40,434,260
)
$
(
39,434,005
)
Net
    deferred tax liability
$
(
36,105,479
)
$
(
36,976,603
)
All
movement in the deferred tax assets and deferred tax liabilities ("DTLs") was reflected in continuing operations and no other
component of income.
As
of December 31, 2023, the Group had $
4,328,781
and $
40,434,260
in DTAs and DTLs, respectively. The DTAs included approximately $
2,428,097
related to net operating loss carryforwards (NOLs) that can be used to offset taxable income in future periods and reduce the Group income
taxes payable in those future periods. These recognized NOLs have carryforward periods ending prior to 2034.
The
Group operates in Colombia, Costa Rica, and Peru using local country operating corporations, generally owned by holding companies in
Panama. The Panama holding companies are not subject to tax on income sourced outside of Panama, and the Group has no deferred tax liability
recognized for its investment in subsidiaries.
As
of December 31, 2023, the Group considered it more likely than not that the benefit from certain entities' NOL carryforwards will
not be used to offset taxable profits and there are no other tax planning opportunities or other evidence of recoverability in the near
future to realize these DTAs. In addition, it is possible that some or all of these NOL carryforwards could ultimately expire unused
due to carryforward periods ending prior to 2035. In recognition of this risk, the Group has unrecognized deferred tax assets of $
3,347,445
related to these NOL carryforwards.
F-
55
The
Group files income tax returns as required by the tax laws of the jurisdictions in which it operates. In the normal course of business,
the Group may be subject to examination by local tax authorities. As of December 31, 2023, in general, the Group's local income
tax years between 2018 and 2023 remain open and are subject to examination. The Group has no unrecognized tax benefits as of December
31, 2023.
In
December 2021, the Organisation for Economic Co-operation and Development issued model rules for a new global minimum tax framework ("Pillar
Two"), and various government around the world have passed, or are in the process of passing, legislation on this. Certain Pillar
Two rules take effect in 2024 and 2025, depending on whether a particular jurisdiction has integrated the legislation into local law.
LLP is continuing to monitor these impacts on its operating footprint and does not anticipate an increase in income tax expense
associated with Pillar Two.
21.
EMPLOYEE BENEFITS
Employee
benefits are recognized in general and administrative expense in the consolidated statements of profit or loss and comprehensive loss,
and for the years ended December 31, 2023, 2022 and 2021, consisted of the following:
2023
2022
2021
Short-term
    employee benefits
$
2,961,866
$
2,126,750
$
3,019,824
Severances
17,506
247,860
22,329
Total
$
2,979,372
$
2,374,610
$
3,042,153
22.
RELATED PARTY TRANSACTIONS
Transactions
between the Group and its related parties are made on terms equivalent to those that prevail in arm's length transactions.
Subsidiaries
Transactions
between the Group and its subsidiaries are eliminated on consolidation and therefore are not disclosed. Details of the principal group
companies are given in Note 2. Partnerships the Group enters into are fully consolidated as disclosed in Note 18.
Key
Management Personnel Compensation
The
amounts disclosed in the table represent the amounts recognized as general and administrative expenses in the consolidated statements
of profit or loss and comprehensive income (loss), related to key management personnel for the years ended December 31, 2023, 2022 and
2021.
2023
2022
2021
Salaries
$
772,793
$
835,448
$
827,412
Statutory
    bonus
52,284
104,956
93,168
Cash
    performance bonus
576,148
—
346,118
Non-executive
    director's fees
125,329
90,000
57,000
Non-cash
    benefits
4,783
4,587
4,962
Severance
    benefits
—
224,593
—
Total
$
1,531,337
$
1,259,584
$
1,328,660
F-
56
Due
from affiliates
–
On June 25, 2015, the Group entered into an agreement with Latam Logistics Investments, LLC
("LLI"). In July 2020, the Group expanded the loan receivable from LLI to $
4,165,000
from $
3,015,000
and extended the term to December 31, 2023. In June 2021, the Group expanded the loan receivable from LLI to $
4,850,000
from $
4,165,000
and in May 2022, the Group expanded the loan receivable from LLI to $
6,950,00
from $
4,850,000
.
The expiration date of the loan remains as of December 31, 2023. The loan bears an annual interest rate of
9.0
%.
