Dear shareholders,

Approaching the holiday season, please find below some update on various topics of interest:

• Site performance
  • Cameroon
    • The NuRAN network reports 15M minutes of usage in November. 
    • 129% growth in last 12 months
    • the subsidiary is now profitable
    • Average revenue per site now above 1500$ USD monthly
  • DRC
    • 47,2% growth in revenue last 30 weeks 
    • Quality of Service now surfing around 95%
    • Improved site selection process
• Licensing issue
  •  working on two angles:
    • EIB counsel chasing the Regulatory Agency for current licenses compliance
    • New infrastructure license application, process on-going
  • Once one of the above confirmed, NuRAN meets the conditions precedent for signing
•  Alternate financing
  • NuRAN has initiated several non-dilutive financing options that stand at various negotiation stages to fund up to 700 sites for 2024
    • Cameroon commercial bank credit facility 
    • Impact fund loan facility (TS already announced)
    • Bridge Funding
    • Country level investment fund
    • in addition to Cameroon EBITDA contribution the build
• AGM
  • The meeting should be held begenning of April following an approved extention by CSE. SH should receive notification in due time.
• Build capacity
  • For the last couple of months while working on fund raise and business performance, the operation team has worked to set the tone for 2024. 
    • Supply chain
      • Secured 4 tower suppliers
      • Validated energy supply capacity (Clear Blue Tech)
      • Secured VSAT supply with NuRAN's partner
      • Established partnership with 2 or 3 sub-cantractors per country to maximize rollout capacity along with company objective
        • Benchmark of 4 sites per month per team
        • 3 to 4 teams per contractors
        • up to 10 contractors
      • Secured supply for long lead items for NuRAN radio to support the manufacturing needs. (up to 200 bts per month)
    • Staffing
      • Cameroon and DRC: Teams are already fully operational. Few additions might be necesary
      • South Sudan, Madagascar and Ivory Coast : Rollout managers selected. HR has accumulated important quantity of resumes.
    • Licenses
      • South Sudan : Obtained
      • Madagascar : Obtained
      • Ivory Coast : Submitted pending approval
    • Administration
      • Incorporations, import/export permits obtained, Equipment Certifications obtained

For the last months, management has shifted its focus on other financing options and global business improvement. As the Company has limited control on timeline for the EIB/DFI2 27M loan facility especially due to te last condition precedent to signing, we have expanded the financing option pipeline. Our presence at Africacom has led to several new players to the table but most importantly has helped receiving termsheet to unlock the rollout status quo. From self generated cash to Impact Funds financing, NuRAN now counts on new potential options to reach its EBITDA positive status.  

We are confident that 2024 will show the potential of NuRAN NaaS business model. Despite delays and market conditions, management is convinced to unlock this potential with smaller and/or shorter term financing while closing EIB and/or any other important financing.

Regards

NuRAN Team