Table of Contents
- About the Guidelines
- Problems in the Real Estate Market
- Project Goal
- Project Companies
- Project Structure
- Objects that Can be Purchased with Fundamentum
- Entities to Which Fundamentum Offers are Addressed and to Which FDM Tokens are Sold
- FDM Tokens
- Revaluation of the Cost of FDM Tokens
- Repurchase of FDM Tokens
- Financial Scheme
- Acquisition, Sale of Real Estate
- Sale of Real Estate to Buyers not Holding FDM Tokens
- Fundamentum Assets
- Risks of Acquiring FDM Tokens
About the Guidelines
PLEASE READ THIS SECTION CAREFULLY. IF YOU HAVE ANY DOUBTS CONCERNING THE PRESENTED DOCUMENT, CONSULT YOUR LEGAL, FINANCIAL, TAX OR OTHER ADVISOR(-S).
These Guidelines are declarative and should not be deemed as financial, legal, tax or any other advice. The information below is not exhaustive and does not imply any elements of a contractual relationship. The sole purpose of these Guidelines is to provide relevant information to potential Buyers of FDM tokens, a description of the project planned for implementation. FDM token Buyers are advised to conduct a thorough analysis of the companies and understand the current or potential future value of all purchased FDM tokens.
Nothing in these Guidelines should be construed as a prospectus of any kind, an investment offer or investment recommendation, nor is it related to an offer or proposal to purchase any securities within any jurisdiction. These Guidelines are not drawn up in accordance with the laws or regulations of any jurisdiction that are designed to protect investors and are not subject to them. The statements, estimates and financial or other information contained in these Guidelines are forward-looking statements or information. Such forecasts or information include both known and unknown risks, which may lead to significant discrepancies between actual events and results, estimates that are assumed or expressed. The statements or information in these Guidelines are not a promise or a commitment and cannot be construed as a promise of profit and (or) a guaranteed forecast of the growth in the value of FDM tokens.
The recipient of this document (the Buyer) or its advisors have not received any representations or warranties regarding the accuracy or completeness of the information, statements, opinions or issues (express or implied) arising from, contained in or derived from this document, or any other written or oral information or opinions presented now or in the future to any interested party or their advisors. No representations or warranties are given regarding the achievement or validity of any plans, future forecasts or prospects, and nothing in this document is and should not be construed as a promise or a vision for the future. To the maximum extent possible, all liability for any loss or damage of any kind (whether predictable or not) that may arise from any person acting on the basis of any information and opinions contained in this document, or any information that is provided in connection with any further requests, despite any negligence, failure to fulfill obligations or lack of care, shall not be accepted.
Fundamentum shall not be liable for any direct or indirect, special or incidental loss of any kind resulting from an offense, breach of contract or otherwise, including, but not limited to, loss of profits, loss of data resulting from or in connection with (i) acceptance or relying by the Buyer on any information contained in these Guidelines, (ii) any error, omission or inaccuracy in any such information or (iii) any action arising from it.
The calculations in these Guidelines are based solely on fundamental mathematical laws. This English version of the Guidelines is the prevailing one. These Guidelines may from time to time be translated into other languages or used in the course of written or oral communication with existing or potential buyers, partners or third parties. In the process of such a translation or communication, part of the information contained in it may be lost, damaged or distorted. The accuracy of such translated manuals cannot be guaranteed. In the event of any discrepancies or inconsistencies between such translations, the English version of the Guidelines shall prevail.
This document should not be taken or transferred to any jurisdiction where the distribution of this document is prohibited or restricted.
The opinions expressed in these Guidelines belong to Fundamentum and do not reflect the official policy or position of any government or government agencies (including but not limited to any regulatory authority of any jurisdiction) in any jurisdiction. These Guidelines have not been reviewed by any regulatory authority.
These Guidelines may be updated or amended at any time at the discretion of the Company. The latest version is available on the website fundamentum.io. The Buyer agrees to its new terms using the Fundamentum site or platform.
The name Fundamentum, depending on the context in this document, can mean either VT PLAN & SECURITY Sarl, FUNDAMENTUM GmbH, or the Fundamentum team, or the Fundamentum platform (hereinafter referred to as the FDM Platform).