Principal and interest are due at maturity.
LLI
is a wholly owned company of one of the prior executives of the Group and it owns
8.0
% of the Group. The interest income for LLI was
$
644,219
and $
561,372
for the years ended December 31, 2023, and 2022, respectively. As of December 31, 2023, and 2022, the loan receivable
from affiliates balances outstanding were as follows:
2023
2022
Interest
    receivable:
Latam
    Logistics Investments, LLC
$
2,324,041
$
1,848,945
Notes
    receivable:
Latam
    Logistics Investments, LLC
7,139,123
6,950,000
Total
    due from affiliates
$
9,463,164
$
8,798,945
As
of December 31, 2023, and 2022, the loan receivable has a fixed interest rate of
9
% and a due date of December 31, 2023. The main conditions
of the loan receivable are payment of the balance at maturity including interest receivable, the possibility of early payments without
penalty, guarantee over common shares and a promissory note.
The
loan receivable is collateralized by the affiliate's equity interests in the Group (refer to Note 25 for additional information).
As
of December 31, 2023, and 2022, there was
no
amount owed to related parties.
Additional
transactions with key management personnel
– A related party entity provided $
567,764
of management and advisory services to
the Group for the year ended December 31, 2023.
23.
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
a.
Capital
                                            Management
For
the purpose of the Group's capital management, capital includes issued capital, share premium and all other equity reserves attributable
to the equity holders of the Group. The Group manages its capital structure and makes adjustments in light of changes in economic conditions
and the requirements of the financial covenants. To maintain or adjust the capital structure, the Group may adjust the dividend payment
to shareholders, return capital to shareholders or issue new shares. The primary objective of the Group's capital management is
to ensure that it remains within its quantitative banking covenants and maintains a strong credit rating. No changes were made in the
objectives, policies or processes during the years ended December 31, 2023 and 2022.
F-
57
As
disclosed within Note 16, the Group has various debt facilities in place. In certain cases, the facilities may have financial covenants
which are generally in the form of minimum debt service coverage ratios, debt leverage ratios, restricted cash equivalent accounts required
for debt service coverage, as well as non-financial covenants which require financial statement presentation to the creditor. Refer to
Note 16 for more information on debt covenants and waivers as applicable.
The
Group may also be subject to legal reserves in the countries in which it operates. Refer to Note 17 for more information.
b.
Financial
                                            Risk Management
The
Group has exposure to the following risks arising from financial instruments:
●
Credit
                                            risk
●
Liquidity
                                            risk
●
Market
                                            risk
a.
Risk
                                            Management Framework
– The Group's Board of Directors has overall responsibility
                                            for the establishment and oversight of the Group's risk management framework. The Group's
                                            Chief Executive Officer (CEO) is responsible for developing and monitoring the Group's
                                            risk management policies. The CEO reports regularly to the Board of Directors on its activities.
The
Group's risk management policies are established to identify and analyze the risks faced by the Group, to set appropriate risk
limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect
changes in market conditions and the Group's activities. The Group, through its training and management standards and procedures,
aims to develop a disciplined and constructive control environment in which all employees understand their roles and obligation.
b.
Credit
                                            Risk
– Credit risk is the risk of financial loss to the Group if a customer
                                            or counterparty to a financial instrument fails to meet its contractual obligations. The
                                            Group is exposed to credit risks from lease receivables, tenant notes receivables as well
                                            as due from affiliates.
Exposure
to Credit Risk
– The following financial assets as of December 31, 2023 and 2022 represent the maximum credit exposure:
Notes
2023
2022
Cash
    and cash equivalents
8
$
35,242,363
$
14,988,112
Receivables
    from the sale of investment properties
12
9,030,614
—
Lease
    and other receivables
9
10,506,310
9,313,109
Due
    from affiliates
22
9,463,164
8,798,945
Restricted
    cash equivalent
8
2,681,110
3,252,897
$
66,923,561
$
36,353,063
Cash
and restricted cash equivalent are held in reputable financial institutions and carries minimal risk.
