Good afternoon,

As stated in the Form 7 – Monthly Progress report of June, NuRAN maintains the pressure to sign the loan agreement with its two DFI partners. The three organizations are working diligently with one goal to kickoff this project soon. In order to have an idea of the amount of work required to meet the conditions precedent to signing a loan agreement with one of the most important Development Financial Institution in the world, I invite you to read thru their website https://www.eib.org/ . You will find out about their processes, directives as well as the environmental and social impact of the project. Our project involves multiple parties including 6 legal firms to manage and validate each sticky points. Sometimes the coordination to resolve some concerns or issues has taken several weeks as at this stage, it is no longer a ‘’he said, she said’’. Everything requires validation or legal opinions that could sometimes be conflictual so adding to the delays.

To be approved in October was an important achievement for the Company compared to numerous presented projects that have never been able to meet this milestone.

Throughout the process we have met a significant number of requirements and continue to check all boxes. We are now down to a single item that is being managed by their legal team.

The major issue here is related to expectation. From the early discussions, the banks were optimistic about closing this deal in 6 to 8 months. Back in December, the teams were confident to get this deal signed before year end. The delay that we are encountering today is the typical closing time between approval and signing. Please have a look at below information from EIB website :

The NuRAN falls under the COVID-19 Digital Envelop. 

https://www.eib.org/en/projects/pipelines/all/20200763

Comparable project status at EIB under the Digital Envelop. 

BANDWIDTH AND CLOUD SOLUTIONS

-          Release date : 16 december 2021

-          Signature date : 21 october 2022

COVID19 SOMALIA TELECOM INFRASTRUCTURE EXPANSION

-          Release date : 1 september 2021

-          Current status : Under Appraisal

CENTRAL AFRICA RURAL CONNECTIVITY EXPANSION

-          Release date : 23 September 2022

-          Approval date : 5 October 2022

Management is confident to complete the process and push for an accelerated rollout program.

Strong from 4642 sites under contract powered by a country risk diversification, the finance team has completed an updated financial model that will be submitted to equity and debt investors. During CEO Forum, we have received two additional letters of interest from new players for an equity play at the NuRAN Africa Holding. Combined with the recent successful build, the additional countries like Ivory Coast, Madagascar, Namibia and Sudan brings another dimension to the project.

So interesting time ahead of us.

Thank you for your continuous support.