Problems in the Real Estate Market
Investing in the real estate market, in its traditional form, is time-consuming, capital-intensive and complex. The main problems faced by Buyers of real estate are:
- The need to use the services of various specialists (including brokers, lawyers), which entails costs before starting to receive benefits from the acquired real estate property;
- The lack of international standards or comprehensively accessible platforms for the electronic transfer and registration of real estate assets. Each country maintains its own register and establishes national (or local) rules for registering property and transferring property rights. In addition, existing property registration systems have been developed to handle local property transfer transactions, but are insufficiently equipped to handle international transfers of property rights;
- The acquisition of real estate requires significant financial investments, for this reason small Buyers still have not been able to diversify their portfolios, taking advantage of the stability and historically continuous growth of the real estate market;
The goal of the project is to create a system with which it would be possible to fully implement and (or) support the processes of buying, selling real estate, investing in real estate using FDM tokens, regardless of the location of real estate and buying entities, as well as allow Buyers with small investments to become participants in the real estate market.
Thus, buyers, sellers and investors will be able to perform transactions with real estate, as well as be able to participate in investments, as quickly as possible, easily, transparently and safely.
VT PLAN & SECURITY Sarl is located in Switzerland.This company is a central company that attracts investments by issuing FDM tokens, acts in accordance with Swiss law.
This company exercises control over the activities of construction companies, allocates financing to them, acts in accordance with German law.
If a decision is made on the construction of real estate property, the acquisition and / or sale of real estate property outside Germany, Switzerland, Fundamentum, at its discretion, opens a separate legal entity in the relevant state and (or) region / county / state or other territorial division of the state for financing and quality control of construction projects and (or) construction work under the laws of a particular state (hereinafter – the new legal entity). A list of new legal entities of Fundamentum will be available on fundamentum.io. Fundamentum places the name of a new legal entity within 30 days from the date of its registration in the respective state and (or) region / county / state or other territorial division of the state, on the website fundamentum.io in the list of new legal entities.
The construction of real estate and (or) construction work for the real estate is carried out by the Fundamentum partner – a separate legal entity (hereinafter – the construction company). The construction company receives funding from FUNDAMENTUM GmbH and (or) a new legal entity that is created in the territory of the state and (or) region / county / state or other territorial division of the state. The construction company is indicated in the description of the proposed property.
The Fundamentum project consists of the following elements:
- FDM Platform and fundamentum.io website (hereinafter referred to as the website), where offers for sale, purchase and investment in objects are placed. The FDM platform and website provides FDM token Buyers with the opportunity to purchase real estate around the world, including at the most profitable stage of the initial construction phase, even with minimal amounts. The FDM Platform and website provides a safe and effective way to participate in the construction, acquisition and sale of real estate, as all transactions with real estate are stored in smart contracts.
- Fundamentum Fund, which will re-evaluate, adjust and publish the nominal value of the FDM token every six months, approve the construction time for facilities that have not been commissioned. Fundamentum has the Internal Expert Advisory Board that will make decisions based on market value / property valuation report.
Objects that Can be Purchased with Fundamentum
Using the FDM Platform, the following objects can be offered for sale:
- residential and non-residential real estate objects;
- commissioned real estate objects and non-commissioned objects that will be built within 18 months (unless a different deadline for completion of construction is approved by Fundamentum).
The commissioned residential and non-residential real estate objects can be placed in both the secondary and primary real estate markets. These Guidelines shall refer to all objects mentioned above as real estate objects, regardless of the definitions given in the regulatory legal acts of various states.
Fundamentum independently determines the real estate objects and their quantity to be acquired and (or) built.
Entities to Which Fundamentum Offers are Addressed and to Which FDM Tokens are Sold
The offers posted on the FDM Platform and (or) on the website are intended only for domestic and foreign Buyers who are qualified investors or accredited or sophisticated investor or professional investor or professional clients or expert, depending on the state the Buyer is a citizen of.
FDM tokens are only entitled to Buyers who are a qualified investor or accredited or sophisticated investor or professional investor or professional clients or expert, depending on the state of which the Buyer is a citizen and to which Fundamentum is assigned the status of qualified investor or accredited or sophisticated investor or professional investor or professional clients or expert, after checking for qualifications.