The
credit quality of the tenant is assessed at the time of entering into a lease agreement. The outstanding lease and other receivables
figures disclosed in the aforementioned table pertain to the gross amounts of outstanding lease and other receivables, prior to accounting
for expected credit losses. Likewise, receivables arising from the sale of investment properties are presented at their undiscounted
balances. The outstanding balances are regularly monitored. An impairment analysis is performed at each reporting date on an individual
basis for each counterparty. In general, concentration risk in lease and other receivables is limited due to the receivables being dispersed
across different counterparties. Refer to Note 9 for details.
F-
58
c.
Liquidity
                                            Risk
– Liquidity risk is the risk that the Group will encounter difficulty
                                            in meeting the obligations associated with financial liabilities that are settled by delivering
                                            cash or another financial asset. The Group's approach to managing is to ensure, to
                                            the extent possible, that it will have sufficient liquidity to meet its liabilities when
                                            due, under both normal and stressed conditions, without incurring in unacceptable losses
                                            or risking damage to the Group's reputation, and to maintain a balance between continuity
                                            of funding and flexibility through the use of bank deposits and loans.
Typically,
the Group ensures that it has sufficient cash on demand, including deposits at banks and the balances of short-term credit facilities
with diverse funding resources and committed borrowing facilities, to meet expected operating expenses for a period of 90 days, including
the servicing of financial obligations. This excludes the potential impact of extreme circumstances that cannot be reasonably predicted,
such as natural disasters.
The
Group has access to a sufficient variety of sources of funding to repay debt maturing within 12 months in the normal course of business.
Refer to Notes 2 and 16 for more information on a debt covenant matter that arose effective December 31, 2022, as a result of which the
Group categorized the related debt balance as repayable on demand. As disclosed in Note 16, the Group resolved this matter and received
the waivers for the requirement to comply with the financial covenants for the related debt relating to Banco Davivienda and Bancolombia
on February 17, 2023 and September 25, 2023, respectively. In April 2023 the Group refinanced its Banco Davivienda debt, thereby relieving
any covenant requirement with that lender. The Bancolombia waiver was effective through December 31, 2023. The Group was in compliance
with all the other debt covenants as of December 31, 2023 and 2022.
Exposure
to Liquidity Risk
– The following tables detail the remaining contractual maturities of financial liabilities at the end of
reporting period. The amounts are gross and undiscounted cash flows and include contractual interest payments.
December
    31, 2023
Notes
On
    demand
Less
    than 3 months
3
    to 12 months
1
    to 5 years
Thereafter
Total
Accounts
    payable and accrued expenses
14
$
764,016
$
4,472,279
$
7,891,207
—
$
—
$
13,127,502
Lease
    liability
15
8,530
33,060
238,423
1,199,059
6,703,328
8,182,400
Income
    tax payable
20
—
2,024,865
—
—
—
2,024,865
Retainage
    payable
—
155,207
1,582,598
—
—
1,737,805
Security
    deposits
—
83,234
287,727
1,790,554
—
2,161,515
Long
    and short-term debt
16
—
1,624,415
15,078,681
43,032,169
211,609,005
271,344,270
Total
$
772,546
$
8,393,060
$
25,078,636
$
46,021,782
$
218,312,333
$
298,578,357
F-
59
December
    31, 2022
Notes
On
    demand
Less
    than 3 months
3
    to 12 months
1
    to 5 years
Thereafter
Total
Accounts
    payable and accrued expenses
14
$
382,317
$
6,899,250
$
1,310,355
$
—
$
—
$
8,591,922
Lease
    liability
15
—
15,637
47,085
96,954
—
159,676
Income
    tax payable
20
—
663,703
—
—
—
663,703
Retainage
    payable
—
302,066
2,699,367
—
—
3,001,433
Security
    deposits
—
—
—
1,706,959
—
1,706,959
Deposit
    for the asset held for sale
13
—
—
2,400,000
—
—
2,400,000
Long
    and short-term debt
16
87,906,445
5,888,900
17,666,699
29,632,991
74,754,632
215,849,667
Total
$
88,288,762
$
13,769,556
$
24,123,506
$
31,436,904
$
74,754,632
$
232,373,360
The
Group's minimum lease payments are disclosed on Note 15.
d.
Market
                                            Risk
– Market risk is the risk that changes in market prices, such as foreign
                                            exchange rates and interest rates will affect the Group's income or the value of its
                                            holdings of financial instruments. The objective of market risk management is to manage and
                                            control market risk exposures within acceptable parameters, while optimizing the return.
