Risk Disclosure

Investing involves the risk of losing capital. The value of an investment may rise or fall, and an investor may receive less than the amount invested. In some circumstances, an investor may lose all of the capital committed.

Target returns, projected distributions, expected holding periods, forecasts, assumptions and other forward-looking information are estimates and are not guarantees. Actual performance may differ materially from expectations.

Private investments may be illiquid. There may be no established public market for an investment, and a secondary buyer may not be available when an investor wishes to sell or transfer their position.

The expected duration of an investment may change. An investment may need to be held longer than initially anticipated, and investors should not commit capital that they may need to access in the short term.

Agricultural investments are exposed to operational, environmental and market conditions that can materially affect production, costs, asset values and investment performance.

Vineyards, olive estates and other agricultural operations may be affected by changes in crop yields, input costs, labour availability, plant disease, water availability, infrastructure requirements and market conditions.

Agricultural performance can be materially affected by weather and environmental conditions. Drought, excessive rainfall, frost, extreme heat, wildfire, flooding, storms and other natural events may damage crops, infrastructure and other assets and may adversely affect operating results.

Long-term changes in climate conditions may also affect water availability, growing conditions, crop suitability, disease pressure and the economics of agricultural operations.

Fine wine is a specialist asset category whose value can be affected by market demand, producer reputation, vintage characteristics, market sentiment, provenance, storage conditions, authenticity and broader economic conditions.

Wine valuations are estimates and may differ from the amount that can ultimately be realised through a sale. Transaction costs, storage, insurance, custody and market liquidity may also affect realised returns.

Private and specialist assets may not have continuously observable market prices. Valuations may therefore rely on third-party information, comparable transactions, market data, appraisals, valuation models or other assumptions.

A reported valuation may differ materially from the amount ultimately realised through a sale, refinancing, distribution or other liquidity event.

Valuation methodologies, market conditions and available information may change over time.

Concentrating a significant portion of capital in a single opportunity, operator, geography, agricultural category or specialist asset can increase exposure to adverse events affecting that particular investment.

Diversification may reduce certain concentration risks but cannot eliminate investment risk or guarantee against loss.

Investors should consider the effect of each investment on their overall portfolio and level of exposure to particular assets, markets and risk factors.

An investment may involve assets, revenues, expenses or transactions denominated in a currency different from the investor's home currency. Changes in exchange rates may therefore increase or reduce investment returns when measured in the investor's preferred currency.

Cross-border investments may also be affected by different legal systems, banking arrangements, tax requirements, transfer restrictions and economic or political conditions.

Distributions depend on the performance, liquidity and cash requirements of the relevant investment structure and underlying assets.

Distributions may be lower than expected, delayed, suspended or not made.

Projected distributions should not be treated as guaranteed income or relied upon as a fixed source of cash flow.

Investment performance may depend on estate operators, managers, custodians, banks, service providers, suppliers, advisers and other third parties performing their respective obligations.

Operational failures, financial distress, misconduct, disputes, delays or errors by an operator, counterparty or service provider may adversely affect an investment.

The performance of an investment may therefore depend on parties outside the direct control of the investor or Tevuah Reserve.

Where an investment is held jointly, participating investors may have shared rights, obligations and economic interests under the applicable investment structure and documentation.

A joint investment may require action, consent or completion of required steps by more than one participating investor. Delays, disagreements or a failure by a required participant to complete an applicable requirement may affect the administration or progression of the investment.

Technology can improve visibility into agricultural operations, but sensors, communications networks, software platforms and data sources may fail, become unavailable or produce incomplete, delayed or inaccurate information.

AgTech and operational measurements should be evaluated according to their source, timestamp, methodology and validation status.

Information displayed through the platform should not be assumed to be continuously available, complete or error-free.

Technology and data are used to support reporting and operational visibility; they do not eliminate the underlying risks associated with agricultural operations or investment decisions.

Digital platforms and service providers are exposed to cybersecurity threats, system outages, unauthorized access, software defects, data loss and other technology-related risks.

Security controls can reduce these risks but cannot eliminate them entirely.

A system interruption or security incident may temporarily affect access to investor accounts, documents, reporting or other platform functionality.

Laws, regulations, tax rules and regulatory interpretations may change and may affect an investment, its underlying assets, the operator or an investor's position.

Tax consequences may differ materially between investors and jurisdictions.

TInformation provided by Tevuah Reserve is general information and should not be treated as personalized legal or tax advice. Investors should obtain independent professional advice where appropriate.

Private investments may involve less publicly available information than securities traded on established public markets. Information may also be provided periodically rather than continuously.

Investors should review all material information made available for a specific opportunity and seek clarification where information is unclear or incomplete.

Investors are responsible for determining whether they have sufficient information to make an informed investment decision.

Investment materials may contain projections, forecasts, estimates, targets, expected durations and other forward-looking statements.

These statements depend on assumptions and circumstances that may change or may not occur as expected.

Actual events and results may differ materially from projections because of operational, financial, market, environmental, regulatory and other factors.

Forward-looking statements should not be interpreted as promises, guarantees or assurances of future performance.