Before obtaining the opportunity to purchase FDM tokens, the potential Buyer must pass KYC / AML checks, qualification tests (confirmation and compliance with the requirements for a qualified investor or accredited or sophisticated investor or professional investor or professional clients or expert). The requirements for a qualified investor or accredited or sophisticated investor or professional investor or professional clients or expert are determined by the state of which the potential FDM Token Buyer is a citizen.
Potential FDM Token Buyers must comply with KYC / AML policies. If the potential FDM Token Buyer does not provide the necessary documents to ensure that the KYC / AML check is passed, then the received funds and (or) cryptocurrency must be returned to the electronic wallet or bank account of the potential FDM Token Buyer.
Potential FDM Token Buyers must be qualified. If the potential Buyer of FDM tokens does not submit the necessary documents to ensure that the qualification test is completed and the Fundamentum cannot assign him the status of qualified investor or accredited or sophisticated investor or professional investor or professional clients or expert, the received funds and (or) cryptocurrency must be returned to electronic wallet or bank account of a potential FDM token Buyer.
The issuer of FDM tokens is a legal entity – VT PLAN & SECURITY Sarl. The regulation of FDM tokens is based on the Swiss law. FDM tokens do not provide the right to manage a legal entity. FDM token holders are not entitled to any Fundamentum rights or to any of its subsidiaries, including any shares, interest, units, royalties on capital, profit, or intellectual property associated with Fundamentum. FDM tokens are based on the ERC-20 token standard, which makes it easy to integrate them into Buyers’ electronic wallets.
FDM tokens are issued depending on the number of square meters of the property, which is tokenized during the first issue of FDM tokens according to the following formula: 1 square meter = 1 FDM token. 1 square meter of real estate at the time of issue of FDM tokens has a market value.
1 m² = 1 000 €
1 m² = 1 token FDM
1 token FDM = 1 000 €
FDM tokens purchased by the Buyer issued by the issuer on the basis of a specific real estate property do not create an obligation for the Buyer to acquire this particular real estate property. Therefore, the total number of square meters of all Fundamentum real estate objects = the total number of all issued FDM tokens.
When the Buyer purchases FDM tokens, the date of purchase by the Buyer of FDM tokens will be recorded in the registry. Only after 6 months from the date of the Buyer’s acquisition of FDM tokens, the Buyer is entitled to present FDM tokens for redemption to the Fundamentum. In this case, to receive money and / or cryptocurrency, the Buyer credits FDM tokens to a special Fundamentum account, after which Fundamentum carries out a bank transfer to the Buyer in the same currency and (or) cryptocurrency for which FDM tokens were purchased based on the token exchange rate FDM approved by Fundamentum as of the date of the wire transfer.
Each issue of FDM tokens will have a different investment focus, and Fundamentum plans to invest in different markets to maintain assets in balance. The real estate objects that will be offered to be acquired in the upcoming issues of FDM tokens are reflected on the Fundamentum website.
Each subsequent issue of FDM tokens is carried out at the current rate of FDM tokens, approved by Fundamentum and published on the website fundamentum.io, valid on the date of issue. The number of FDM tokens emitted during the subsequent issue of FDM tokens is determined by the equation:
Number of FDM tokens = (S of the RE object x cost of 1 sq.m.) / rate of the FDM token, where:
- S of the RE object – the total area of the real estate property;
- Cost of 1 m² – cost of 1 m² of real estate, determined at the time of issue of FDM tokens and equal to the market value of a square meter at the time of issue of FDM tokens;
- FDM token rate – the cost of one FDM token, indicated on the Fundamentum website, at the time of issue of FDM tokens.
Revaluation of the Cost of FDM Tokens
Revaluation of the cost of FDM tokens is carried out in the following cases:
- every three months, as construction work is completed at the real estate object, the Fundamentum Fund reevaluates the cost per square meter of the real estate object, which can either increase or decrease, which, accordingly, leads to a change in the cost of FDM tokens;
- upon completion of construction and preparation of a real estate object for sale.
Revaluation of the cost of FDM tokens in the first case is carried out as follows:
- In case of one real estate object:
- In case of two and more real estate objects:
The Fundamentum Fund’s Internal Expert Advisory Council of Real Estate Experts, on the basis of market value / property valuation report approves the cost per square meter, taking into account the completed construction work.