                                            Market risk comprises two types of risks: interest rate risk and currency risk.
Currency
Risk
– Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of
changes in foreign exchange rates. The Group's exposure to the risk of changes in foreign exchange rates relates primarily to its
operating activities (when revenue or expense is denominated in a foreign currency) and its loans with financial institutions, some of
which are denominated in foreign currency. The functional currency of the Group is USD.
As
of the reporting date, the Group has monetary assets and liabilities in currencies other than the functional currency. The main foreign
currencies used by the Group are as follows:
●
CRC
●
PEN
●
COP
In
respect of monetary assets and liabilities denominated in CRC, PEN and COP, the Group's policy is to ensure that its net exposure
is kept at an acceptable level by buying or selling CRC, PEN and COP at spot rates when necessary to address short-term imbalances.
The
carrying amounts of the Group's foreign currency denominated monetary assets and monetary liabilities at the end of the reporting
period are as follows:
(in
    USD)
As
    of December 31, 2023
Monetary
    assets and liabilities denominated in:
CRC
PEN
Total
Cash
    and cash equivalents
$
6,599
$
479,057
$
485,656
Lease
    and other receivables, net
60,248
135,275
195,523
Other
    current and non-current assets
3,150,470
3,694,802
6,845,272
Sub-total
3,217,317
4,309,134
7,526,451
Accounts
    payable and accrued expenses
2,569,080
1,658,228
4,227,308
Sub-total
2,569,080
1,658,228
4,227,308
Net
$
648,237
$
2,650,906
$
3,299,143
F-
60
(in
    USD)
As
    of December 31, 2022
Monetary
    assets and liabilities denominated in:
CRC
PEN
Total
Cash
    and cash equivalents
$
15,287
$
237,240
$
252,527
Lease
    and other receivables, net
33,017
104,889
137,906
Other
    current and non-current assets
1,716,789
2,306,510
4,023,299
Sub-total
1,765,093
2,648,639
4,413,732
Accounts
    payable and accrued expenses
181,451
179,676
361,127
Sub-total
181,451
179,676
361,127
Net
$
1,583,642
$
2,468,963
$
4,052,605
As
of December 31, 2023, and 2022, the net assets in foreign operations of the Group whose functional currency is different from the USD
and for which the differences in foreign currency were recognized in OCI amounting to $
88,689,861
and $
49,411,608
, respectively.
Sensitivity
Analysis
– The following tables detail the Group's sensitivity to a
10
% appreciation or depreciation in the USD against
foreign currencies listed above.
10
% is the sensitivity rate used when reporting foreign currency risk internally to key management personnel
and represents management's assessment of the reasonably possible change in foreign exchange rates. The sensitivity analysis reflects
foreign currency revaluation or translation impacts on the Group's net income and equity through OCI for a
10
% change in foreign
currency exchange rates. A
10
% strengthening (weakening) of the USD against the foreign currencies as of December 31, 2023, 2022, and
2021 would have decreased (increased) net income and equity through OCI by the amounts shown below. This analysis assumes that all other
variables, particularly interest rates, remained constant.
For
    the year ended December 31, 2023
Strengthening
Weakening
Profit
    or Loss
$
329,914
$
(
329,914
)
Equity
$
8,868,986
$
(
8,868,986
)
For
    the year ended December 31, 2022
Strengthening
Weakening
Profit
    or Loss
$
405,261
$
(
405,261
)
Equity
$
4,941,161
$
(
4,941,161
)
For
    the year ended December 31, 2021
Strengthening
Weakening
Profit
    or Loss
$
508,411
$
(
508,411
)
Equity
$
6,191,813
$
(
6,191,813
)
Interest
Rate Risk
– Interest rate risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes
in market interest rates. The Group's exposure to the risk of changes in market interest rates relates primarily to its long-term
debt obligations with floating interest rates. Therefore, variations in interest rates at the reporting date would affect profit or loss.
Sensitivity
Analysis
– A
1
% and
2
% strengthening (weakening) of the rate associated with each long-term debt, as of December 31, 2023 and
2022 would have decreased (increased) net income by the amounts shown below. This analysis assumes that all other variables remained
constant.