For example, during the construction of a real estate object with a total area of 100 square meters and with a cost of 1 square meter equal to 1,000 EUR during the initial issue of FDM tokens, 100 FDM tokens were issued.
|1 m² = 1 000 €||1 m² = 1 000 €|
|1 m² = 1 token FDM||100 m² = 100 tokens FDM|
|1 token FDM = 1 000 €||100 tokens FDM = 100 000 €|
As a result of the revaluation of the cost per square meter by Fundamentum, the FDM token value can be both decreased and increased:
|1 m² = 1 200 €||1 m² = 800 €|
|100 m² = 100 tokens FDM||100 m² = 100 tokens FDM|
|100 tokens FDM = 120 000 €||100 tokens FDM = 80 000 €|
Revaluation of FDM tokens is carried out using the following equation:
R of FDM token = (real estate object No. 1 plus real estate object No. 2) / Qty of FDM tokens, where
- R of FDM token – exchange rate of the FDM token.
- Sum of the values of real estate object (REO) No. 1 and REO No. 2 – sum of the values of REO No. 1 and REO No. 2. The value of REO No. 1 is equal to the product of the area by the cost of 1 square meter determined as a result of revaluation by the Fundamentum Fund.
- Qty of FDM tokens – total number of FDM tokens issued by Fundamentum.
- REO № 1 = 100 m² = 100 tokens FDM = 120 000 € (1 token FDM = 1200 €).
- REO № 2 = 200 m² with the cost of 1 m² equal 900 € = 180 000 €. . The number of issued FDM tokens is determined according to the equation described above and is: (200 m² x 900 €) / 1 200 € = 150 tokens FDM.
- REO № 1 + REO № 2 = 300 m² = 300 000 € = 250 tokens FDM.
After revaluation the cost of square meters in REO No. 1 and REO No. 2, the FDM token rate is determined as follows:
- REO № 1 = 100 m² x 1 m², after revaluation it is equal to 1 400 € = 140 000 €.
- REO № 1 = 200 m² x 1 m², after revaluation it is equal to 750 € = 150 000 €.
- Total area of REO № 1 и REO № 2 = 300 m² = 290 000 €
- FDM token rate after revaluation is as follows: 290 000 €/250 tokens FDM = 1 160 €.
Revaluation of the cost of FDM tokens in the second case is carried out as in the first case.
Repurchase of FDM Tokens
After 6 months from the date of the Buyer’s acquisition of FDM tokens, the Buyer is entitled to present FDM tokens for redemption to the Fundamentum. Each time the Buyer holding FDM tokens sends FDM tokens to the Fundamentum account, FDM tokens are subject to destruction.
Redemption of FDM tokens by Fundamentum means:
- The Buyer acquires a real estate object or square meters in a real estate object, and the Buyer acquires a real estate object or square meters in a real estate object at the FDM token rate established as of the date of transfer of FDM Fundamentum tokens when acquiring a real estate object or square meters in a real estate object.
- purchase of Fundamentum FDM tokens from the Buyer. The purchase of FDM tokens from the Buyer is carried out by Fundamentum at the rate of the FDM token set at the date of transfer of the FDM Fundamentum tokens in the currency and / or cryptocurrency in which the Buyer initially purchased the FDM tokens.
The Buyer, even after the completion of construction of real estate objects, has the right not to present FDM tokens for redemption and the right not to purchase real estate objects and (or) square meters in the real estate object. FDM tokens are offered for redemption on demand. The costs of crediting fiat money, cryptocurrencies from the system are borne by the Buyer.
The FDM token can be purchased by the Buyer for fiat money (euros, dollars) and cryptocurrencies indicated on the website fundamentum.io. The costs of crediting money, cryptocurrencies to the system are borne by the Buyer.
The funds / cryptocurrencies received from the Buyers when they purchase FDM tokens are sent and distributed by Fundamentum as follows:
- 70% is allocated to the acquisition of real estate and (or) construction work on the real estate or for the real estate;
- 10% goes to the costs of managing real estate, as well as to the development of future business projects, including the Fundamentum property platform, the register of property rights and others;
- 10% goes to marketing and distribution expenses to expand the Fundamentum market position and, accordingly, increase the cost of FDM Fundamentum tokens;
- 10% goes to the reserve fund, from which unforeseen payments are made if necessary. Funds allocated to the reserve fund may be placed in a deposit account at the discretion of Fundamentum. The funds received from this placement in the amount of 100% belong to Fundamentum.