Long-term
    Debt
with
Variable Interest Rate as of
December 31, 2023
1%
2%
Increase
    in Interest rate
$
207,854,235
$
(
2,078,542
)
$
(
4,157,085
)
Decrease
    in Interest rate
207,854,235
2,078,542
4,157,085
F-
61
Long-term
    Debt
with
Variable Interest Rate as of
December 31, 2022
1%
2%
Increase
    in Interest rate
$
209,326,775
$
(
2,093,268
)
$
(
4,186,536
)
Decrease
    in Interest rate
209,326,775
2,093,268
4,186,536
e.
Fair
                                            Values
–
Management of the Group assessed the fair value of its financial
                                            assets and liabilities and concluded that their carrying value approximates their fair value.
24.
COMMITMENTS AND CONTINGENCIES
Commitments
In
the normal course of operation, the Group secures construction loans in order to fund capital expenditure commitments. Debt guarantees
are disclosed in Note 16. The Group does not conduct its operations through entities that are not consolidated in these consolidated
financial statements and has not guaranteed or otherwise contractually committed to support any material financial obligations not reflected
in these consolidated financial statements.
As
of December 31, 2023, the Group had agreed construction contracts with third parties and is consequently committed to future capital
in respect to investment property under development of $
8,067,067
. There are no contractual commitments in respect of completed investment
property.
The
Group does not have any lease contract that has not yet commenced as of December 31, 2023. Refer to the Group's future minimum
rental payments for its non-cancellable lease contracts in Note 15.
Legal
Proceedings
In
the ordinary course of business, the Group may be party to legal proceedings. On September 13, 2023, the Group has become aware that
a lawsuit was filed against a subsidiary of the Group by a construction company for services rendered prior to the reporting date. On
February 29, 2024, subsequent to the fiscal year ended December 31, 2023, the Group has settled with the counterparty for a total settlement
amount of $
244,151
.
On
November 30, 2023, the Group became aware that a lawsuit was filed against them by a former employee of the Group who rendered services
for the Group prior to the reporting date. The Group is currently vigorously defending this lawsuit and believes the claims are without
merit. The Group is in the process of analyzing this matter but currently does not have a sufficient basis for concluding whether any
loss is probable.
The
Group is not currently involved in any other litigation or arbitration proceedings for which the Group believes it is not adequately
insured or indemnified, or which, if determined adversely, would have a material adverse effect on the Group's consolidated financial
statements.
F-
62
25.
SUBSEQUENT EVENTS
The
Group's management has evaluated the occurrence of the significant events after the reporting date of the financial statements
and the following has been considered as significant to disclose:
Business
Combination
–
As
discussed in Note 1, on August 15, 2023, TWOA announced the execution of Business Combination Agreement with LLP and other parties. On
March 27, 2024, the Business Combination was consummated. Upon Closing, the Business Combination was accounted for as a capital reorganization
in accordance with IFRS. For purposes of the Business Combination, TWOA will be treated as the "acquired" company for financial
reporting purposes and for accounting purposes will be treated as an acquisition of assets. Accordingly, the net assets of LLP will be
stated at historical cost, with no goodwill or other intangible assets recorded. The deemed costs of the shares issued by LLP represents
the fair value of the shares that the Pubco would have had to issue for the ratio of ownership interest in the entity. Since TWOA does
not meet the definition of a business in accordance with IFRS 3, Business Combinations, the transaction is accounted for within the scope
of IFRS 2, Share-based payment. Any excess of fair value of Pubco shares issued over the fair value of TWOA's identifiable net
assets acquired represents compensation for the service of a stock exchange listing for its shares and is expensed as incurred.
Loan
receivable from affiliates –
The
loan receivable from affiliates (refer to Note 22) were in default as of January 2, 2024. The Group subsequently provided notice of the
default to the affiliate and began foreclosure proceedings on the collateral, the affiliate's equity interest in LLP. On March
12, 2024, LLI entered into an assignment agreement with LLP, pursuant to which LLI unconditionally and irrevocably assigned in favor
of LLP the right to receive
2,288,000
LPA Ordinary Shares as a result of the merger and the Business Combination Agreement. Pursuant
to the assignment agreement, the Group agreed to waive its right to receive the LLI assigned shares with the intention of not issuing
shares of LPA to LLP. The loan receivable was considered settled on the date of the Business Combination closing on March 27, 2024, in
accordance with the assignment agreement.
26.
APPROVAL OF THE CONSOLIDATED FINANCIAL STATEMENTS
The
consolidated financial statements were authorized for issue by the Group's management on April 26, 2024.
F-
63
Financial
Statement Schedules
Schedule
I - Parent Company Only Condensed Financial Information
The
condensed financial statements of Latam Logistic Properties, S.A., the parent company of the Group (the "Parent Company"), have been prepared in
accordance with Rule 12-04, Schedule I of Regulation S-X, as the restricted net assets of the subsidiaries of LLP exceed 25% of the consolidated net assets of the Group. The ability of the Parent Company's
operating subsidiaries to pay dividends may be restricted due to certain clauses in the subsidiaries' debt agreements and
legal reserve requirements.
The
condensed financial statements of the Parent Company have been prepared using the same IFRS accounting principles and policies
described in the other notes to the consolidated financial statements. The Parent Company accounts for its investment in
subsidiaries using the cost less accumulated impairments method. The Parent Company received a dividend from its subsidiaries during
the year ended December 31, 2023. The Parent Company did not receive any dividends from its subsidiaries during the years ended
December 31, 2022 and 2021. These condensed financial statements should be read in conjunction with the Group's consolidated
financial statements and related notes thereto.
LATAM
LOGISTIC PROPERTIES, S.A. (Parent Company Only)
CONDENSED
STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE
Income (Loss)
(in
U.S. Dollars)
For
    the years ended December 31,
2023
2022
2021
Dividend
    income
$
18,210,046
$
—
$
—
General
    and administrative
(
2,878,896
)
(
498,457
)
(
429,990
)
Interest
    income from affiliates
694,628
632,490
626,047
Financing
    costs
(
718,844
)
(
1,226,265
)
(
584,487
)
Transaction-related
    costs
(
6,128,965
)
—
—
Other
    income (expense), net
61,530
(
4,875
)
(
1,187,272
)
Income (loss) before taxes
9,239,499
(
1,097,107
)
(
1,575,702
)
Income
    tax expense
(
2,745,090
)
—
—
Comprehensive income (loss)
$
6,494,409
$
(
1,097,107
)
$
(
1,575,702
)
F-
64
LATAM
LOGISTIC PROPERTIES, S.A. (Parent Company Only)
CONDENSED
STATEMENTS OF FINANCIAL POSITION
(in
U.S. Dollars)
As
    of December 31,
2023
2022
ASSETS
CURRENT
    ASSETS:
Cash
    and cash equivalents
$
788,008
$
2,823,003
Due
    from subsidiaries and affiliated companies
9,463,164
9,055,658
Other
    current assets
11,454
23,315
Total
    current assets
10,262,626
11,901,976
NON-CURRENT
    ASSETS:
Investments
    in subsidiaries
168,496,857
166,927,780
Restricted
    cash equivalent
—
1,205,162
Property
    and equipment, net
46,767
64,394
Total
    non-current assets
168,543,624
168,197,336
TOTAL
    ASSETS
$
178,806,250
$
180,099,312
LIABILITIES
    AND STOCKHOLDERS' EQUITY
CURRENT
    LIABILITIES:
Accounts
    payable and accrued expenses
$
5,086,924
$
336,055
Due
    to subsidiaries and affiliated companies
2,459,935
—
Long
    term debt - current portion
—
14,998,275
Total
    current liabilities
7,546,859
15,334,330
TOTAL
    LIABILITIES
7,546,859
15,334,330
EQUITY:
Total
    equity
171,259,391
164,764,982
TOTAL
    LIABILITIES AND EQUITY
$
178,806,250
$
180,099,312
F-
65
LATAM
LOGISTIC PROPERTIES, S.A. (Parent Company Only)
CONDENSED
STATEMENTS OF CASH FLOWS
(in
U.S. Dollars)
For
    the years ended December 31,
2023
2022
2021
Cash
    flows from operating activities:
Gain
    (loss) for the year
$
6,494,409
$
(
1,097,107
)
$
(
1,575,702
)
Adjustments:
Depreciation
    and amortization
17,627
12,607
11,133
Financing
    costs
718,844
1,226,265
584,487
Interest
    income from subsidiaries and affiliated companies
694,628