Thus, at the time of the Buyers’ acquisition of FDM tokens, the latter are provided with at least 70% of the value of real estate objects.
Acquisition, Sale of Real Estate
- Registration in the Fundamentum system.
- Passing the KYC / AML check, qualification check.
- The acquisition of FDM tokens in the Fundamentum system. The Buyer of FDM tokens becomes their holder. The Buyer obtains access to the FDM Platform if it authorizes on the FDM Platform, the result of which is the creation of the Buyer’s account on the FDM Platform. Authorization on the FDM Platform is free of charge. Prices for all services and registration fees of the FDM Platform (if any) are set on the FDM Platform.
After creating an account on the FDM Platform, the Buyers get access to more detailed information about real estate objects in accordance with their criteria and interests.
The acquisition of real estate is different for Buyers holding FDM tokens and Buyers not holding FDM tokens. Buyers who do not hold FDM tokens are not entitled to purchase real estate objects on the FDM Platform, but must purchase these real estate objects on other trading platforms.
- The Buyer finds the property on the FDM Platform or website.
- The Buyer pays the reservation fee (approximately 5,000 EUR) to ensure that he or she has a legitimate interest in purchasing the property. The FDM Platform sends the Seller a notice of the offer sent by the Buyer, and invites the Seller to complete the purchase and sale transaction. The Seller, accepting the deposit, accepts the offer of the Buyer.
- The contract of sale is executed by Fundamentum and sent to the Parties.
- Fundamentum verifies ownership in the Fundamentum Registry through the participation of an Escrow / Title agent in the Fundamentum system.
- The Buyer receives a notification of confirmation of ownership and signs the contract of sale in electronic form.
- If the Seller agrees with the price proposed by the Buyer, it will proceed to the electronic execution of the contract of sale.
- If the Buyer, in connection with the purchase of an immovable property, decides to evaluate the real estate object, then within seven days Fundamentum shall provide an evaluation report prepared by a third-party service provider for an additional fee.
- Money is transferred to the escrow account set by the Escrow / Title Agent on the toolbar in the Fundamentum, either by one transfer, or X% of the deposit and Y% by installments.
- Fundamentum generates a payment form for the Buyer and tracks the payment from its payment processing partner (s).
- Fundamentum marks the payment as received in the Payment status of the smart contract as soon as a bank transfer is received according to the notification of the payment processing partner (s).
- Fundamentum again verifies the ownership and through third parties, such as the title company, records the transfer of assets to the Fundamentum Registry in the “Standby” mode, notifies the registration department and sends the blockchain hash to the recording department and all other parties involved.
- The real estate is prepared for the transaction. Fundamentum notifies the Seller and the Buyer that the funds have been received and the ownership is cleared and under the “pending review”.
- Sign an electronic title transfer with Escrow / Title Agent.
- Fundamentum generates a sales contract for signature by the Buyer and Seller.
- The Seller accepts and signs the agreement on the transfer of ownership in the office of the responsible / title agent (or electronic notary in the future).
- The Buyer accepts and signs the agreement on the transfer of ownership
- An electronic notarial check takes place or the title agent signs the deed for the transfer of ownership.
- The Escrow Agent submits the closing documents for the sale to the record office. The registration service changes the owner records. Fundamentum issues to the Buyer its own electronic document of ownership with a hash blockchain and a QR code (all documents collected during the transaction, except for the title deed, are subject to execution).
- The registration service issues (by sending) a physical certificate of ownership by mail to the Buyer.
- The Escrow Agent distributes money / cryptocurrency to the Seller and to itself and through the toolbar in Fundamentum notifies you of the completion of this step.
- After notification during step 13 the smart contract marks the transaction as “Completed” in the Fundamentum Registry (the transaction identifier is displayed here).
Sale of Real Estate to Buyers not Holding FDM Tokens
The Buyers not holding FDM tokens are not entitled to purchase real estate using the FDM Platform. The sale of real estate objects to such Buyers is carried out on other trading platforms. The Buyers not holding FDM tokens are offered real estate for purchase after one month since the moment these real estate objects were offered for purchase to Buyers holding FDM tokens who have the preemptive right to purchase. In the event that Buyers holding FDM tokens have not used their preemptive right to purchase within one month from the date of posting on the Fundamentum website an offer to acquire a real estate object, such real estate objects can be sold to Buyers not holding FDM tokens.
As a result of Fundamentum’s activity, two types of assets are formed.
- Money / cryptocurrencies on accounts from already sold real estate objects;
- Square meters in real estate objects, which are getting more expensive with the advancement of construction until its completion and sale. After the sale, this second type of asset goes into the first type.
Fundamentum has the right to place the first type of assets in a deposit account. The funds received from this placement in the amount of 100% belong to Fundamentum.
Risks of Acquiring FDM Tokens
The acquisition of FDM tokens carries a high degree of risk, including but not limited to the risks listed below. Before buying FDM tokens, each potential Buyer is advised to carefully consider all the information and risks contained in these Guidelines, in particular, pay attention to the following factors:
- Dependence of computer infrastructure. The dependence of Fundamentum on the functioning of software, computer equipment and the Internet means that Fundamentum cannot guarantee that violations in the system will not adversely affect the use of FDM tokens received by Buyers holding FDM tokens. Fundamentum takes all reasonable measures to protect the network, servers, its computer equipment, software and its data center from computer viruses, physical and electronic hacking and other similar attacks. However, computer viruses, unauthorized intrusions, attacks and other violations resulting from the actions of third parties can lead to interruptions, delays and suspension of the provision of services, which may limit the use of FDM tokens.
- Smart contract restrictions. Smart contract technology is still at an early stage of development, and its application is experimental. This can lead to significant operational, legal, technological, reputational and financial risks. There is no 100% guarantee that the smart contract will work in accordance with the initial requirements or will not contain defects or other problems that may lead to technical difficulties. Fundamentum will take all possible measures to eliminate the defects and technical problems as soon as possible.
- Legal standards. Blockchain technology, including but not limited to the issuance of FDM tokens, may be a new concept in some states / jurisdictions and, operating within the framework of existing laws, it may lead to the creation of new legal standards based on blockchain technology. However, current legislation may contradict smart contracts and the concept of the FDM token itself.
- Taxes. Buyers holding FDM tokens may be required to pay taxes in connection with the transactions described in these Guidelines in the United States or their home countries. In this case, Buyers holding FDM tokens are fully responsible for complying with the requirements of the United States and other countries for all relevant taxes.
- Force majeure.Fundamentum activities may be interrupted, suspended or delayed due to force majeure. Force majeure means unforeseen events and circumstances that Fundamentum cannot prevent, including natural disasters, wars, armed conflicts, riots, industrial conflicts, epidemics, mass layoffs, strikes in the workplace, prolonged temporary short circuits or the failure of power supply or telecommunications services, government actions or other circumstances that are not under the control of the Fundamentum. If such circumstances arise prior to the issuance of FDM tokens, and Fundamentum cannot issue FDM tokens 1 month after the scheduled date, Buyers holding FDM tokens be returned the money and (or) cryptocurrency that they paid for the purchase of FDM tokens. Money and (or) cryptocurrency shall be returned within the initial amount and form of payment to the same digital wallet or bank account from which the money and (or) cryptocurrency were received.
- Disclosure of information. Personal data received from Buyers-owners of FDM tokens, information on the number of FDM tokens owned by Buyers-owners of FDM tokens, addresses of used wallets and other relevant information can be disclosed to law enforcement and government agencies and third parties, if such a requirement is presented to Fundamentum based on legal provisions, testimony or a court order. Fundamentum shall not be held liable for the disclosure of such information on these grounds.
- FDM token cost. The cost of acquired FDM tokens can significantly increase or decrease for various reasons. Fundamentum does not guarantee any specific fixed price for the FDM token at any given time. Fundamentum shall not be held liable for any changes in the cost of FDM tokens.
- Cryptocurrency exchange rate fluctuations. Cryptocurrency exchange rate fluctuations may affect Fundamentum’s ability to provide services. Assumptions regarding the aforementioned information include judgments about future economic, competitive and market conditions and business decisions, most of which are beyond the control of Fundamentum, so they are difficult to predict. Although the Fundamentum team believes that its assumptions are reasonable, any of them may be wrong in the future. Therefore, the Fundamentum team cannot guarantee that the statements made earlier in these Guidelines will be accurate. Fundamentum does not guarantee that its goals and projects will be successfully implemented. Please take into account the fact that the Fundamentum project may be associated with other risks that Fundamentum currently cannot foresee.