632,490
626,047
Income
    tax expense
2,745,090
—
—
Working
    capital adjustments:
Decrease
    in other current assets:
11,860
21,149
481,608
Increase
    (decrease) in accounts payable and accrued expenses
4,812,824
(
118,149
)
392,249
Increase
    in due to subsidiaries and affiliated companies
104,935
—
—
Income
    tax paid
(
2,745,090
)
—
—
Net
    cash generated by operating activities
$
12,855,127
$
677,255
$
519,822
Cash
    flows from investing activities:
Increase
    in equity investment in subsidiaries
$
(
1,569,077
)
$
(
2,822,487
)
$
(
11,735,281
)
Purchases
    of property and equipment
—
(
25,100
)
(
63,034
)
Increase
    in loans to subsidiaries and affiliated companies
(
1,102,134
)
(
800,973
)
(
4,228,344
)
Restricted
    cash equivalent
1,205,162
594,838
3,884,868
Net
    cash used in investing activities
$
(
1,466,049
)
$
(
3,053,722
)
$
(
12,141,791
)
Cash
    flows from financing activities:
Long-term
    debt borrowing
—
—
15,000,000
Repayment
    of long-term debt
(
14,998,275
)
—
—
Increase
    in loans from subsidiaries and affiliated companies
2,355,000
—
—
Cash
    paid for raising debt
—
(
5,175
)
(
196,785
)
Interest
    paid
(
780,798
)
(
1,102,499
)
(
446,063
)
Net
    cash (used) provided by financing activities
$
(
13,424,073
)
$
(
1,107,674
)
$
14,357,152
Net
    decrease in cash and cash equivalents
(
2,034,995
)
(
3,484,141
)
2,735,183
Cash
    and cash equivalents at the beginning of year
2,823,003
6,307,144
3,571,961
Cash
    and cash equivalents at the end of year
$
788,008
$
2,823,003
$
6,307,144
*
* * * *
F-
66
Schedule
III - Schedule of Real Estate
The
following is a summary of the Group's investment properties as of December 31, 2023 prepared in accordance with Rule 12-28 of Regulation
S-X:
LATAM
LOGISTIC PROPERTIES, S.A.
SCHEDULE
III - SCHEDULE OF REAL ESTATE
AS
OF DECEMBER 31, 2023
(in
U.S. Dollars)
Description
Number
    of buildings
Encumbrances
(a)
Land
(b)
Building
    & Improvements
(c)
Costs
    Capitalized Subsequent to Acquisition
Land
Building
    & Improvements
Total
(d)
Fair
    Value Adjustments
(e)
Cumulative
    Foreign Currency Translation Effect
Fair
    Value at the End of the Year
(f)
Date
    of Construction/ Acquisition
(g)
Land Bank
Peru
Latam Parque Logistico Callao
3
—
—
619,976
—
—
619,976
619,976
—
—
619,976
N/A
Colombia
Latam Logistic Park Calle 80
4
4,317,135
14,114,108
11,806,349
—
14,114,108
11,806,349
25,920,457
4,976,620
(
6,796,631
)
24,100,446
N/A
Total of Land Bank
7
4,317,135
14,114,108
12,426,325
—
14,114,108
12,426,325
26,540,433
4,976,620
(
6,796,631
)
24,720,422
N/A
Properties Under Development
Peru
Latam Logistic Park Lima Sur
2
11,580,125
6,653,190
9,073,731
—
6,653,190
9,073,731
15,726,921
6,503,860
—
22,230,781
N/A
Latam Parque Logistico Callao
1
—
2,802,475
(d)
10,764,104
—
2,802,475
10,764,104
13,566,579
(
1,306,579
)
—
12,260,000
N/A
Costa Rica
Latam Logistic Park San José – Verbena
1
6,474,777
2,643,646
6,425,029
—
2,643,646
6,425,029
9,068,675
1,822,325
—
10,891,000
N/A
Total of Properties Under Development
4
18,054,902
12,099,311
26,262,864
—
12,099,311
26,262,864
38,362,175
7,019,606
—
45,381,781
N/A
Operating Properties
Colombia
Latam Logistic Park Calle 80
5
44,049,009
11,555,745
70,356,507
64,414
11,555,745
70,420,921
81,976,666
30,736,797
(
5,756,463
)
106,957,000
2019
-
2023
Peru
Latam Logistic Park Lima Sur
5
48,419,875
19,249,353
45,431,126
469,879
19,249,353
45,901,005
65,150,358
27,089,499
—
92,239,857
2019
-
2022
Costa Rica
—
Latam Logistic Park Coyol 1
5
59,809,375
19,500,336
42,764,576
941,658
19,500,336
43,706,234
63,206,570
25,943,795
—
89,150,365
2016
-
2020
Latam Logistic Park Coyol 2
1
18,285,023
7,292,476
12,332,799
169,446
7,292,476
12,502,245
19,794,721
9,913,279
—
29,708,000
2019
Latam Bodegas Atenas
1
2,612,593
1,658,000
1,942,000
—
1,658,000
1,942,000
3,600,000
1,038,000
—
4,638,000
2019
Latam Bodegas San Joaquin
2
5,495,094
2,621,468
2,778,532
2,171,917
2,621,468
4,950,449
7,571,917
2,314,083
—
9,886,000
2019
Latam Bodegas Aurora
2
5,917,796
3,399,610
2,401,986
492,177
3,399,610
2,894,163
6,293,773
420,227
—
6,714,000
2019
San Rafael Industrial Park
1
7,974,306
5,777,658
5,222,342
—
5,777,658
5,222,342
11,000,000
2,665,000
—
13,665,000
2019
Latam Logistic Park Coyol 3
1
7,056,519
1,354,320
6,169,680
—
1,354,320
6,169,680
7,524,000
2,284,801
—
9,808,801
2020
Latam Logistic Park Coyol 4
1
6,918,421
2,849,259
7,547,831
482,641
2,849,259
8,030,472
10,879,731
436,269
—
11,316,000
2021
Latam Logistic Park San José – Verbena
4
40,434,222
15,612,670
35,080,999
69,233
15,612,670
35,150,232
50,762,902
19,224,153
—
69,987,055
2022
-
2023
Total of Operating Properties
28
246,972,233
90,870,895
232,028,378
4,861,365
90,870,895
236,889,743
327,760,638
122,065,903
(
5,756,463
)
444,070,078
GRAND TOTAL
39
$
269,344,270
$
117,084,314
$
270,717,567
$
4,861,365
$
117,084,314
$
275,578,932
$
392,663,246
$
134,062,129
$
(
12,553,094
)
$
514,172,281
(a)
Encumbrances
                                            include mortgage loans for constructions and other financing arrangements guaranteed by the
                                            respective properties.
F-
67
The
following table reconciles encumbrances per Schedule III to the Condensed Consolidated Statement of Financial Position at December 31,
2023:
Total
    encumbrances per Schedule III
$
269,344,270
Debt
    not guaranteed by Investment Properties
2,000,000
Long
    term debt accrued financing costs
752,874
Debt
    issuance costs, net
(
2,242,911
)
Total
    per Consolidated Statement of Financial Position
$
269,854,233
(b)
Land
                                            information includes land that are owned and land under right—of—use, which are
                                            separately labeled with in our real estate portfolio.
(c)
Amounts
                                            presented in building and improvements include building improvements costs, and acquisition
                                            costs, land improvements costs incurred on land banks.
(d)
This
                                            property under development at Latam Logistic Callao is leased under right—of—use
                                            contract rather than owned by the Group.
(e)
The
                                            Group uses an external appraiser in order to determine the fair value for all of its investment
                                            properties. The independent appraiser holds a recognized and relevant professional qualification
                                            and has recent experience of the location and category of the investment property being valued.
                                            The valuation model is in accordance with the guidance recommended by the International Valuation
                                            Standards Committee. These valuation models are consistent with the principles in IFRS 13.
(f)
See
                                            Note 12 of our audited consolidated financial statements as of December 31, 2023, for the
                                            reconciliation of investment properties for the year ended December 31, 2023.
(g)
Date
                                            of construction or acquisition represents the date we stabilized the building or acquired
                                            the building through acquisition.
F-
68